Interest rates on fixed deposits maturing in 7 days to 10 years will now be in the range of 3.50 percent to 6.50 percent after the revision. Senior citizens will receive a special perk and are eligible to earn 0.50 percent higher interest. Further, according to the IDFC First Bank website, there is no penalty for senior citizens on an early withdrawal.
IDFC First Bank FD interest rate
The bank will now offer an interest rate of 6.25 percent on fixed deposits maturing in 1 year, 1 day to 3 years. Interest rates on fixed deposits with maturities of 3 years, 1 day to less than 5 years are now 6.50 percent. The bank will offer an interest rate of 6.5 percent on Tax Saver Deposits.
Recently other banks such as , have also revised fixed deposit interest rates for amounts below Rs 2 crore.