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IDFC Bank Recurring Deposit (RD) Rates

Updated on: Jun 9th, 2024

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6 min read

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 TenureInterest Rate (% p.a.)*
6 months3.25
9 months4.75
12 months5.25
15 months5.25
18 months5.25
21 months5.25
24 months5.25
27 months5.75
36 months6.00
39 months6.00
48 months6.00
60 months6.00
90 months6.00
120 months6.00

Different Types of IDFC Bank RD Schemes

  1. Recurring Deposit:

IDFC First Bank offers a recurring deposit account that allows you to open the account with a monthly instalment as low as Rs.1,00. Earn a competitive interest rate based on the deposit tenure chosen for the account.

  1. Travel Saver Deposit:

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.

IDFC Bank RD Special Features and Benefits

  • The minimum monthly instalment is Rs.1,00.
  • The minimum deposit tenure is six months.
  • Get high interest rates on the deposits.
  • Open the account either online or offline.

Basic Eligibility Criteria for IDFC Bank RD

  • Resident Indians
  • Non-Resident Indians

Tax Liabilities on IDFC Bank Recurring Deposit

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.

RD Interest Rate Calculator

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.

Similar Banks Offering RD
 

Similar Banks Offering RD
SBI BankHDFC BankICICI BankIndian bank
AXIS BankKOTAK BankUnion Bank of IndiaCanara Bank
Bank of BarodaIDBI BankBank of IndiaAndhra Bank
Central Bank of IndiaAllahabad BankPNB 
Syndicate BankCorporation BankRBL Bank 

 

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Quick Summary

IDFC First Bank offers a variety of recurring deposit schemes, from regular RD to Travel Saver Deposit tied with Thomas Cook. Basic eligibility includes resident and non-resident Indians, with tax liabilities up to Rs. 40,000 or Rs. 50,000 for seniors. TDS rate is 7.5% during May 2020 - March 2021. RD interest rate calculator helps estimate returns.

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