Latest IDFC First Bank FD Interest Rate April 2023
IDFC First Bank FD rates are among the most competitive in the market and currently range from 3.50% to 7.75% for normal depositors, and up to 8.25% for senior citizen investors. There are various types of fixed deposit schemes offered by this bank for the general public, senior citizens and NRIs.
With an FD account from IDFC First Bank, senior citizens can get an additional 0.50% on the existing interest rates. Moreover, they don’t have to pay any penalty charges for early withdrawal.
Read on for more details on IDFC Bank FD rates 2023.
IDFC First Bank Interest Rate 2023 Highlights
| Interest Rate | 3.50% to 7.75% for normal investors 4% to 8.25% for senior citizens |
| Tenure | 7 days to 10 years |
| Minimum Deposit | ₹1,000 (If the account is opened through mobile banking)₹10,000 (If the FD account is opened after visiting the bank branch) |
| Maximum Deposit | No upper limit |
| Lock-In Period | 5 years (for Tax Saver FDs only) |
How to Calculate IDFC First Bank FD Interest Rate?
Usually, interest rates are of two types—simple interest and compound interest. A bank can use any one of these rates depending on the amount, type and tenure of the fixed deposit scheme.
1. IDFC First Bank FD Interest Rate – Simple Interest Calculation
The interest earned at a fixed rate on the principal amount for a particular tenure is known as simple interest. The formula for manually calculating simple interest is as follows:
SI = (P x R x T) / 100
Here, SI = Simple interest
- P = Principal
- R = Rate of interest per annum
- T = Tenure (in years)
Let us use an example to understand the concept of SI. Suppose you have invested ₹1 lakh in a fixed deposit scheme at a 5% interest rate for 2 years.
If we use the above formula, the SI would be:
SI = ₹(1,00,000 X 5 X 2) / 100 = ₹10,000
So, you will receive ₹10,000 as an interest amount after 2 years.
2. IDFC First Bank FD Interest Rate – Compound Interest Calculation
The compound interest method is another way to calculate fixed deposit interest. When the interest accumulated on an FD keeps earning interest and the cycle continues, it is known as compound interest. With the multiplication of the interest over time, the investment grows massively.
The formula for manually calculating compound interest is as follows:
A = P x (1 + R / N) ^N x T
Here, A = Maturity amount
- R = Rate of interest (decimals)
- N = Number of times the interest gets compounded in a year, which is 4 (1 in each quarter)
- T = Tenure (in years)
If we use the same example, it will become easier for you to understand. So, suppose you have invested ₹1 lakh with a 5% rate of interest for 2 years. Suppose the interest rate is compounded quarterly.
Using the formula for compound interest, we get the following:
A = ₹1,00,000(1 + 0.05/4) ^ (4 X 2)
= ₹1,10,449
Therefore, compound interest amount = ₹(1,10,449 – 1,00,000) = ₹10,449
That said, a better and accurate way to calculate your FD returns would be to use a Navi FD calculator. All you need to do is enter the investment amount, FD rate of interest and the tenure, and the calculator would show the FD returns on maturity in a few seconds!
Calculate IDFC First Bank Fixed Deposit Interest Rate
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Factors that Affect IDFC First Bank FD Interest Rate
Here, we will discuss some of the factors that affect IDFC Bank fixed deposit rates:
1. Age of the Depositor
Senior citizens get the benefit of a higher interest rate than regular customers. To be precise, IDFC First Bank’s senior citizen customers earn 0.5% higher FD interest rates than non-senior citizen depositors.
2. Deposit Amount
You might receive a higher interest rate on higher deposit amounts for certain types of fixed deposit accounts. IDFC First Bank offers a wide range of interest rates for investment amounts above ₹2 crore.
3. Tenure
Many times, a long tenure translates to higher FD interest rates. For example, if you book an FD of ₹1 lakh with IDFC First Bank for 90 days, you’ll get an interest rate of 4.50%. However, if the same FD matures in 18 months, you’ll earn interest at the rate of 7.25%.
4. Economic Policies
The economic policies undertaken by the Central Government and the Reserve Bank of India along with our country’s prevailing financial conditions play an important role in determining interest rates for fixed deposits. To be precise, bank FD rates tend to go up with a rise in the RBI’s repo rate, and vice versa.
IDFC First Bank FD Interest Rate for General Public
The IDFC First Bank offers different interest rates to depositors depending on the tenure, investment amount and age group. There are two different interest rates for the general public, i.e. people who’re below 60 years of age. There is an interest rate for deposits below ₹2 crore and a range for deposits above ₹2 crore.
Check the following tables for FD rates of IDFC First Bank for the general public:
| Maturity Period | Interest Rates for Deposits Below ₹2 Crore |
| 7 days to 14 days | 3.50% |
| 15 days to 29 days | 3.50% |
| 30 days to 45 days | 4.00% |
| 46 days to 90 days | 4.50% |
| 91 days to 180 days | 5.00% |
| 181 days to 366 days | 6.75% |
| 367 days to 18 months | 7.25% |
| 18 months 1 day to 3 years | 7.75% |
| 3 years 1 day to 5 years | 7.00% |
| 5 years 1 day to 10 years | 7.00% |
The following table presents the IDFC Bank FD rates* for deposits above ₹2 crore:
| Maturity Period | Interest Rates for Deposits Above ₹2 Crore |
| 7 days to 14 days | 5.20% to 5.25% |
| 15 days to 35 days | 5.25% to 5.45% |
| 36 days to 45 days | 5.45% to 5.90% |
| 46 days to 60 days | 5.55% to 6.10% |
| 61 days to 91 days | 5.75% to 6.85% |
| 92 days to 180 days | 5.75% to 7.25% |
| 181 days to 270 days | 5.75% to 7.35% |
| 271 days to 365 days | 5.75% to 7.70% |
| 366 days to 399 days | 5.75% to 7.90% |
| 400 days to 499 days | 5.75% to 7.70% |
| 500 days to 540 days | 5.75% to 7.70% |
| 541 days to 731 days | 5.75% to 7.70% |
| 732 days to 1095 days | 5.75% to 7.55% |
| 3 years 1 day to 5 years | 5.75% to 7.50% |
| 5 years 1 day to 8 years | 5.75% to 7.30% |
| 8 years 1 day to 10 years | 5.75% to 7.30% |
Also Read
IDFC Bank FD Rates for Senior Citizens
Senior citizens receive a higher rate of interest on their IDFC First Bank fixed deposits. The following table presents the IDFC FD rates for deposits below ₹2 crore:
| Maturity Period | Interest Rates for Deposits Below ₹2 Crore |
| 7 days to 14 days | 4.00% |
| 15 days to 29 days | 4.00% |
| 30 days to 45 days | 4.50% |
| 46 days to 90 days | 5.00% |
| 91 days to 180 days | 5.50% |
| 181 days to 366 days | 7.25% |
| 367 days to 18 months (367 days to 548 days) | 7.75% |
| 18 months 1 day to 3 years (549 days to 3 years) | 8.25% |
| 5 years 1 day to 10 years | 7.50% |
When it comes to IDFC Bank FD rates in 2023, the bank offers an additional 0.50% over the ₹2 crore deposit rates for the respective tenure. The following is a table showing the IDFC First Bank FD rates for senior citizen deposits above ₹2 crore:
| Maturity Period | Interest Rates for Deposits Above ₹2 Crore |
| 7 Days to 14 Days | 5.7% to 5.75% |
| 15 Days to 35 Days | 5.75% to 5.95% |
| 36 Days to 45 Days | 5.95% to 6.4% |
| 46 Days to 60 Days | 6.05% to 6.6% |
| 61 Days to 91 Days | 6.25% to 7.35% |
| 92 Days to 180 Days | 6.25% to 7.75% |
| 181 Days to 270 Days | 6.25% to 7.85% |
| 271 Days to 365 Days | 6.25% to 8.2% |
| 366 Days to 399 Days | 6.25% to 8.4% |
| 400 Days to 499 Days | 6.25% to 8.2% |
| 500 Days to 540 Days | 6.25% to 8.2% |
| 541 Days to 731 Days | 6.25% to 8.2% |
| 732 Days to 1095 Days | 5.25% to 8.05% |
| 3 Years 1 Day to 5 Years | 6.25% to 8% |
| 5 Years 1 Day to 8 Years | 6.25% to 7.8% |
| 8 Years 1 Day to 10 Years | 6.25% to 7.8% |
IDFC First Bank FD Interest Rate for NRI
The IDFC First Bank offers FD accounts with various features and benefits for Non-Resident Indians (NRIs). The list of the fixed deposit schemes for NRIs is as follows:
- NRO Fixed Deposit
- NRE Fixed Deposit
- FCNR Fixed Deposit
In the following sections, we will discuss the FD rates of IDFC First Bank deposit schemes for NRIs.
1. IDFC First Bank NRO FD Interest Rate
NRO (Non-Resident Ordinary) FD accounts are meant for those NRIs who need to manage their income earned in India. Through IDFC First Bank’s NRO FD account, you can continue earning attractive rates of interest on your earnings in India while living/working in a foreign country. The minimum tenure for NRO FD accounts is 7 days and the maximum tenure goes up to 10 years.
1. Check the Tables below for the IDFC First FD Rates on Deposits below ₹2 crore:
| Maturity Period | Interest Rates for Deposits Below ₹2 Crore |
| 7 Days to 14 Days | 3.50% |
| 15 Days to 29 Days | 3.50% |
| 340 Days to 45 Days | 4.00% |
| 46 Days to 90 Days | 4.50% |
| 91 Days to 180 Days | 5.00% |
| 181 Days to 366 Days | 6.75% |
| 367 Days to 18 Months | 7.25% |
| 18 Months 1 Day to 3 Years | 7.75% |
| 3 Years 1 Day to 5 Years | 7.00% |
| 5 Years 1 Day to 10 Years | 7.00% |
2. Check the Table below for Interest Rates on NRO FD Deposits Above ₹2 crore:
| Maturity Period | Interest Rates for Deposits Above ₹2 Crore |
| 7 Days to 14 Days | 5.20% to 5.25% |
| 15 Days to 35 Days | 5.25% to 5.45% |
| 36 Days to 45 Days | 5.45% to 5.90% |
| 46 Days to 60 Days | 5.55% to 6.10% |
| 61 Days to 91 Days | 5.75% to 6.85% |
| 92 Days to 180 Days | 5.75% to 7.25% |
| 181 Days to 270 Days | 5.75% to 7.35% |
| 271 Days to 364 Days | 5.75% to 7.70% |
| 365 Days to 399 Days | 5.75% to 7.90% |
| 400 Days to 499 Days | 5.75% to 7.70% |
| 500 Days to 540 Days | 5.75% to 7.70% |
| 541 Days to 731 Days | 5.75% to 7.70% |
| 732 Days to 1095 Days | 5.75% to 7.55% |
| 3 Years 1 Day to 5 Years | 5.75% to 7.50% |
| 5 Years 1 Day to 8 Years | 5.75% to 7.30% |
| 8 Years 1 Day to 10 Years | 5.75% to 7.30% |
2. IDFC First Bank NRE FD Interest Rate
An NRE (Non-Resident External) FD account is a fixed deposit account where NRIs deposit their earnings from abroad. The currency gets converted to the Indian denomination. The minimum tenure for NRE FDs is 1 year and the maximum tenure is 10 years. The tables below will provide the interest rates that a non-resident Indian can earn from NRE FD accounts:
1. Check the Interest Rates Offered by IDFC First Bank’s NRE FD Accounts:
| Maturity Period | Interest Rate for Deposits Below ₹2 Crore |
| 1 Year to 18 Months (367 Days to 548 Days) | 7.25% |
| 18 Months 1 Day to 3 Years (549 Days to 3 Years) | 7.75% |
| 3 Years 1 Day to 5 Years | 7.00% |
| 5 Years 1 Day to 10 Years | 7.00% |
2. The following Table Presents the IDFC FD Rates for NRE FD Deposits above ₹2 crore:
| Maturity Period | Interest Rates for Deposits Above ₹2 Crore |
| 365 Days to 399 Days | 5.75% to 7.90% |
| 400 Days to 499 Days | 5.75% to 7.70% |
| 500 Days to 540 Days | 5.75% to 7.70% |
| 541 Days to 731 Days | 5.75% to 7.70% |
| 732 Days to 1095 Days | 5.75% to 7.75% |
| 3 Years 1 Day to 5 Years | 5.75% to 7.50% |
| 5 Years 1 Day to 8 Years | 5.75% to 7.30% |
| 8 Years 1 Day to 10 Years | 5.75% to 7.30% |
3. IDFC First Bank FCNR Rates
FCNR (Foreign Currency Non-Resident) FD account enables NRIs to hold their earnings in the currency of a foreign country in India. IDFC First Bank offers FCNR FD accounts with a minimum tenure of 1 year and maximum tenure of 5 years.
1. Check the FCNR Interest Rates for Deposits up to ₹1 million:
| Tenure | USD | EUR | GBP | SGD | AUD |
| 1 Year < 2 Years | 5.65% | 3.05% | 4.45% | 4.05% | 4.00% |
| 2 Years < 3 Years | 5.30% | 2.65% | 4.00% | 3.25% | 4.45% |
| 3 Years < 4 Years | 4.75% | NA | NA | NA | NA |
| 4 Years < 5 Years | 4.95% | NA | NA | NA | NA |
| 5 Years | 4.50% | NA | NA | NA | NA |
IDFC First Bank VS Other Banks’ FD Interest Rate
Now, let us compare the FD interest rates offered by IDFC First Bank with that of other commercial banks in India. For this section, we will be considering callable FDs below ₹2 crore for both the general public and senior citizens.
| Name of the Bank | Maturity Period | Interest Rate Range |
| Central Bank of India | 7 Days to 10 Years | 4.00% to 7.25% |
| State Bank of India | 7 Days to 10 Years | 3.00% to 7.50% |
| Karnataka Bank | 7 Days to 10 Years | 4.5% to 7.80% |
| Union Bank of India | 7 Days to 10 Years | 3.00% to 7.80% (0.5% higher for senior citizens) |
| Bank of Baroda | 7 Days to 10 Years* | 3.00% to 7.55% |
| Punjab National Bank | 7 Days to 10 Years | 3.50% to 8.05% |
| Bank of India | 7 Days to 10 Years | 3.00% to 7.65% |
| Citibank | 7 Days to 10 Years | 3.50% to 8.01% |
| Bandhan Bank | 7 Days to 10 Years | 3.00% to 8.50% |
| Indian Overseas Bank | 7 Days to 10 Years | 4.30% to 7.75% |
| Deutsche Bank | 7 days to 5 years | 3% to 7.75% |
| HDFC Bank | 7 Days to 10 Years | 3.00% to 7.75% |
| Axis Bank | 7 Days to 10 Years | 3.50% to 8.01% |
| ICICI Bank | 7 Days to 10 Years | 3.00% to 7.60% |
| Kotak Mahindra Bank | 7 Days to 10 Years | 2.75% to 7.70% |
| Paytm Payments Bank | 7 days to 1 year | 2.75% to 5.5% |
| Yes Bank | 7 Days to 10 Years | 3.25% to 8.00% |
| DBS Bank | 7 days to 5 years and above | 2.5% to 8% |
| IndusInd Bank | 7 Days to 10 Years | 3.25% to 8.25% |
| RBL Bank | 7 Days to 20 Years | 3.50% to 8.30% |
| Sundaram Finance | 12 months to 36 months | 7.45% to 8.25% |
| Canara Bank | 7 Days to 10 Years | 4.00% to 7.75% |
| Punjab and Sind Bank | 7 Days to 10 Years | 2.80% to 7.60% |
| IDBI Bank | 7 Days to 10 Years | 3.00% to 7.25% |
| HSBC | 7 Days to 5 Years | 2.85% to 8.00% |
| Indian Bank | 7 Days to 5 Years | 2.80% to 6.70% |
| Federal Bank | 7 Days to 2223+ Days | 3.00% to 7.75% |
Note – This table is for educational purposes only. Data taken from respective bank websites on April 11, 2023. Navi does not endorse any of the financial products mentioned above and is not responsible for the data mentioned.
Also Read
Features and Benefits of IDFC First Bank Fixed Deposit
Let’s check the features and benefits of IDFC First Bank FDs:
- FD returns are not affected by market risks
- The tenure for IDFC First Bank FDs ranges from 7 days to 10 years
- You can choose to have the interest amount credited to your account on a monthly, quarterly or annual basis
- IDFC Bank FD rates are renowned for being one of the most competitive in the market. You can easily grow your wealth and attain financial goals.
- Senior citizens receive a 0.50% higher interest rate on their FDs than regular depositors. Moreover, they don’t have to pay penalty charges if they make premature withdrawals.
- Tax gets deducted at source from FD interests as per the rules of the Income Tax Act of India
- No upper limit in terms of FD investment amount
What Are the Different Types of FD Schemes Offered by IDFC First Bank?
IDFC First Bank offers multiple fixed deposit schemes to its customers. The list of the FD accounts is given below:
- Regular FD Account
- Senior Citizen FD Account
- NRE Fixed Deposit
- NRO Fixed Deposit
- FCNR Deposit
- Tax Saver Fixed Deposit
1. Regular FD Account
- Minimum Deposit: ₹10,000 (if the account is opened after visiting the branch)and ₹1000 (if done through mobile banking/internet banking)
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.50% to 7.90%
- Eligibility Criteria: Resident Indians
2. Senior Citizen FD Account
- Minimum Deposit: ₹10,000 (if the account is opened after visiting the branch) and ₹1000 (if done through mobile banking/internet banking)
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 4.00% to 8.4%
- Eligibility Criteria: Resident of India
3. NRE Fixed Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit
- Tenure: 1 Year to 10 Years
- Interest Rate: 5.75% to 7.90%
- Eligibility Criteria: Non-Resident Indians (NRIs)
4. NRO Fixed Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit
- Tenure: 7 Days to 10 Years
- Interest Rate: 3.50% to 7.90%
- Eligibility Criteria: Non-Resident Indians (NRIs)
5. FCNR Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit
- Tenure: 1 Year to 5 Years
- Interest Rate: 2.65% to 5.65%
- Eligibility Criteria: Non-Resident Indians (NRIs)
6. Tax Saver Fixed Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: ₹1,l50,000
- Tenure: 5 Years
- Interest Rate: 7.00%
- Eligibility Criteria: Indian Resident
How to Invest in IDFC First Bank FD?
Here are the steps you need to follow to open an FD account with IDFC First Bank:
Step 1: Download and install the IDFC First Bank app and click the ‘Open FD’ button.
Step 2: Choose the account from which the investment amount should be debited.
Step 3: Provide the details of the investment amount for a fixed deposit.
Step 4: Click on ‘Best Plan’ to view the scheme most aligned with your financial goals. Alternatively, you can click on ‘All Plans’ and check the features of each FD scheme before investing.
Step 5: Click on ‘Create FD’ to complete the procedure.
While you can always visit the nearest branch of the IDFC First Bank to open an FD account, doing so online will save you time.
Documents Required to Open IDFC First Bank FD
The documents required for opening an FD account with IDFC First Bank are as follows:
- Passport
- Voter ID card (Election Card)
- Aadhaar card
Eligibility to Open IDFC First Bank FD
The following people are eligible to open an FD account with this IDFC First Bank:
- Resident of India
- NRI customers
Taxation on IDFC First Bank FD Deposit Scheme
The points given below highlight the important points regarding the taxation of IDFC First Bank FDs:
- The interests that you earn on fixed deposits get added to your total taxable income and get taxed as per your income tax slab
- If you can provide details of your PAN to the bank, then the applicable TDS rate will be only 10%. In the absence of PAN, the applicable TDS rate will be 20%
- TDS deduction will not take place if the interest earned for FD is below ₹40,000 for regular customers and below ₹50,000 for senior citizens
- Submit Form 15G to the bank to avoid TDS. But this point will be applicable only if your total income is less than the taxable limit, i.e. ₹2.5 lakh.
- Senior citizens have to submit Form 15H if their total income is below the taxable limit and they want to avoid TDS.
- As per Section 80C of the Income Tax Act of India, you can seek a tax deduction of up to ₹1.5 lakh if you invest in tax-saver FDs
Loan Against IDFC First Bank FD Deposit Scheme
Suppose there is a financial emergency in your family and you need instant cash. If you don’t want to break your FDs or apply for a personal loan, there is an alternative option. You can avail a loan against your fixed deposits with IDFC First Bank. Check the following points on loans against FDs:
- FD account holders can avail an overdraft against their fixed deposits. It is a secured loan where the FD is the collateral/security
- At IDFC First Bank, you can avail 100% as an overdraft against the fixed deposit
Final Word
A fixed deposit scheme is a safe and secure investment option where the returns are not market-linked. IDFC Bank FD interest rates are one of the most competitive in the market. The bank offers 0.50% higher interest rates for senior citizens. However, keep in mind that FD returns are fully taxable as per your slab – something that could reduce your real rate of returns. As such, always consider your financial goals, liquidity needs, tax efficiency and risk tolerance before finalising any investment.
FAQs
Your interest income on an FD for 5 years will depend on your chosen FD product, age and investment amount. If your investment is less than ₹2 crore and your age is less than 60, you’ll earn an interest of 7% on your 5-year FD with IDFC First Bank. Senior citizens would earn a higher rate of 7.5%, based on current trends.
Yes, you can make partial withdrawals from your fixed deposits. To check the penalty charges on your premature withdrawals, go through the ‘premature closure penalty’ clauses on the IDFC bank’s website.
The interests earned on NRE FDs or FCNR FDs are tax-exempt in India. But, the interest earned may be taxed in the country where the account holder resides. The interests earned on NRO FD accounts are subject to 30% TDS along with surcharge and cess. Moreover, the interest may be subject to taxation in the country of residence.
Yes, you can open NRE FD accounts with NRIs, PIOs (Persons of Indian Origins) and OCIs (Overseas Citizens of India). You can also add a resident Indian who is a close relative as a second FD holder on a ‘former or survivor’ basis. In other words, the second holder would be able to access the NRE FD account after the first account holder’s death.
If you want the benefit of tax deduction, you can invest in tax-saver FDs at IDFC First Bank. You’ll be able to seek tax deductions up to ₹1.5 lakh in a financial year. Also, your investments will earn an interest of 7% based on current trends.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
