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IDFC First Bank Revises FD Rates: Now Get Up To 7.75% On 549 Days- 2 Years Tenure
IDFC First Bank has made interest rate revisions on its fixed deposits (FDs) of less than Rs 2 Cr. The bank is now providing a maximum interest rate of 7.75% on a term of 549 days to two years as a result of the modification. According to the bank's official website, the new FD rates take effect on November 02, 2023. These rates apply to both new and renewable fixed deposits maintained with the bank, and they will remain in effect until revised further.
IDFC First Bank FD Rates
The bank is now giving an interest rate of 3.00% on fixed deposits maturing in 7 to 45 days, and IDFC First Bank is also offering an interest rate of 4.50% on those maturing in 46 to 180 days. IDFC First Bank is now offering an interest rate of 5.75% on a deposit tenure of 181 days - less than 1 Year and 6.50% on a tenure of 1 year. IDFC First Bank FDs maturing in 1 year 1 day - 548 days will fetch an interest rate of 7.50% and those maturing in 549 days- 2 years will fetch an interest rate of 7.75%.
On FDs maturing in 2 years 1 day - 3 years, the bank is promising an interest rate of 7.25% and on those maturing in 3 years 1 day to 10 years, IDFC First Bank is offering an interest rate of 7.00%.
On tax-saver FDs of 5 years, IDFC First Bank will offer a 7% return to non-senior citizens and 7.50% for senior citizens.
The benefit for senior citizens will not be accessible for NRE or NRO fixed deposits, and it will be at an additional spread of 0.50% over and above the standard rate for all tenures.
| Period | Rate of Interest (%p.a.) w.e.f. November 02, 2023 Less than INR 2 Crores |
|---|---|
| 7 - 14 days | 3.00% |
| 15 - 29 days | 3.00% |
| 30 - 45 days | 3.00% |
| 46 - 90 days | 4.50% |
| 91 - 180 days | 4.50% |
| 181 days - less than 1 Year | 5.75% |
| 1 year | 6.50% |
| 1 year 1 day - 548 days | 7.50% |
| 549 days- 2 years | 7.75% |
| 2 years 1 day - 3 years | 7.25% |
| 3 years 1 day - 5 years | 7.00% |
| 5 years- 1 day - 10 years | 7.00% |
| Tax Saver Deposit (Only for Domestic Deposits) - 5 Years | 7.00% |
| Source: Bank Website |
IDFC First Bank News
In the quarter that ended on September 30, 2023, IDFC First Bank reported a net profit of Rs 751 crore, a staggering 35% growth over Rs 556 crore in the same period the previous fiscal year. In Q2FY24, net interest income (NII) climbed by 32% to Rs 3,950 crore from Rs 3,002 crore in Q2FY23. In addition, the bank's net interest margin (NIM) was 6.32% in Q2 FY24 vs 5.83% in Q2 FY23 and 6.33% in Q1 FY24. Provisions went up 25% from Rs 424 crore in Q2-FY23 to Rs 528 crore in the quarter under review.
On the asset quality front, gross NPA stood at 2.11% as of 30 September 2023 compared to 3.18% on 30 September 2022. The net NPA (NNPA) of the bank reached 0.68% as of 30 September 2023 from 1.09% in the year-ago quarter.
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