The Private sector lender IDFC First bank has revised its Fixed deposits interest rates with effect from 27th July 2020. The bank offers both short term as well as long-term fixed deposits, short-term deposits ranging from seven days to one year, and long-term deposits ranging from one to ten years.
IDFC First Bank fixed deposit rates are a function of many factors such as RBI’s monetary policies, bank’s economic growth rate, bank’s credit demand, and liquidity position. The IDFC First Bank offers an interest of 3 percent on those fixed deposits which are maturing in seven days to fourteen days. For those deposits, maturing 15 to 29 days and 30 to 45 days, the bank offers 4 percent and 5 percent respectively. For those term deposits maturing within 60 to 90 days and 91 to 180 days, the Bank offers 6 percent and 6.25 percent respectively. For the fixed deposits that are maturing in 181 days to less than a year, interest at the rate of 6.50 percent is offered. The bank provides 6.75 percent to those deposits maturing in 1 year to 499 days. The Bank provides the highest rate of interest of 7 percent for the deposits with a tenure of 500 days. The fixed deposits with a tenure of 501 days to ten years are offered an interest of 6.75 percent.
The IDFC First Bank has revised the Interest rate for Fixed deposits of the general public where the deposit amount is less than Rs. 2 Crore. In short, revised rates are shown clearly in the below table:
| Sl. No | Maturity Period | Interest Rate |
| 1 | 7 to 14 days | 3% |
| 2 | 15 to 29 days | 4% |
| 3 | 30 to 45 days | 5% |
| 4 | 46 to 90 days | 6% |
| 5 | 91 to 180 days | 6.25% |
| 6 | 181 to less than a year | 6.50% |
| 7 | 1 year to 499 days | 6.75% |
| 8 | 500 days | 7% |
| 9 | 501 days to 2 years | 6.75% |
| 10 | 2 years 1 day to 5 years | 6.75% |
| 11 | 5 years 1 day to 10 years | 6.75% |
The IDFC First Bank has also revised the Fixed deposits interest rate of senior citizens who are having a deposit of below Rs. 2 crores. The bank informed that senior citizens will get an additional 50 bps (basis points) extra over the others for their deposits. The Interest of senior citizens will be within the range of 3.5% p.a to 7.5% p.a on those deposits maturing between 7days to 10 years.
