Private Sector Lender IDFC First Bank Increases Interest Rates For Fixed Deposit Below Rs 2 Cr

IDFC First Bank, a private sector lender, has raised interest rates on fixed deposits under Rs 2 crore. According to the bank's official website, the higher interest rates will take effect on August 16, 2022. IDFC First Bank will now pay an interest rate of 6.50% on fixed deposits maturing in 2 years 1 day to 749 days and 6.90% on fixed deposits maturing in 750 days, according to the most recent revision. Previously, the bank offered a 6.50% interest rate on fixed deposits due in two years, one day to three years. 

Fixed deposits maturing in 7 to 29 days will continue to receive a 3.50% interest rate, while fixed deposits maturing in 30 to 90 days will receive a 4.00% interest rate. IDFC First Bank will continue to offer 4.50% interest on fixed deposits maturing in 91-180 days and 5.75% on fixed deposits maturing in 181 days - 1 year. Fixed deposits maturing in 1 year 1 day - 499 days will continue to pay 6.25% interest, while term deposits maturing in 500 days - 2 years will pay 6.50% interest. 

The interest rate on fixed deposits maturing in 2 years, 1 day, and 749 days is now 6.50%, while term deposits maturing in 750 days can now earn up to 6.90%. Fixed deposits maturing in 751 days to 5 years will continue to receive 6.50% interest from IDFC First Bank. The bank will maintain a 6% interest rate on fixed deposits maturing in 5 years, 1 day, to 10 years, while IDFC First Bank will maintain a 6.50% interest rate on tax-saving fixed deposits.