IDFC Bank Fixed Deposit (FD) Rates

The fixed deposit scheme is a popular saving option because of its low risk and higher rates of return as compared to other market options. In a fixed deposit scheme, you can invest money for a stated period, after which a fixed rate has to be paid until the end of the deposit term. IDFC bank’s fixed deposit options offer a great variety in terms of interest rates and deposit periods.

Latest Update

RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.

Fixed Deposit Interest Rates 2024 of IDFC Bank

The table below shows the FD interest rates applicable for regular customers and senior citizens on deposits less than Rs.3 crore as of 13 September 2024.

*Interest rates are subject to change with time.

Different Types of FD Schemes by IDFC Bank

• Standard Fixed Deposits

This is a regular fixed deposit account which can be opened by anyone who has a savings or current account in the IDFC Bank. The tenure of this account ranges between seven days and ten years, and it offers a higher interest rate than a savings account. The minimum amount required to open a fixed deposit account is Rs.10,000.

• Senior Citizens Fixed Deposits

The senior citizens fixed deposit account is ideal for senior citizens aged above 60 years. This account offers an additional 0.50% interest p.a. compared to the regular fixed deposit and has the benefit of zero penalty on premature withdrawal.

• Flexi Fixed Deposits

The flexi fixed deposit offers the flexibility of a current or savings account with a higher interest rate than a fixed deposit. This deposit account is linked to your current or savings account. To open a flexi fixed deposit, you can choose an initial deposit amount, set the limit of your account and enable an automatic transfer of the account balance exceeding the limit, also known as the sweep-out facility on FD.

• Green Fixed Deposits

Green deposits are interest-bearing deposits for a fixed period. The proceeds of this account are earmarked for allocation towards green finance. The tenure of a green deposit account is 1000 days. These deposits have all the features of a regular fixed deposits in terms of premature withdrawal, interest payout and senior citizen benefits. 

IDFC Bank FD Special Features and Benefits

• IDFC Bank offers competitive interest rates on all FD schemes.
• The minimum deposit amount required to open an FD account is Rs.10,000.
• The minimum deposit tenure for domestic and NRO deposits is seven days.
• The minimum tenure for NRE deposits is 365 days.
• Loan facility against FD amount can be availed.
• A nomination facility is available to any family member, or spouse may be nominated to receive the final amount.
• Interest rates are calculated on a simple interest basis for a tenure of up to 180 days.
• Interest on tenure beyond 180 days is compounded every quarter.
• In case of premature closure of the Fixed Deposit (FD), interest will be paid basis the interest rate applicable at the time of booking the term/fixed deposit.
• A penalty may be applicable in the case of premature closure.

Basic Eligibility Criteria for IDFC Bank FD Account

The following entities are eligible for opening FD accounts with IDFC Bank:

• Individuals.
• Sole proprietorship.
• One-person company.
• Hindu Undivided Family (HUF).
• Partnership firm.
• Limited Liability Partnership (LLP).
• Private/public limited company.
• Trust, association, society government/quasi-government institutions, including a municipal corporation, defence establishment, etc.
• Joint Ventures.
• Liaison/Representative/Branch office of foreign companies.
• Embassy offices in India.

Documents Required

If you are an existing customer of the bank, no additional documentation is necessary to open an FD account. Otherwise, you may have to provide the following documents.

• Proof of Identity
  • Passport
  • PAN card
  • Voter ID
  • Driver’s license
  • Aadhaar card
• Proof of Address
  • Passport
  • Aadhaar card
  • Bank statement with a cheque
• Proof of Date of Birth
  • Service discharge certificate
  • PAN card
  • Aadhaar card
  • Voter ID

Tax Benefits on IDFC Bank Fixed Deposits

IDFC Bank offers a tax-saving fixed deposit option with a mandatory lock-in period of five years. Individuals and HUFs are eligible to get the benefit of the scheme. You can go for this fixed deposit scheme to avail tax benefits under Section 80C of the Income Tax Act,1961.

Note that the tax levied is dependent on the tax bracket you fall into irrespective of the interest rate or other factors in the case of fixed deposits. Banks deduct tax at source (TDS) if the interest earned exceeds Rs.40,000 (Rs.50,000 for senior citizens) in a financial year across all the accounts held with the bank. A TDS certificate will be issued to confirm the details of the deduction. 

Mutual Fund or FD?

Tax-saving or ELSS mutual funds have the potential to provide much higher returns than fixed deposits, particularly during a bullish run in the markets. ELSS funds come with a lock-in period of only three years, while it is five years for tax-saver FDs. ELSS funds can provide returns in the range of 12% to 14%, while the interest on FDs is always restricted.

Investing in ELSS provides investors with the dual benefit of tax deductions and wealth creation over time. The equity exposure of these mutual funds gives ELSS an edge over the other tax-saving investments. If you are finding it challenging to pick the best-performing ELSS funds on your own, then invest in the funds handpicked by our in-house experts.

You can invest in a hassle-free and paperless manner with ClearTax, and the entire process takes no more than five minutes. Also, you get your investment proof instantly. Furthermore, we prefill your personal information and tax-saving investment details at the time of filing ITR with us.

FD Interest Rate Calculator

Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.