Maximize tax savings
up to ₹46,800 easily
0% commission • Earn upto 1.5% extra returns
IDFC First Bank’s recurring deposit (RD) schemes are a wonderful way to build your savings over some time through regular monthly deposits. Not only do you save money but also earn interest on your deposits. Continue reading to see what IDFC First Bank’s recurring deposit options have to offer.
|Deposit Tenure||Interest Rate (% p.a.)*|
IDFC First Bank offers a recurring deposit account that allows you to open the account with a monthly instalment as low as Rs.2,000. Earn a competitive interest rate based on the deposit tenure chosen for the account.
The bank is tied up with Thomas Cook to bring this RD scheme, where you choose a holiday package from the available options (both international and domestic). Based on the package cost specified by Thomas Cook, the per person cost will be divided over one year, and the monthly instalment value will be determined. At the end of the tenure, the investment + the interest earned + discount vouchers from Thomas Cook will be redeemable on your holiday package.
The limit on the interest income earned is Rs.40,000 per financial year, and the one for senior citizens is Rs.50,000 per financial year. Income tax will be deducted at source (TDS) by the bank if the interest earned on the FD and RD accounts across the bank branches exceeds this limit. TDS will be applicable at 10%.
It is now reduced to 7.5% due to the pandemic effective between May 2020 until March 2021. You can submit Form 15G or Form 15H, based on applicability, to the bank requesting not to deduct tax at source if your annual income is within the basic exemption limit.
Refer to our RD calculator page to know how much returns you can expect by investing a specified amount in RD every month over some time.
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