Amid rising interest rates in the country to control inflation, banks have been raising their rates also to pass on their higher fund costs to the customers. HDFC Bank, ICICI Bank, Bank of Baroda and Kotak Mahindra Bank, among other lenders, have increased their interest rates. The latest on the list is IDFC First Bank which has also revised its fixed deposit rates across various tenures.
Soon after the revision in the interest rate of fixed deposits (FDs) below Rs 2 crore, the bank has also increased rates for FDs for the tenure of 7-29 days from the earlier 2.5 per cent to 3.50 per cent, effective May 23. It has also revised interest rates on deposits above Rs 2 crore effective Friday (May 27).
Here are the revised interest rates on fixed deposits below Rs 2 crore at IDFC First Bank (Effective May 23):
7 days to 14 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
15 days to 29 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
30 days to 45 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent
46 days to 90 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent
91 days to 180 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
181 days to less than 1 year: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent
1 year-2 years: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
2 years 1 day-3 years: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
3 years 1 day-5 years: For General Public – 6.25 per cent; For Senior Citizens – 6.75 per cent
5 years 1 day-10 years: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
Here are the revised interest rates on fixed deposits between Rs 2 crore and Rs 5 crore at IDFC First Bank (Effective May 27):
7 days to 14 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
15 days to 35 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
36 days to 45 days: For General Public – 3.95 per cent; For Senior Citizens – 4.45 per cent
46 days to 60 days: For General Public – 4.10 per cent; For Senior Citizens – 4.60 per cent
61 days to 91 days: For General Public – 4.85 per cent; For Senior Citizens – 5.35 per cent
92 days to 180: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
181 days-270 years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent
271 days-365 years: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
366 days-399 days: For General Public – 6.25 per cent; For Senior Citizens – 6.75 per cent
400 days-540 days: For General Public – 6.25 per cent; For Senior Citizens – 6.75 per cent
541 days-731 days: For General Public – 6.25 per cent; For Senior Citizens – 6.75 per cent
731 days-1095 days: For General Public – 6.25 per cent; For Senior Citizens – 6.75 per cent
3 years 1 day-5 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
5 years 1 day-8 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
8 years 1 day-10 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent.
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