Higher Interest Rates Benefit FD Investors
As the Reserve Bank of India increased the repo rate, IDFC First Bank has raised interest rates on select Fixed Deposit (FD) schemes, benefiting depositors. While this is good news for savers, it means borrowers may face higher loan interest rates.
New Rates Effective from January 13, 2023
Starting from January 13, 2023, IDFC First Bank implemented higher interest rates on bulk fixed deposits. This move aims to provide more lucrative options for depositors.
Earn Up to 7.55 Percent Interest
For deposits ranging from Rs 2 crore to Rs 25 crore, IDFC First Bank now offers interest rates up to 7.55 percent. The interest rates vary based on the period for which you choose to deposit your money.
Maximum Interest on 366-399 Days FD
Under the new guidelines, customers opting for FDs with a tenure of 366 to 399 days can earn a maximum interest of 7.55 percent. However, please note that premature withdrawal of the FD is not allowed in this category.
Flexible Options for Different Tenures
Customers can also consider other options based on the tenure of their FD. Here’s a breakdown of the interest rates:
- 400 days to 731 days: 7.45 percent interest
- 732 days to 10 years: 7.30 percent interest
Tailored Interest Rates for Various Tenures
Depending on the duration of your FD, IDFC First Bank offers different interest rates:
- 7 days to 35 days: 5.30 percent interest
- 36 days to 45 days: 5.55 percent interest
- 46 days to 60 days: 5.70 percent interest
- 61 days to 91 days: 6.30 percent interest
- 92 days to 180 days (6 months): 6.90 percent interest
- 181 days to 270 days: 7 percent interest
- 271 days to 365 days: 7.30 percent interest
Consider Your Options Carefully
Before making a decision, it’s important to assess your financial goals and the duration you can commit to. These new interest rates provide an opportunity for investors to earn higher returns on their savings.
Conclusion
With this recent move, IDFC First Bank aims to offer more competitive options for fixed deposit investors. It’s essential to keep an eye on the changing rates and make informed decisions about your investments.
