From 1 May, IDFC First Bank also lowered its interest rates on the savings account
Private sector lender IDFC First Bank has revised interest rates on fixed deposits (FDs) with effect from May 1. IDFC First Bank offers short-term FDs ranging from seven days to one year and long-term FDs ranging from one to ten years. FD interest rates in IDFC First Bank range from 2.75%p.a. to 6% p.a. for deposits with a tenure of 7 days to ten years. Axis Bank also revised the interest rates on retail term deposits this month.
For FDs maturing in seven days to 14 days, IDFC First Bank offers a 2.75% interest rate. For 15-29 days and 30-45 days, the bank gives a 3% and 3.50% interest rate respectively. For deposits maturing in 46 – 90 days 4.00%, and 91 – 180 days 4.50%. For FDs maturing in 181 days – less than 1 year, IDFC First Bank gives 5.25%.
For term deposits maturing in 1 year – 2 years, the bank gives 5.50%. And for 2 years 1 day – 3 years, IDFC First Bank gives 5.75%.
IDFC First Bank FD interest rates for long term deposits with tenure of 3 years to 5years are 6% and 5 years to 10 years are 5.75%
IDFC First Bank latest FD interest rates on deposits effective 1 May 2021
7 – 14 days 2.75%
15 – 29 days 3.00%
30 – 45 days 3.50%
46 – 90 days 4.00%
91 – 180 days 4.50%
181 days – less than 1 year 5.25%
1 year – 2 years 5.50%
2 years 1 day – 3 years 5.75%
3 years 1 day – 5 years 6.00%
5 years 1 day – 10 years 5.75%
5 Years (Tax saver) 5.75%
From 1 May, the bank has also lowered its interest rates on the savings account. IDFC First Bank will offer 4% for those who maintain balances below ₹1 lakh. For those maintaining a balance between ₹1 lakh and less than ₹10 lakh, the interest rate will be 4.5%. The highest interest rate of 5% is given to those who maintain a balance between ₹10 lakh and below ₹2 crore.
