IDFC First raises fixed deposit rates, offers up to 8.25% on schemes

Senior citizens are given an added advantage and can earn 0.50% more as interest

IDFC First Bank has updated its fixed deposit (FD) interest rates for amounts below Rs 3 crore, according to the lender’s website. The revised rates are effective from October 16, 2024.

 

The maximum interest rate, of 7.75 per cent, is available for a tenure of 400 to 500 days for general customers. Currently, the bank offers interest rates between 3 per cent and 7.75 per cent on deposits with maturities ranging from seven days to 10 years for general citizens.

 

For senior citizens, IDFC provides an additional 0.50 per cent p.a. over the standard rate. The rate ranges from 3.50 per cent to 8.25 per cent, with the highest rate of 8.25 per cent available for a tenure of 400 to 500 days. A  penalty of 1 per cent will be applied for early withdrawal of a fixed deposit.

 

Interest rates for domestic deposits under two schemes, Tax Saver Deposit and Green Deposits, have been revised for amounts less than Rs 3 crores. Tax Saver Deposit, with tenure of 5 years, offers an interest rate of 6.75 per cent per annum. Meanwhile, Green Deposits scheme, which promotes environmentally sustainable projects, provides a slightly higher interest rate of 6.80 per cent per annum for a tenure of 1000 days.

 

 

Punjab National Bank offers fixed deposit interest rates ranging from 3.50 per cent to 7.25 per cent for tenures spanning 7 days to 10 years for general citizens. Senior citizens can avail interest rates between 4 per cent and 7.75 per cent, while super senior citizens enjoy rates from 4.30 per cent to 8.05 per cent. These rates are effective as of October 1, 2024.

 

Punjab & Sind Bank offers fixed deposit interest rates ranging from 2.80 per cent to 7.25 per cent for tenures spanning 7 days to 10 years, applicable to general citizens. These rates have been in effect since October 1, 2024.

 

Bank of Baroda provides fixed deposit interest rates ranging from 4.25 per cent to 7.15 per cent for tenures between 7 days and 10 years for general citizens. Senior citizens can avail rates between 4.75 per cent and 7.60 per cent. These updated rates are effective from October 3, 2024.