After lowering interest rates for financial savings accounts, IDFC First Bank has now revised interest rates on fixed deposits. The new interest rates on FDs might be relevant from May 1. The bank has taken the choice at a time when interest rates are plummeting at their document lows.
With the upcoming revision, the interest price on FDs will vary from 2.75% to six% each year, relying on the time length for which you make investments your cash in IDFC First Bank’s fixed deposit scheme.
The non-public sector lender gives each brief time period and long run FDs. The brief time period FDs vary from simply seven days to as much as a 12 months whereas the long run ones are provided with a timeline of 1 to 10 years.
IDFC Bank is providing the bottom 2.75% each year interest price on FD investments for seven to 14 days. The lender is providing a 3% and three.50% interest price on investments for 15-29 days and 30-45 days, respectively.
If you make investments for 46-90 days, then IDFC will give you a 4% interest price whereas it’s providing a 4.5% interest price on investments for 91-180 days. Similarly, the bank gives larger interest rates with an extended time length of the funding, with a most interest price of 5.75% being provided on investments with a maturity interval of 5 years or extra (as much as 10 years).
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