IDFC First Bank is offering a minimum interest of 3.50% and a maximum interest of 7.75% on fixed deposits under Rs 2 crore.
The IDFC First Bank and Equitas Small Finance Bank have hiked their interest rates on fixed deposits. This comes nearly a month after the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 6.5%.
According to the revised rates, IDFC First Bank is offering a minimum interest of 3.50% and a maximum interest of 7.75% on fixed deposits under Rs 2 crore. The private lender gives a 0.50% higher interest rate on fixed deposits for senior citizens. https://www.idfcfirstbank.com/personal-banking/deposits/fixed-deposit/fd-interest-rates
Read More: Home Loan EMI: Reduce Burden Of Rising Interest Rates With 5 Easy Ways
After the hike, which came into effect on March 1, IDFC First Bank’s fixed deposit interest rate for a tenor of 7 to 14 days and 15 to 29 days is 3.50%. For the 30-45 days tenor, the interest rate is 4% while for 46-90 days, the rate is 4.50%.
The bank is offering 5% interest for deposits maturing in 91-180 days and 6.75% for the 181-366 days tenor. The maximum interest rate of 7.75% is given on fixed deposits having a tenor of 549 days to 3 years. For every tenor, senior citizens get .50% higher interest on fixed deposits.
For fixed deposits of Rs 2 crore to Rs 5 crore, IDFC First Bank is offering a maximum interest of Rs 7.60% and a minimum interest of 5.25%.
Read More: Tech Hiring: US-Based Liferay To Double Workforce In India, To Hire Over 200 employees in 2 Years
Equitas Small Finance Bank Limited has also bought a hike in its fixed deposit interest rates effective from March 1. The rates have been revised for deposits of less than Rs 2 crore. Customers will now get 3.5% interest on fixed deposits maturing in 7 days to 29 days and 4% on deposits having tenor of 30-45 days. The bank is offering the highest interest of 8.20% for tenor of 888 days. https://www.equitasbank.com/fixed-deposit
The interest rate for 3 years, 1 day to 4 years tenor is 7.25%, and 7% for 4 years, 1 day to 5 years and 5 years, 1 day to 10 years tenor.
