FD Rates Hike: This Bank Now Offers Up to 8.40% Interest on Fixed Deposits!
IDFC First Bank has brought exciting news for its customers by revising its Fixed Deposit (FD) interest rates. The private sector bank is now offering competitive rates, with senior citizens receiving up to 8.40% interest for select tenures.
New FD Rates at a Glance
IDFC First Bank's revised FD rates cater to both general customers and senior citizens. Here’s an overview:
- General Customers: Interest rates range from 3.00% to 7.90% annually.
- Senior Citizens: Rates go up to 8.40%, offering a significant boost for long-term savers.
For senior citizens, the highest rate of 8.40% applies to FDs with a tenure of 400 to 500 days.
Detailed Interest Rates
| FD Tenure | For General Customers | For Senior Citizens |
|---|---|---|
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.00% | 3.50% |
| 46 – 90 days | 4.50% | 5.00% |
| 91 – 180 days | 4.50% | 5.00% |
| 181 days – <1 year | 5.75% | 6.25% |
| 1 year | 6.50% | 7.00% |
| 1 year 1 day – 370 days | 7.25% | 7.75% |
| 371 – 399 days | 7.50% | 8.00% |
| 400 – 500 days | 7.90% | 8.40% |
| 501 days – 2 years | 7.25% | 7.75% |
| 2 years 1 day – 3 years | 6.80% | 7.30% |
| 3 years 1 day – 5 years | 6.75% | 7.25% |
| 5 years 1 day – 10 years | 6.50% | 7.00% |
Why This Matters
These updated rates make IDFC First Bank a strong contender for savers seeking higher returns on their deposits, especially senior citizens who benefit from preferential rates.
Should You Invest?
With FD rates as high as 8.40%, this is an attractive opportunity for risk-averse investors. Review your financial goals and consider locking in your funds for optimal returns.
Curious to know how these rates compare to other banks? Let me know!
