Among the many FD providers in the market, IDFC First Bank is one of the most dependable. The IDFC First Bank FD has a number of advantages for investors, including higher returns, a flexible tenure, a lower minimum deposit limit, and the ability to borrow against the FD. When it comes to FD interest rates, IDFC First Bank offers the highest rate of 6.00 percent. On the other hand, the current IDFC First Bank FD interest rate for senior citizens ranges from 3.25 percent to 6.50 percent.
Capital First bank Fixed Deposit Features
IDFC First Bank FDs are one of the best investment options for depositors looking for a fixed income instrument with higher returns than a savings account. The following are some of the key features of an IDFC First Bank fixed deposit:
- Deposit Amount: IDFC First Bank FDs can be opened for as little as $10,000 and as much as No Limit.
- Tenure of FDs varies from 7 to 500 days.
- Interest Rates: 2.75 percent per annum to 6.00 percent per annum
- Senior Citizens are people who have reached retirement age. 3.25 percent to 6.50 percent p.a. FD Rate
- Highest Interest Rate: IDFC First Bank’s highest interest rate on FDs is 6.00 percent for a 500-day term, as of today’s rate.
- IDFC First Bank deposits are safe because they are covered by the Deposit Insurance Scheme of the Reserve Bank of India, which insures up to 5 lakh of a depositor’s total deposits.
- Loan against FD: IDFC First Bank offers a loan against FD to its depositors to help them fulfil their liquidity needs without having to break their FD.
- Auto-renewal service is available.
- Nomination service is available.
- Popular FD Plans: Fixed Deposits on a Regular Basis.
Capital First bank FD Interest Rates
|Tenure||FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 14 days||2.75%||3.25%|
|15 days to 29 days||3.00%||3.50%|
|30 days to 45 days||3.50%||4.00%|
|46 days to 90 days||4.00%||4.50%|
|91 days to 180 days||4.50%||5.50%|
Capital First bank Fixed Deposit Rates – Premature Withdrawal
Premature termination of a Term Deposit with IDFC First Bank comes with a lower interest rate than the agreed-upon rate. The penalties for premature closing of an IDFC First Bank FD are subject to change and may vary depending on the deposit scheme.
Loan against Fixed Deposit Capital First bank
IDFC First Bank provides loans up to 90% of its own deposit. Note that IDFC First Bank will not lend you money if you have an FD with another bank. IDFC First Bank proposes a loan against a fixed deposit (FD) at a rate of 3.75 percent to 7%.
The maximum loan tenure is limited to the FD’s maximum term.
Illustration – Mr. Rahul has a fixed deposit of Rs. 1,00,000 with IDFC First Bank for a period of two years. Later, the borrower decided to take out a loan against his FD. The bank has approved a 90 percent credit limit against his FD, at a ten percent interest rate. Now, if the creditor takes out a loan for $90,000 on the first of the month and repays it on the first of the following month, he must pay interest on the $90,000 borrowed for one month only. After one month, he must repay a total of $90,744. As a result, the interest rate on the loan taken is 744.
FD Account Opening Process at Capital First bank
You can visit IDFC First Bank’s official website and login to your account to open a Fixed Deposit account. Select Fixed Deposit from the menu, then the Type of FD you want to open and click Next. After that, fill in the deposit amount and, if you are over 60, select the ‘Senior Citizen’ option. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, click Submit to open the IDFC First Bank FD.
Nomination Facility on Capital First bank FD
IDFC First Bank provides a nomination facility on Fixed Deposits, which allows the depositor’s family to claim the money in the event of the depositor’s death. A nominee may be appointed by an individual, a single account holder, or a joint account holder. No more than one person may be named as a nominee. When you open an IDFC First Bank fixed deposit, you can fill out nominee information. At the time of claim, the nominee must provide identification evidence.
Capital First bank News Snippets
Capital First Bank’s FD interest rates have been revised.
IDFC First Bank amended its FD interest rates with effect from January 16, 2021. The amended rate for a period of 7-14 days is 2.75 percent, for 15-45 days it is 2.85 percent, for 46-60 days it is 3 percent, for 61-91 days it is 3.25 percent, for 92-180 days it is 3.70 percent, and for 181-270 days it is 3.95 percent. Furthermore, the rate for long-term tenors of 271-365 days is 4.15 percent. Long tenors of 399 days have a rate of 3.90 percent, 400 days to 540 days have a rate of 4.80 percent, and 541 days to 1095 days have a rate of 5.20 percent. Fixed deposit rates range from 5.85 percent for three years to ten years.
A retail loan from Capital First Bank has increased by 100 percent.
IDFC First Bank announced that its retail deposits, which include home, personal, auto, two-wheeler, gold, and LAP, rose by 100 percent year over year. Furthermore, the Bank’s Customer Deposits, which include FDs and RDs, increased to Rs. 77,289 Cr on December 31, 2020, up from Rs. 54,631 Cr on December 31, 2019. As of December 31, 2020, the CASA ratio on outstanding deposits was 48.4 percent.
Deposits at Capital First Bank have increased.
At the end of the December quarter, IDFC First Bank’s deposits, which include fixed and recurring deposits, increased by 41%. Furthermore, retail loans, which include house, personal, auto, two-wheeler, gold, and education loans, increased by 24% year over year. At the end of the December quarter, deposits totaled Rs 77,289 crore, up from Rs 54,631 crore the previous year.
Deposits at Capital First Bank increased by 157 percent.
In the year ending March 31, 2020, IDFC First Bank reported a 157 percent increase in retail deposits, which includes both fixed and recurring deposits. Retail deposits increased to Rs 33,898 crore from Rs 13,214 crore the previous year.
✅ What is the highest FD rate for IDFC First Bank?
You can earn a maximum interest of 6.00% on IDFC First Bank fixed deposit.
✅ Are there any special rates for senior citizens FD of IDFC First Bank?
Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.75% to 6.00%. Compared to this, the rate of senior citizens FD are in the range of 3.25% to 6.50%.
✅ Can I deposit additional amount in my FD account?
No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.
✅ Who is eligible for opening an FD account in IDFC First Bank?
All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.