The fixed deposit scheme is a popular saving option because of its low risk and higher rates of return as compared to other market options. In a fixed deposit scheme, you can invest money for a stated period, after which a fixed rate has to be paid until the end of the deposit term. IDFC bank’s fixed deposit options offer a great variety in terms of interest rates and deposit periods.
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
Highlights for 2025 Fixed Deposit Scheme of IDFC Bank
Tenure | 7 days to 10 years. |
Senior Citizen Interest Rates | 4.00 - 8.40% p.a. |
Public Interest Rates | 3.50- 7.90% p.a. |
Highest Interest Rates for Public | 7.90% p.a. |
Highest Interest Rates for Senior Citizens | 8.40% p.a. |
Premature Withdrawal | 1% penalty |
Minimum Deposit Amount | Rs 10,000 |
Fixed Deposit Interest Rates 2025 of IDFC Bank
The table below shows the FD interest rates applicable for regular customers and senior citizens on deposits less than Rs.3 crore as of 13 September 2024.
| Deposit Tenure | Regular FD Rates* (% p.a.) | Senior Citizen FD Rates* (% p.a.) |
| 7 days to 14 days | 3.00 | 3.50 |
| 15 days to 29 days | 3.00 | 3.50 |
| 30 days to 45 days | 3.00 | 3.50 |
| 46 days to 90 days | 4.50 | 5.00 |
| 91 days to 180 days | 4.50 | 5.00 |
| 181 days to < 1 year | 5.75 | 6.25 |
| 1 year | 6.50 | 7.00 |
| 1 year 1 day to 399 days | 7.50 | 8.00 |
| 400 days | 7.50 | 8.00 |
| 401 days to 2 years | 7.25 | 7.75 |
| 2 years 1 day to 3 years | 6.80 | 7.30 |
| 3 years 1 day to 5 years | 6.75 | 7.25 |
| 5 years 1 day to 10 days | 6.50 | 7.00 |
| 5 years (Tax saver fixed deposit) | 6.75 | 8.25 |
| 1000 days (Green deposits) | 7.00 | 7.50 |
*Interest rates are subject to change with time.
Different Types of FD Schemes by IDFC Bank
IDFC FIRST Bank Fixed Deposit Schemes Overview
Standard Fixed Deposits
- Suitable for all individuals with a savings or current account.
- Tenure: Ranges from 7 days to 10 years.
- Minimum Deposit: Rs.10,000.
- Features: Higher interest rates than a savings account, fixed returns, and various tenure options.
Senior Citizens Fixed Deposits
- Designed for individuals aged 60 years and above.
- Additional Interest: Offers 0.50% p.a. higher than standard FD rates.
- Premature Withdrawal: No penalty for early withdrawals.
- Features: Tailored to help senior citizens earn better returns on their savings.
Flexi Fixed Deposits
- Combines the flexibility of savings/current accounts with the benefits of a fixed deposit.
- Linkage: The deposit is linked to your savings or current account.
- Features:
- Automatic "sweep-out" facility transfers the balance exceeding the set limit into an FD for higher interest.
- Flexible access to funds without losing out on potential returns.
Green Fixed Deposits
- An eco-conscious investment option where funds are utilized for green finance projects.
- Tenure: Fixed at 1000 days.
- Features:
- Interest payout and senior citizen benefits similar to a standard FD.
- Premature withdrawal allowed as per standard FD norms.
- Aims to promote sustainable initiatives while providing secure returns.
Each of these FD options caters to different financial goals and preferences, ensuring customers can maximize their savings while meeting specific needs like flexibility, sustainability, or tax efficiency.
IDFC Bank FD Special Features and Benefits
- IDFC Bank offers competitive interest rates on all FD schemes.
- The minimum deposit amount required to open an FD account is Rs.10,000.
- The minimum deposit tenure for domestic and NRO deposits is seven days.
- The minimum tenure for NRE deposits is 365 days.
- Loan facility against FD amount can be availed.
- A nomination facility is available to any family member, or spouse may be nominated to receive the final amount.
- Interest rates are calculated on a simple interest basis for a tenure of up to 180 days.
- Interest on tenure beyond 180 days is compounded every quarter.
- In case of premature closure of the Fixed Deposit (FD), interest will be paid basis the interest rate applicable at the time of booking the term/fixed deposit.
- A penalty may be applicable in the case of premature closure.
Basic Eligibility Criteria for IDFC Bank FD Account
The following entities are eligible for opening FD accounts with IDFC Bank:
- Individuals.
- Sole proprietorship.
- One-person company.
- Hindu Undivided Family (HUF).
- Partnership firm.
- Limited Liability Partnership (LLP).
- Private/public limited company.
- Trust, association, society government/quasi-government institutions, including a municipal corporation, defence establishment, etc.
- Joint Ventures.
- Liaison/Representative/Branch office of foreign companies.
- Embassy offices in India.
Documents Required
If you are an existing customer of the bank, no additional documentation is necessary to open an FD account. Otherwise, you may have to provide the following documents.
- Proof of Identity
- Passport
- PAN card
- Voter ID
- Driver’s license
- Aadhaar card
- Proof of Address
- Passport
- Aadhaar card
- Bank statement with a cheque
- Proof of Date of Birth
- Service discharge certificate
- PAN card
- Aadhaar card
- Voter ID
Tax Benefits on IDFC Bank Fixed Deposits
IDFC Bank offers a tax-saving fixed deposit option with a mandatory lock-in period of five years. Individuals and HUFs are eligible to get the benefit of the scheme. You can go for this fixed deposit scheme to avail tax benefits under Section 80C of the Income Tax Act,1961.
Note that the tax levied is dependent on the tax bracket you fall into irrespective of the interest rate or other factors in the case of fixed deposits. Banks deduct tax at source (TDS) if the interest earned exceeds Rs.40,000 (Rs.50,000 for senior citizens) in a financial year across all the accounts held with the bank. A TDS certificate will be issued to confirm the details of the deduction.