IDFC First Bank Increases Interest Rates To 7.55% On Bulk Fixed Deposits, Details Here

IDFC First Bank has released fresh interest rates for bulk fixed deposits of over Rs 2 crore. The interest rates range from 5.30 per cent to 7.55 per cent and one can deposit up to Rs 25 crore. The new rates are applicable from November 23.

According to an IDFC First Bank notification, the interest rate for deposits between Rs 2 crore and Rs 25 crore is the same. However, premature withdrawal is not allowed with these rates. The interest rate is highest at 7.55 per cent for tenure of 366-399 days while the bank is offering 7.40 per cent interest rate for the period of 400 days to 731 days. For the tenure from 3 year 1 day to 10 years, the interest rate offered is 7.25 per cent. The bank is offering a 7.40 per cent fixed rate for tenure from 400 days to 731 days and 7.30 per cent for the 271-365 days period.

For fixed deposits between Rs 2 crore and Rs 25 crore where they premature withdrawal is permitted, the interest rates are comparatively lower and range from 5.30 per cent to 7.30 per cent. Here, the maximum interest rate of 7.30 per cent is given for the period of 366 to 399 days. The rate is lower at 7 per cent for tenure of 3 years 1 day to 10 years. For tenures from 400 days to 731 days and for 271-365 days period, the interest rate is fixed at 7.15 per cent.

Those who wish to make a bulk deposit of more than Rs 25 crore with no premature withdrawal facility, they can get interest rate ranging from 5.60 per cent to 7.80 per cent. The rates are same for deposits of anywhere between Rs 25 crore and Rs 200 crore for the same tenure. The highest interest rate of 7.80 per cent is offered for the period of 365-399 days. The rate is fixed at Rs 7.25 per cent for tenure from 3 years 1 day to 10 years, while a 7.40 per cent interest rate is given for the period of 400 days to 731 days.

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