New Delhi: IDFC Bank has become the latest private bank to increase the fixed deposit interest rates on various terms, following the Reserve Bank of India’s (RBI) move to hike the repo rate by 40 basis points or 0.40% to 4.40%. Prior to IDFC Bank, a slew of public and private lenders such as HDFC Bank, ICICI Bank, Bank of Baroda, and Axis Bank, among others, have increased the interest rates on fixed deposit investments. With the latest announcement, IDFC Bank has increased the interest rates on fixed deposits (FDs) worth below Rs 2 crore. The new rates are effective from Friday (May 27).
The bank has increased the interest rate on FDs maturing in 7 days to 14 days to 3.50 per cent. IDFC Bank is now offering a 3.50 per cent interest on fixed deposits (FDs) with a maturity period of 7-29 days, up from the previous 2.5 per cent rate.
Also, the interest rate on FDs maturing in 15 days to 29 days has been increased to 3.50 per cent. IDFC Bank has increased the interest rate on FD investments maturing in 30 days to 45 days to 4.00 per cent. Investors will also receive returns at 4.00 per cent on FDs with a maturity of 46 days to 90 days.
Further, investors can get returns at 4.50 per cent on FDs maturing between 91 days to 180 days. Further, general public investors can rake in returns at a 5.75 per cent rate on FDs maturing in 181 days to less than 1 year. Also Read: Centre to develop framework to check fake reviews on e-commerce websites
IDFC Bank is offering a higher 6.25 per cent return on fixed deposits with a maturity period of 3 years 1 day to 5 years. Senior citizens can get a 6.75 per cent interest rate on a similar FD scheme. The lender continues to offer an additional 50 bps interest rate to senior citizen investors. Also Read: IT Ministry issues draft norms to make non-personal user data available with govt
