IDFC First Bank pays interest rates to the tune of 4-7.5 per cent to customers on fixed deposits up to Rs 2 crore. These fixed deposits, also known as retail term deposits, are available in 11 maturity options ranging from seven days to 10 years at the private sector bank. For example, on one-year, fixed deposits up to Rs 2 crore, IDFC First Bank pays interest at the rate of 7.5 per cent to the general public, according to its website - idfcfirstbank.com. (Also Read: Compare Bank FD Rates Paid By Peers Here)
To senior citizen customers, the bank offers a 0.50 per cent additional return on domestic fixed deposits up to Rs 2 crore, according to the IDFC First Bank website.
IDFC First Bank pays the following interest rates on fixed deposits up to Rs 2 crore:
IDFC First Bank Fixed Deposit Rates
| Maturity Period | Interest Rate (With Effect From October 10) |
|---|---|
| Seven to 14 days | 4% |
| 15 to 29 days | 5% |
| 30 to 45 days | 6.25% |
| 46 to 90 days | 6.5% |
| 91 to 180 days | 6.75% |
| 181 days to less than one year | 7% |
| One year | 7.5% |
| One year and one day to two years | 7.5% |
| Two years and one day to five years | 7.25% |
| Five years and one day to 10 years | 7.25% |
| Tax saver deposit of five years | 7.25% |
| (Source: idfcfirstbank.com) | |
(IDFC First Bank FD Interest Rate: On domestic retail fixed deposits of two years, IDFC First Bank pays a 7.75 per cent return to senior citizens and 7.25 per cent to other customers, according to its website)
Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax.
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