Idfc bank fd rates

Due to its safety and fixed returns, the fixed deposit (FD) is one of the most popular investments among risk averse investors. One of the attractive features of the fixed deposit is its option of different tenure. The minimum and maximum tenure offered for which an FD can be placed varies from one bank to another. Usually, one can invest in FD for a minimum period of 7 days and for a maximum of 10 years. You can choose the period for which you wish to keep your FD as per your requirement. Interest rate Interest rate on fixed deposit also varies with the amount of deposit and tenure of FD booked. Interest rate also depends on the callable and non-callable type of deposit offered by the banks. Senior citizens are typically offered higher interest rates. To receive the interest payment, you can choose either cumulative option or non-cumulative option. IDFC First Bank and IndusInd Bank offer an interest rate of 7.50%, returns of RS 10,000 will earn an interest return of RS 11602.22 (quarterly compounded return). If you invest in Axis Bank fixed deposit tenure of 2 years, the bank is offering an interest rate 7.26%, which will earn a return of Rs 11547.66 (quarterly compounded return). Taxation on FD The interest earned on an FD is completely taxable in the investor's hands. It will be taxed at the rates that apply to your income tax brackets. According to current tax legislation, TDS would be deducted by the bank if the interest payment in a single fiscal year exceeds Rs 10,0...

Should one wait for rates to cross 9% to book long term FDs? If you wait longer to book your FD for a higher rate, you will lose out on the already increasing rates, and if you book long-term FDs after just a few hikes, you may lose out if the rates continue to rise in the future. Therefore, it might not be the best moment to book an FD if you want to do so for a long time or if a significant FD needs to be renewed. It is preferable to book short-term fixed-rate deposits in a rising rate environment so that they might profit from the increase during the investment period. Therefore, choosing an FD with a duration of six months to a year could be a wiser move. You can book longer-term FDs once these FDs mature and you receive a better rate at the time of renewal. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.

While several banks have been increasing their Fixed Deposit rates for senior citizens and others since last year, it seems the FD rate hike cycle may be over, at least for now. The FD interest rate hikes have coincided with a series of repo rate hikes announced by the Reserve Bank of India. Since May 2022, the RBI has raised the repo rate by 250 basis points in a bid to fight inflation. However, in the first Monetary Policy Committee (MPC) meeting of the current financial year in April, the central bank kept the repo rate unchanged at 6.5%. In the ongoing meeting also, which will be declared tomorrow, the RBI is expected to keep on the True Cost of Home Ownership – Know this before buying your dream home Also Read: For investors interested in starting fixed deposits, it will be better to do so at the currently available higher interest rates. While public sector banks are currently offering FD rates between 7% to 8%, some small finance banks are offering over 9% interest on FD to senior citizens as well as others. Following is a list of banks and the highest Fixed Deposit interest rates they are offering: Bank FD Names For General Citizens (p.a.) For Senior Citizens (p.a) RBL Bank 3.50% to 7.80% 4.00% to 8.30% IDFC First Bank 3.50% to 7.75% 4.00% to 8.25% KVB Bank 4.00% to 7.50% 5.90% to 8.00% Canara Bank 4.00% to 7.25% 4.00% to 7.75% Punjab National Bank 3.50% to 7.25% 4.00% to 7.75% Bank of Baroda 3.00% to 7.25% 3.50% to 7.75% Kotak Mahindra Bank 2.75% to 7.20% 3.25% to...

IDFC First Bank offers FD interest rates of 3.50-7.75% p.a. to the general public and 4.00-8.25% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on IDFC First Bank Tax Saving FDs is 7.00% p.a. for the general public and 7.50% p.a. for senior citizen depositors for tenures of 5 years. The bank also offers various fixed deposit products for NRIs, such as NRO, NRE, and FCNR fixed deposits. IDFC First Bank accepts FCNR fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro (EUR), Australian Dollar (AUD), and Singapore Dollar (SGD). IDFC First Bank FD Interest Rates Fixed Deposit Rates for Domestic/NRO/NRE Deposits of less than Rs 2 crore w.e.f. 1 March 2023 Tenure Interest Rates (% p.a.) Regular Citizens Senior Citizens 7-14 days 3.50 4.00 15-29 days 3.50 4.00 30-45 days 4.00 4.50 46-90 days 4.50 5.00 91-180 days 5.00 5.50 181 days – 366 days 6.75 7.25 367 days – 18 months 7.25 7.75 18 months 1 day – 3 years 7.75 8.25 3 years 1 day – 5 years 7.00 7.50 5 years 1 day – 10 years 7.00 7.50 Note: 1. Additional senior citizens interest rates will not be applicable for NRO or NRE Fixed Deposits. 2. The minimum tenure for NRE deposits is 365 days Book SBM Bank FD & Get Lifetime FREE Step UP Credit Card Interest Rates on FCNR deposits of up to 1 million w.e.f. 4 March 2023 Tenure Interest Rates (% p.a.) USD GBP EUR AUD SGD 1 year to less than 2 years 5.65 4.45 3.05 4.00 4.05 2 years to less than 3 years 5.30 4.00 2.65 4.45 3.25 3 ye...

For fixed deposits below ₹2 crore, the private sector lender IDFC First Bank has increased interest rates. The modification took effect today, July 1, 2022, and the bank increased interest rates on fixed deposits with terms ranging from one to five years as a result. Fixed deposits maturing in 7 days to 10 years will now earn an interest rate ranging from 3.50 per cent to 6.00 per cent, while fixed deposits maturing in 3 years, 1 day, or less than 5 years will now earn an interest rate of 6.50% which would be the highest. IDFC First Bank FD Rates 2022 The bank will continue to provide an interest rate of 3.50 per cent on fixed deposits with maturities between 7 and 29 days and a rate of 4 per cent on term deposits with maturities between 30 and 90 days. On term deposits maturing in 91 to 180 days, IDFC First Bank will continue to give an interest rate of 4.50 per cent, and on term deposits maturing in 181 days to a year, the bank will continue to offer a 5.75 per cent interest rate. On fixed deposits maturing in 1 year 1 day – 3 years the bank will now offer an interest rate of 6.25% which was 6.00% earlier, a hike of 25 bps. Fixed deposits with maturities of 3 years 1 day to less than 5 years will now have interest rates of 6.50 per cent instead of 6.25 per cent, a 25 basis point increase. On fixed deposits that mature in 5–10 years, IDFC First Bank has maintained its interest rate constant at 6 per cent. The bank will now provide a 6.50 per cent interest rate on Tax Save...

SCSS interest rateIn response to the rising interest rates, the government revised the interest rates of a select few small savings programs, notably the Senior Citizens Savings Scheme, for the quarter ending in June 2023. The SCSS interest rate, which was raised from 8.0% to 8.2%. The minimum investment threshold is set at Rs 1,000, and the maximum investment is Rs 30lakh. Note that the interest rate will remain the same for the duration of the investment once it is completed. It has a five-year term that can be extended by three years at maturity. The account holder can extend the account for another three years from the date of maturity by submitting the necessary documents to the relevant post office together with the passbook. Section 80C of the Income Tax Act of 1961 applies to investments made under this plan. "Interest is taxable if total interest in all SCSS accounts exceeds Rs.50,000/- in a financial year, and TDS at the prescribed rate shall be deducted from the total interest paid," according to the Post Office website. If form 15 G/15H is presented and the accrued interest does not exceed the prescribed amount, no TDS will be deducted." SBI senior citizen FD State Bank of India offers interest rate up to 7.50% on fixed deposit tenure 2 years to less than 3 years. On ”SBI We-care” deposit scheme, the tenure ranges from 5 years to 10 years, the interest rate offered is 7.50%. HDFC Bank senior citizen FD HDFC Bank offers interest rate up to 7.75% on fixed deposit...