Product Details
Bank Name
IDFC FIRST Bank
Eligibility
Individuals having savings or current account of IDFC FIRST Bank
Interest Rate
up to 7.25% per annum.
Tenure
370 days
Fixed Deposit Type
Flexible
Flexi Fixed Deposits
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Non Cumulative
Features
You can choose a threshold above which the amount will auto-sweep to an FD. The FD will auto-break if the balance in your account goes below a certain amount depending on your account
FD breakage will not attract any penalty on withdrawal.
Minimum Investment Amount
It will depend upon the type of account i.e. Savings account or a Current account.
Features & Benefits
Pros
Sweep-in facility for Fixed Deposits.
Additional concession for senior citizens.
Cons
No tax saving benefits.
Pros & Cons
Account Opening Procedure
How to Open?
Online:
Visit the IDFC First Bank website or download their mobile app.
Navigate to the "Deposits" section and select "Fixed Deposits."
Enter your desired amount, tenure, and interest payout option.
Provide your basic KYC details and verify with OTP.
Transfer funds to create the FD.
Offline:
Visit an IDFC First Bank branch near you.
Fill out the necessary forms and provide your KYC documents.
Submit the required amount to open the FD.
Application Procedure
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.