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This private bank gives 7.10% rate on 1-2 years FD tenure, senior citizens benefit most

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Mumbai-based private banker, IDFC First Bank has revised its interest rates on fixed deposits from 2 crore to 25 crore. The new rates have come into effect from September 19. The biggest beneficiary is the senior citizens as the bank offers an incentive of an additional spread of 0.5% on these FDs. The highest rate is 7.10% and is offered on tenures above 1 year to 2 years. This rate is inflation-beating. Currently, India’s inflation is at 7%.

Check the latest rates

A depositor can earn up to a 7.10% interest rate on deposits from 2 crore to 25 crore for a maturity period of 366 days to 731 days. The rate is 7% on tenures from 732 days to 10 years.

The bank offers a 6.85% rate on FDs maturing from 271 days to 365 days, while the rate is 6.45% on tenures from 181 days to 270 days. The interest rate is set at 6.35% on FDs from 92 days to 180 days tenure.

While the bank gives 5.60% on 61 – 91 days tenure, and a 5.05% interest rate on 46 – 60 days tenure.

On tenures from 7 days to 45 days, the bank gives 4.70% to 4.95% interest rates on these FDs.

On these rates, the bank said, fixed Deposit shall not have any premature withdrawal facility i.e. fixed Deposit cannot be closed by the depositor before the expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in exceptional circumstances such as (a) in the event of any direction from any statutory and/or regulatory authority or (b) deceased claim settlement cases.

In the event of premature withdrawal of these deposits under the above-mentioned exceptional circumstances, the IDFC First stated that the bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid up to the date of such premature closure will be recovered from the deposit amount.

Further, the bank stated that the incentive for Senior Citizens will be at an additional spread of 0.50% over the rate of deposit for the respective tenor and will not be available for NRE or NRO Fixed Deposits.

Also, an auto renewal facility is not available for such FDs at the time of opening of the FD account. Further, no Lien can be marked against these FDs.

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