IDFC First Bank hikes interest rates on fixed deposits, savings accounts; latest rates here

Fixed deposits maturing in 750 days will now be getting 7.25 percent interest rather than 6.9 percent, which is an increase of 35 basis points.

FP Trending|Oct 14, 2022, 18:16:14 IST

IDFC First Bank has raised its interest rates on fixed deposits and savings accounts. It will now give a maximum interest rate of 6.25 percent on savings accounts, while a maximum interest rate of 7.25 percent will be offered on fixed deposits. According to the bank's official website, the new rates came into effect from 10 October 2022. IDFC First Bank is currently giving an interest rate of 4 percent on savings account balances of up to Rs 10 lakh, and a maximum of 6.25 percent interest rate on savings account balances of more than Rs 10 lakh and up to Rs 50 lakh. Savings bank deposits above Rs 50 lakh and up to Rs 100 crore will now get 5 percent interest, while deposits of above Rs 100 crore and up to Rs 200 crore will earn 4.5 percent interest rate. The bank is currently giving 3.5 percent interest on savings account balances of above Rs 200 crore.IDFC First Bank will continue to give 3.5 percent interest on fixed deposits maturing in 7-29 days, and 4 percent rate of interest on fixed deposits maturing in 30-90 days. Fixed deposits maturing in 91-180 days will earn a 4.5 percent interest while deposits maturing in 181-64 days will get 5.75 percent. The bank will offer an interest rate of 6.25 percent on deposits maturing in 365-500 days. For deposits maturing in 501-749 days, the bank has hiked the interest rate by 25 basis points to 6.75 percent. Fixed deposits maturing in 750 days will now get 7.25 percent interest rather than 6.9 percent, meaning an increase of 35 basis points.Deposits maturing in 751 days to 5 years will continue to get 6.5 percent interest. The bank will continue to give a 6 percent interest rate on deposits maturing in 5 years 1 day, to 10 years, and a 6.5 percent rate of interest on tax-saving deposits maturing in 5 years. Senior citizens will get 0.5 percent higher than the standard rate, but it will not be available for NRO Fixed Deposits.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

JPMorgan to hire 1,000 technology professionals for India GCCs amid AI-led transformation

Wall Street banking giant to expand hiring across cloud, cybersecurity and AI data pipeline roles as it strengthens its India Global Capability Centres despite AI-driven workforce optimisation.

1 min read

BOJ seen raising interest rates by December as weak yen fuels inflation risks

Majority of economists expect Japan's central bank to deliver a 25-basis-point rate hike by year-end, with further policy tightening likely through 2027.

2 min read

'From make in India to launch from India': Skyroot COO on why Vikram-1 could change India’s space sector

Skyroot Aerospace’s successful Vikram-1 mission marks a major milestone for India’s private space sector, as the country seeks to shift from “Make in India” to “Launch from India” and compete in the global commercial satellite launch market

8 min read

Google burns cash for first time as AI spending pushes 2026 capex to $205 billion

Google parent Alphabet reported negative free cash flow of $5.9 billion in the second quarter for the first time since going public, as surging AI infrastructure spending pushed its 2026 capital expenditure forecast to as much as $205 billion

6 min read

Tesla sells more cars but makes less money: Why Musk’s AI pivot is squeezing profits

Tesla’s record Q2 deliveries failed to translate into higher profits as price cuts, falling regulatory-credit revenue and Elon Musk’s aggressive AI spending squeezed margins and pushed the EV maker into negative free cash flow

5 min read

Up Next