Fixed deposit is a traditional investment option where banks and other financial institutions provide a fixed rate of return until the maturity date.
There are some deposit-taking NBFCs (Non-Banking Financial Companies) that provide fixed deposits facility to their customers. IDFC Bank was promoted by IDFC ltd which was a premier DFI renowned for the infrastructure development of India and Capital First which was a technology-led NBFC and then they both merged to form IDFC first Bank in 2015.
FDs provide higher interest yield in comparison to Normal savings accounts. IDFC bank is one of the renowned private sector banks where one can invest in their schemes for higher returns.
In this article, you will get detailed information regarding the IDFC Fixed deposit schemes.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 – 14 days||3.5%||4%|
|15 – 29 days||3.5%||4%|
|30 – 45 days||4%||4.5%|
|46 – 90 days||4.5%||5%|
|91 – 180 days||5%||5.5%|
|181 days – 366 days||6.75%||7.25%|
|367 days – 18 months (367 days to 548 days)||7.25%||7.75%|
|18 months - 1 day - 3years (549 days to 3 years)||7.75%||8.25%|
|3 years – 1 day- 5 years||7%||7.5%|
|5 years- 1 day – 10 years||7%||7.5%|
|Note: All interest rates are updated as of 18th May 2023|
Resident Indians, senior citizens, members of HUF, and NRIs are eligible to open their fixed deposit accounts with IDFC Bank.
Anyone can open an FD account in IDFC bank with the IDFC bank app who has a saving or current account in IDFC bank
Follow the below-given steps to open the FD account through the app;
If an investor does not want to open online then one can apply offline also by visiting the nearest IDFC Bank branch.
1. The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
2. As per section 80C of the Income-tax Act 1961, the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
3. In the case of a senior citizen (Age above 60 years), a deduction of up to ₹50,000 is available and for non-senior citizens up to ₹40,000.
4. If the PAN is not provided then, in that case, 20% TDS is levied.
5. In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
6. In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.
The minimum amount required to open an FD in offline is ₹10,000 and if an investor opens through the Mobile app the minimum amount is ₹1,000.
Yes, for such extreme situations, each depositor is insured up to a maximum of ₹5 lakh (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.
In the joint holder deposit case, the First holder will get a tax deduction under 80C.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.