IDFC First Bank Hikes Interest Rates On Bulk Fixed Deposits
IDFC First bank recently hiked its interest rates on bulk FDs. Read more to know the details.
IDFC First Bank, a Mumbai-based institution, increased the maximum size of its bulk fixed deposits from 2 crore to 25 crore rupees. Currently, a depositor can earn up to 7.55% and the interest rates are offered from 5.30% to 7.55%. The rates have already taken effect from November 23, 2022, as per the official website of the bank. Furthermore, these FD rates do not offer a facility for premature withdrawal. Although there are FDs available with early withdrawal options, their interest rates are lower than those of FDs without such a feature.
Latest Bulk FD Rates Of IDFC First Bank
Let us take a closer look at IDFC First Bank’s interest rates on bulk fixed deposits.
For deposits maturing within 7 – 14 days, the interest rate on FD is calculated at 5.30%.
For deposits maturing within 15 – 35 days, the interest rate on FD is again calculated at 5.30%.
For deposits maturing within 36 – 45 days, the interest rate on FD is calculated at 5.55%.
For deposits maturing within 46 – 60 days, the interest rate on FD is calculated at 5.65%.
For deposits maturing within 61 – 91 days, the interest rate on FD is calculated at 6.20%.
For deposits maturing within 92 – 180 days, the interest rate on FD is calculated at 6.85%.
For deposits maturing within 181 – 270 days, the interest rate on FD is calculated at 6.95%.
For deposits maturing within 271 – 365 days, the interest rate on FD is calculated at 7.30%.
For deposits maturing within 366 – 399 days, the interest rate on FD is calculated at 7.55%.
For deposits maturing within 400 – 499 days, the interest rate on FD is calculated at 7.40%.
For deposits maturing within 500 – 540 days, the interest rate on FD is calculated at 7.40%.
For deposits maturing within 541 – 731 days, the interest rate on FD is calculated at 7.40%.
For deposits maturing within 732 – 1095 days, the interest rate on FD is calculated at 7.35%.
For deposits maturing within 3 years 1 day – 5 years, the interest rate on FD is calculated at 7.25%.
For deposits maturing within 5 years 1 day – 8 years, the interest rate on FD is calculated at 7.25%.
For deposits maturing within 8 years 1 day – 10 years, the interest rate on FD is calculated at 7.25%.
Important Notes:
These FDs do not offer the option of receiving monthly interest payments, according to a notification from IDFC First Bank. When calculating the interest rate, the number of days is divided into 365 for fixed deposit periods that fall in financial years without leap years and 366 for those that do. Additionally, when opening an FD account, an auto-renewal facility is not offered for these FDs.
These fixed deposits are not eligible for early withdrawal, meaning the depositor cannot shut the account before the period has run its course. However, under exceptional circumstances, such as, a) a directive from a governmental or regulatory authority or, b) cases involving the settlement of a deceased claim, the bank may permit the early withdrawal of these deposits.
Interest rates up to 180 days are calculated using simple interest. Plus, interest accruing on terms longer than 180 days is paid or compounded quarterly. Every quarter, compound interest is calculated and applied to the principal so that interest is also paid on interest earned the previous quarter.
The incentive for senior citizens will not be available for NRO or NRE fixed deposits and will be at a spread of an extra 0.50% over the deposit rate for the relevant tenor.
Since the aforementioned prices are subject to change without prior notice, the depositor must confirm them while placing the FD.
Disclaimer: The interest rates mentioned in this article are recorded at the time of writing and are subject to change. BQ Prime does not endorse any of the fixed deposits mentioned above. Please invest at your own discretion.