A savings account is a smart way to keep your money safe in a bank account. But if you don’t want your money to sit there, a fixed deposit account is the best investment option. With an FD, your money grows, but you also get to enjoy some flexible features. And while several banks are offering attractive interest rates, IDFC Bank FD rates stand out from others.
Based in Mumbai, the IDFC First Bank (Formerly IDFC Bank) is one of the biggest private banks in India. It received a universal banking licence from RBI in 2015 and has built a solid reputation for itself. With more and more people choosing IDFC Bank for their banking needs, we thought it would be wise to cover the bank’s latest FD rates.
Scroll down to get updated information about IDFC Bank’s FD rates, types, and the complete FD opening process.
Table of contents
- IDFC Bank Fixed Deposit Rates 2022
- IDFC Bank Senior Citizen FD Rates
- IDFC Bank FD Interest Rate – Tax Saving
- IDFC Bank NRI FD Rates
- IDFC Bank Fixed Deposit Account – Features and Benefits
- Eligibility Criteria to Apply for an IDFC Bank Fixed Deposit
- Essential Documents to Apply for an IDFC Bank Fixed Deposit
- How to Open an IDFC Bank FD Deposit Account?
- Types of IDFC Bank Fixed Deposit
- How to Close your IDFC Fixed Deposit?
- Wrapping Up
IDFC Bank Fixed Deposit Rates 2023
The IDFC Bank Fixed deposit interest rates vary depending on the amount you plan to deposit. So, take a careful look at the tables below.
IDFC First Bank FD Interest Rate for Deposits Less than ₹2 crore
| Tenure | FD Rates for General Citizens |
| 7 – 14 days | 3.50% |
| 15 – 29 days | 3.50% |
| 30 – 45 days | 4.00% |
| 46-90 days | 4.50% |
| 91-180 days | 5.00% |
| 181 days – <less than 1 year | 6.75% |
| 1 year – 2 years | 7.25% |
| >2 years 1 day – 3 years | 6.00% |
| >3 years 1day – 5 years | 7.00% |
| >5 years 1 day – 10 years | 7.00% |
NOTE: The IDFC Bank Fixed deposit rates are subject to change as per government and bank-related policies. The rates mentioned in the table are valid as of 01 March 2023.
IDFC FD Interest Rates for Deposits between ₹2 crores and ₹5 crores
| Tenure | IDFC First Bank FD Interest Rate |
| 7 days- 14 days | 3.90% |
| 15 days – 35 days | 3.90% |
| 36 days – 45 days | 3.95% |
| 46 days – 60 days | 4.10% |
| 61 days – 91 days | 4.85% |
| 92 days – 180 days | 5.10% |
| 181 days – 270 days | 5.50% |
| 271 days – 365 days | 6.00% |
| 366 days – 399 days | 6.25% |
| 400 days – 540 days | 6.25% |
| 541 days – 731 days | 6.25% |
| 732 days – 1095 days | 6.25% |
| 3 years 1days – 5 years | 6.50% |
| 5 Year 1 Day – 8 Years | 6.50% |
| 8 Year 1 Day – 10 Years | 6.50% |
NOTE: The IDFC Bank FD interest rates are subject to change as per government and bank-related policies. The rates given in the table are applicable as of 27th May 2022.
IDFC First Bank FD Rates for Deposits More than ₹5 crores to ₹10 crores
| Period | FDRates |
| 7 days- 14 days | 3.90% |
| 15 days – 35 days | 3.90% |
| 36 days – 45 days | 3.95% |
| 46 days – 60 days | 4.10% |
| 61 days – 91 days | 4.85% |
| 92 days – 180 days | 5.10% |
| 181 days – 270 days | 5.50% |
| 271 days – 365 days | 6.00% |
| 366 days – 399 days | 6.25% |
| 400 days – 540 days | 6.25% |
| 541 days – 731 days | 6.25% |
| 732 days – 1095 days | 6.25% |
| 3 years 1days – 5 years | 6.50% |
| 5 Year 1 Day – 8 Years | 6.50% |
| 8 Year 1 Day – 10 Years | 6.50% |
NOTE: The IDFC Bank FD interest rates are subject to change as per government and bank-related policies. The rates given in the table are applicable as of 27th May 2022.
IDFC FD Interest Rates for Deposits More than ₹10 crore to ₹15 crore
| Period | FDRates |
| 7 days- 14 days | 3.90% |
| 15 days – 35 days | 3.90% |
| 36 days – 45 days | 3.95% |
| 46 days – 60 days | 4.10% |
| 61 days – 91 days | 4.85% |
| 92 days – 180 days | 5.10% |
| 181 days – 270 days | 5.50% |
| 271 days – 365 days | 6.00% |
| 366 days – 399 days | 6.25% |
| 400 days – 540 days | 6.25% |
| 541 days – 731 days | 6.25% |
| 732 days – 1095 days | 6.25% |
| 3 years 1days – 5 years | 6.50% |
| 5 Year 1 Day – 8 Years | 6.50% |
| 8 Year 1 Day – 10 Years | 6.50% |
NOTE: The IDFC Bank FD interest rates are subject to change as per government and bank-related policies. The rates given in the table are applicable as of 27th May 2022.
IDFC Fixed Deposit Rates for Deposits More than ₹15 crore to ₹25 crore
| Period | FD Rates |
| 7 – 14 days | 3.90% |
| 15 – 35 days | 3.90% |
| 36 – 45 days | 3.95% |
| 46 – 60 days | 4.10% |
| 61 – 91 days | 4.85% |
| 92 – 180 days | 5.10% |
| 181 – 270 days | 5.50% |
| 271 – 365 days | 6.00% |
| 366 – 399 days | 6.25% |
| 400 – 540 days | 6.25% |
| 541 – 731 days | 6.25% |
| 732 – 1095 days | 6.25% |
| 3 years 1days – 5 years | 6.50% |
| 5 Year 1 Day – 8 Years | 6.50% |
| 8 Year 1 Day – 10 Years | 6.50% |
NOTE: The IDFC Bank FD interest rates are subject to change as per government and bank-related policies. The rates given in the table are applicable as of 27th May 2022.
IDFC Bank Senior Citizen FD Rates
IDFC senior citizens fixed deposit rates are as follows:-
| Tenure | Senior Citizen FD Rates |
| 7 – 14 days | 4.00% |
| 15 – 29 days | 4.00% |
| 30 – 45 days | 4.50% |
| 46-90 days | 4.50% |
| 91-180 days | 5.00% |
| 181 days – <less than 1 year | 6.25% |
| 1year – 2 years | 6.50% |
| >2 years 1 day – 3 years | 6.50% |
| >3 years 1day – 5 years | 6.75% |
| >5 years 1 day – 10 years | 6.50% |
NOTE: The IDFC Bank FD interest rates are subject to change as per government and bank-related policies. The rates given in the table are applicable as of 27th May 2022.
IDFC Bank FD Interest Rate – Tax Saving
With IDFC Bank’s Tax saving fixed deposit you will receive a tax deduction under Section 80C of 1961, Income Tax Act. The IDFC Bank FD interest rates for this scheme (general citizens and senior citizens) are:-
| Tenure | Interest Rate |
| 5 years | 6.25% |
IDFC Bank NRI FD Rates
NRIs (Non-Resident Indians) can also open fixed deposit accounts in IDFC Bank. They can either choose an NRE (Non-Residential External) fixed deposit or an NRO (Non-Resident Ordinary) fixed deposit. The IDFC First Bank FD rates for both these deposits are displayed in the tables below.
Interest Rate for NRE and NRO Deposits of Less than ₹2 crores
| Tenure | IDFC fixed deposit rates for Regular Citizens (p.a) | IDFC fixed deposit rates for Senior Citizens (p.a) |
| 7 days -14 days | 3.50% | 4.00% |
| 15 days -29 days | 3.50% | 4.00% |
| 30 days -45 days | 4.00% | 4.50% |
| 46 days -90 days | 4.00% | 4.50% |
| 91 days-180 days | 4.50% | 5.00% |
| 181 days – less than 1 year | 5.75% | 6.25% |
| 1 year-2 years | 6.00% | 6.50% |
| 2 years 1 day – 3 years | 6.00% | 6.50% |
| 3 years 1 day – 5 years | 6.25% | 6.75% |
| 5 years 1 day – 10 years | 6.00% | 6.50% |
NOTE: The IDFC Bank FD interest rates are subject to change as per government and bank-related policies. The rates given in the table are applicable as of 27th May 2022.
IDFC Bank FCNR (B) Interest Rates
| Tenure | USD | GBP | EUR | AUD | SGD |
| 1 – 2 Years | 0.01% | 0.01% | NA | NA | NA |
| 2 – 3 Years | 0.01% | 0.01% | NA | NA | NA |
| 3 – 4 Years | 0.01% | NA | NA | NA | NA |
| 4 – 5 Years | 0.01% | NA | NA | NA | NA |
| Only 5 Years | 0.01% | NA | NA | NA | NA |
NOTE: The IDFC Bank FD rates are subject to change as per government and bank-related policies. The rates given in the table are applicable as of 13th April 2022.
IDFC Bank Fixed Deposit Account – Features and Benefits
The features and benefits of IDFC Fixed Deposits are:-
- Safe investment – If you’re looking for a safe and risk-free fixed deposit scheme, IDFC Bank is your solution. It allows you to invest in an FD scheme that suits your financial needs.
- Attractive yet Competitive Rates– Interest rates are among the most crucial factors to consider when creating a fixed deposit. Fortunately, IDFC Bank FD rates are competitive and range between 2.75% and 6% per annum.
- Zero penalties for early withdrawal: You do not have to pay any penalties for early FD withdrawal if you are a senior citizen.
- Multiple interest payout options: As a depositor, you can choose from multiple payout options, such as monthly or quarterly, as per your financial needs. You may also select the interest compounded quarterly.
Eligibility Criteria to Apply for an IDFC Bank Fixed Deposit
To open a fixed deposit account at the IDFC Bank, you must meet the below-mentioned criteria:-
- You must be an Indian citizen.
- You must be a resident of India.
Essential Documents to Apply for an IDFC Bank Fixed Deposit
Applying for IDFC Bank’s Fixed Deposit scheme requires submitting a set of documents. These include:-
- Aadhaar Card
- Passport
- PAN card
- Voter ID
- Driving license
- Job card issued and duly signed by the NREGA officer
- Letter issued by the National Population Register having your name and address
- PAN card or Form 60 for deposits more than₹.50,000.
- Passport size photographs
How to Open an IDFC Bank FD Deposit Account?
There are two ways to open a fixed deposit account in the IDFC Bank:-
- Online
- Offline
Opening an IDFC Bank Fixed Deposit Account (Online)
- Go to the official IDFC Bank website and sign in to the portal.
- From the “Savings and Deposits” Menu, click on Fixed Deposit.
- The official FD page will open and check the interest rates, features and eligibility. Then click on the Book Now button.
- Fill out the form with details like the Type of Fixed Deposit, Fixed Deposit amount, tenure and other essential details.
- Finally, read all the terms and conditions and then submit the form.
You may also download the official IDFC Bank mobile application to open a fixed deposit account. Simply select the ‘Create Fixed Deposit’ by choosing the Deposits tab and follow the on-screen instructions.
Opening an IDFC Bank Fixed Deposit Account (Offline)
- Visit your nearest IDFC Bank branch.
- Reach out to any of the banking officers and ask for an FD application form
- Fill out all the details. In case of questions or concerns, do not hesitate to ask for the officer’s assistance.
- Submit the form and deposit your fixed deposit money
- Lastly, collect your fixed deposit receipt.
Types of IDFC Bank Fixed Deposit
Before opening a fixed deposit account; you must go through the type of deposits offered by the bank. In the case of IDFC Bank, you will come across the following options:
Regular Fixed Deposit
This is the most preferred form of fixed deposit. You can reinvest your interest component into the deposit amount and earn higher yields with this scheme. Its features are:-
- Minimum deposit amount: ₹10,000
- Interest rates are calculated based on simple interest for 180 days
- If the tenure is more than 180 days, the interest is compounded quarterly.
- Senior citizens get an additional 0.5% interest rate.
NRE (Non-Resident External) Fixed Deposit
- This type of fixed deposit tenure ranges between 1 to 10 years.
- Interest on deposits is paid on maturity and compounded every 90 days.
- You can choose a monthly or quarterly payout option.
- NRE deposit amount is freely repatriable
NRO (Non-Resident Ordinary) Fixed Deposit
- This type of fixed deposit tenure ranges between 1 week to 10 years.
- Interest on deposits is paid on maturity and compounded every 90 days.
- You can choose a monthly or quarterly payout option.
- Deposits can be repatriated after the payment of applicable taxes but within a $1 million limit in one financial year.
FCNR (Foreign Currency Non-Resident Account ) Fixed Deposit
- This type of fixed deposit tenure ranges between 1 year to 5 years.
- You can open this FD scheme in the US, UK, European, Australia and Singaporean currencies.
- Interest on deposits is compounded at intervals of 180 days, i.e. approximately six months each and later for the remaining number of days.
- The principal amount and interest are fully transferable.
How to Close your IDFC Fixed Deposit?
You can close your IDFC Bank Fixed Deposit under two circumstances:-
- On maturity,
- Before maturity
Close your IDFC Bank Fixed Deposit Account on Maturity
- Visit your nearest IDFC Bank branch and request an FD Account Closure Form.
- Fill it up with all the essential information.
- Cross-check the details, sign the form and submit it
If you are an online banking customer, you won’t have to visit the branch. The FD amount will be credited to your IDFC Bank Savings account automatically on the date of maturity.
Close your IDFC Bank Fixed Deposit Account Before Maturity
For closing your IDFC Bank Fixed deposit account prematurely, follow these steps:-
- Visit an IDFC Bank branch near you and ask for an FD premature closure form
- Once you receive the form, fill it up with all the essential details
- Attach the KYC documents
- Submit the form along with the FD receipt or certificate that you received upon creating the FD account.
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Wrapping Up
With attractive interest rates and flexible banking services, it is no doubt that IDFC Bank can be trusted for fixed deposits. We have provided you with all the possible information on its latest interest rates to make the FD opening/closing process easier for you. However, if you still need help with something, we suggest contacting an IDFC Bank official. You may also go through the FAQ section below to answer commonly asked questions.
Frequently Asked Questions (FAQ’s)
What is the highest IDFC Bank fixed deposit rate?
The highest IDFC Bank fixed deposit rate is 6% per annum for tenure between 3 to 5 years in the case of general citizens.
Is it possible to add an extra amount to my IDFC fixed deposit account?
No, adding an extra amount to an already created IDFC Bank fixed deposit account is impossible.
Do senior citizens get any special rates for FD at IDFC Bank?
Yes, senior citizens receive an additional 0.50% interest on fixed deposits.
What is the maximum and minimum tenure for an IDFC FD account?
The maximum tenure is ten years, and the minimum tenure is seven days for an IDFC FD account
How long will it take for my FD amount to double at the IDFC Bank?
The maturity amount may or may not double. You earn on the deposit amount and tenure you select when opening an FD at the IDFC Bank.
