IDFC Bank FD Rates & Calculation in 2024

IDFC (Infrastructure Development Finance Company) First Bank is an Indian private sector bank founded in 2015. The vision of this bank is to build a world-class financial institution in India, powered by technology and guided by ethics while promoting social good. It performs on the philosophy of customer-first, providing its customers with various products such as current and savings accounts, FD accounts, different loans and others.

Fixed deposits are among the most dependable investment options since they offer guaranteed returns. IDFC First Bank FD interest rates range from 3.50% to 7.50%, making them among the best in the market. The bank offers different fixed deposit options to the general public, NRIs and senior citizens. Interest rates differ based on the plan, term, and principal amount.

Let us explore the different aspects related to IDFC FD interest rates and schemes.

Latest IDFC Bank FD Rates – February 2024

Features and Benefits of IDFC FD Interest Rate

IDFC First Bank FD accounts are packed with benefits and features that help you grow your money effectively. Following are some key features and benefits you get when you open a fixed deposit account with IDFC First Bank.

• IDFC Bank offers their senior citizen customers an additional 0.50% interest rate per annum on their fixed deposit accounts. 
• The minimum tenure is 7 days, and the maximum is 10 years. 
• IDFC Bank gives you the option to either get simple interest on your deposited amount or compound interest on a quarterly basis. 
• On some selected fixed deposit accounts, IDFC First Bank offers its customers an overdraft facility. 
• During any financial emergency, you can redeem the deposited money from your FD account. 

How to Book IDFC FD?

Opening an FD account with IDFC First Bank is easy and involves online and offline methods to choose from at your convenience.

Let us understand the detailed steps on how you can book your FD account with IDFC First Bank: 

1. Online

You have two options by which you can open your FD account online with IDFC Bank. They have been discussed below.

Internet Banking

Below are the steps you can follow if you wish to open your IDFC Bank FD account using the Internet banking option.

• Step 1: Visit the official website of IDFC First Bank and sign in to your Net Banking account using your credentials.
• Step 2: Choose the ‘Fixed Deposit’ option on the main menu and select the type of deposit account you want to open. 
• Step 3: Input all necessary details, nominee information and instructions of maturity.
• Step 4: Click the ‘Submit’ option to complete the process of FD account opening.

Mobile Application – IDFC Bank Mobile App

If you already have a savings or current account with IDFC Bank, opening a fixed deposit account using the mobile application is easy. Follow these steps:

• Step 1: Log in to your IDFC First Bank App and select the ‘Open FD’ option.
• Step 2: Choose the account you wish your money to be debited from for the FD account.
• Step 3: Enter the investment amount for the fixed deposit account.
• Step 4: Select the ‘Best Plan’ option to navigate and choose an FD plan that suits your financial goals. Nonetheless, you can also select the ‘All Plans’ option to select an FD account type. 
• Step 5: Click the ‘Create FD’ option to finish the account opening process, and you are done.

2. Offline

• Step 1:  Visit the nearest branch of the bank.
• Step 2: The officials will provide you with the application form. You need to fill it in with all the necessary details.
• Step 3: Provide the required documents for verification along with the deposit amount.

Once your application is successfully processed, the bank will give you an FD receipt.

Documents Required to Book IDFC FD

You need to provide certain documents while opening a fixed deposit account with IDFC Bank. They are:

• Filled in the application form to open a fixed deposit account
• PAN card
• Identity proof – Aadhaar card, Voter ID, driving licence, Passport ( in case of NRI citizen)
• Address proof – Voter ID card, PAN card, Aadhaar card, passport
• Age proof – birth certificate, school passing/graduation certificate
• 2 passport size photograph
• Bank account details – account number, IFSC code, and branch name. 

Eligibility to Open IDFC FD

The eligibility criteria you need to keep in mind to open an FD account with IDFC Bank are as follows:

• Applicant type: Resident Indians and Non-Resident Indians (NRI).
• Age (in case of individual applicants): More than 18 years old and minors with an adult.

Types of IDFC FD Schemes

Once you decide to open a fixed deposit account with IDFC Bank, you will see that the bank offers different types of schemes to their customers to suit their financial plans. The IDFC Bank FD interest rate will also fluctuate according to the scheme you choose.

Let us take a closer look at the different types of fixed deposit accounts that IDFC Bank offers: 

1. Standard Fixed Deposits

In this type of IDFC Bank fixed deposit scheme, you can deposit your money in the FD account for a fixed period of 7 days to 10 years. The rate of interest offered is higher in this case than what is offered by savings accounts.

Moreover, you can also get overdraft loan facilities against standard FD accounts. You are also eligible to withdraw your investment before the maturity period; however, a penalty amount will be applicable in this case.

• Minimum Deposit: ₹1000 – if an FD account is opened using Mobile Banking Service and ₹10,000 – if an FD account is opened at the branch.
• Maximum Deposit: No specific limit.
• Tenure: 7 days to 10 years
• Interest Rate: 3.50% – 7.50%
• Eligibility: Indian Residents and NRIs.

2. Senior Citizen Fixed Deposits

This type of FD account is available for individuals above 60 years of age. IDFC First Bank FD interest rates for senior citizens are 0.50% higher than what is offered to non-senior citizens. Furthermore, a major benefit that senior citizens get on their FD account is that for any premature withdrawal, no penalty is charged.

• Minimum Deposit: ₹1000 – if an FD account is opened using Mobile Banking Service and ₹10,000 – if an FD account is opened at the branch.
• Maximum Deposit: No specific limit.
• Tenure: 7 days to 10 years
• Interest Rate: 4% – 8%
• Eligibility: Indian Residents.

3. Flexi Fixed Deposits

The Flexi fixed deposit account from IDFC Bank offers you the flexibility of a savings account as well as an FD. The benefits and features of both these accounts are merged for the depositor; you get to enjoy the high interest rates of fixed deposits as well as the easy liquidity of a savings account.

Non-individuals, minors and senior citizens get the facility of sweep-out on fixed deposits which can be set up in any branch of the bank.

• Minimum Deposit: ₹1000 – if an FD account is opened using Mobile Banking Service and ₹10,000 – if an FD account is opened at the branch.
• Maximum Deposit: No specific limit.
• Tenure: 7 days to 10 years
• Interest Rate: 3.50% – 7.50% for general individuals and 4% – 8% for senior citizens.
• Eligibility: Indian Residents.

4. NRE Fixed Deposits

IDFC First Bank provides the facility of opening NRE (Non-Resident External) FD accounts. With this account, you can deposit your foreign income in an Indian FD account. However, please note that the amount will be converted into Indian currency. 

In this case, the principal and interest amount is repatriable, and the income from the interest is tax-exempt under Section 10(4) of the Indian Income Tax Act.

• Minimum Deposit: ₹10,000
• Maximum Deposit: No specific limit.
• Tenure: 1 year to 10 years.
• Interest Rate: 3.50% – 7.50%
• Eligibility: NRIs (Non-Resident Indians)

5. NRO Fixed Deposits

IDFC Bank NRO FD accounts can be opened by NRIs, OCIs (Overseas Citizens of India) and PIOs (Persons of Indian Origin). The income earned in Indian currency by an NRI can be deposited in this FD account. Moreover, you can jointly hold this account with any Indian resident, but the resident has to be a ‘relative’ as instructed in Section 6 of the Companies Act 1956. 

• Minimum Deposit: ₹10,000
• Maximum Deposit: No specific limit.
• Tenure: 7 days to 10 years.
• Interest Rate: 3.50% – 7.50%
• Eligibility: NRIs (Non-Resident Indians)

6. FCNR Fixed Deposits

NRIs can opt for IDFC Bank’s FCNR deposit account in order to deposit the amount in foreign currency. You also get the advantage of tax exemption with this scheme. To book this fixed deposit, you need to be an existing IDFC First Bank customer, and the application can be easily done through the mobile app. 

Additionally, the funds held in your FCNR account are fully and freely repatriable (both principal and Interest).

• Minimum Deposit: 1000 (in respective currencies of USD, EUR, GBP, SGD and AUD)
• Maximum Deposit: No specific limit.
• Tenure: 1 year to 5 years.
• Interest Rate: 4.00% – 5.85% (including interest rates on deposit amounts above 1 million)
• Eligibility: NRIs (Non-Resident Indians)

Summing up, once you opt to open a fixed deposit account, it acts as an important long-term investment option that is also beneficial for getting tax benefits. You need to choose a suitable FD scheme as per your financial goals. IDFC fixed deposit rates fluctuate per financial market conditions, so make sure to open an account after assessing the interest rates for different accounts.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.