Interest Rates on Deposits

Savings Account Rate (Domestic, NRE & NRO)

Interest payable on Savings account will be calculated on a progressive basis, as per the table in the rate
slabs described below. For description of “progressive” with examples, please refer to notes after the
table.

Balance (Rupees) Rate of Interest (% p.a.) (Progressive)

<= 10 Lac 4.00%

> 10 Lac <= 50 Cr 6.75%

>50 Cr <= 100 Cr 5.00%

>100 Cr <= 200 Cr 4.50%

> 200 Cr 3.50%

(Effective from 09/03/2023)

For Example:
1. In case your account balance with us is Rs. 25,000, the interest payable to you will be 4% on the
entire Rs. 25,000.
2. In case your account balance with us is Rs. 5 lacs, the interest payable to you will be 4% on the
entire amount of Rs. 5 lacs.
3. In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 4% on Rs.
10 lacs and 6.75% on Rs. 40 lacs.
4. In case your account balance with us is Rs. 5.3 crores, the interest payable to you will be 4% on
Rs. 10 lacs and 6.75% on Rs. 5.2 crores.
Important Notes

• As per Reserve Bank of India directives, Savings Bank account interest will be calculated on daily end
of day balances at the rate of interest as specified by IDFC FIRST Bank from time to time. The
periodicity of payment of interest on Savings Bank account is on a monthly basis. Interest will be
calculated on progressive balances in each Interest Rate Slab as applicable.

• The Interest calculated is rounded up to the nearest rupee and calculation of interest is basis 365 days
for the period of fixed deposit falling in a non-leap (financial) year and 366 days for the period of fixed
deposit falling in a leap (financial) year.
• Interest rates are subject to periodic changes, please refer the website for latest interest rates.

Card Rates for Domestic, NRE and NRO Deposits less than INR 2 Crores*

Period Rate of Interest (%p.a.) w.e.f. March 01, 2023

7 – 14 days 3.50%

15 – 29 days 3.50%

30 – 45 days 4.00%

46 – 90 days 4.50%

91 – 180 days 5.00%

181 days – 366 days 6.75%

367 days – 18 months (367 days to 548 days) 7.25%

18 months-1 day – 3 years (549 days to 3 years) 7.75%

5 years- 1 day – 10 years 7.00%

Tax Saver Deposit

5 Years 7.00%

*Important Notes:
• Minimum tenure for NRE Deposits is 365 days and NRO/ Domestic Deposits is 7 days. No interest is
payable where deposit has not been in place for applicable minimum tenure.
• The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will
not be available for NRE or NRO Fixed Deposits.
• Rates up to 180 days are on “simple interest” basis. Interest on tenor above 180 days is
payable/compounded on quarterly basis.
• Compound Interest/ re-investment interest is calculated every quarter and is added to the Principal
such that Interest is paid on the Interest earned in the previous quarter as well.
• For deposits with monthly interest pay-out option, the interest shall be calculated for the quarter and
paid monthly at a discounted rate over the Standard FD Rate.
• In case of premature closure of the Term/Fixed Deposit, interest will be paid basis interest rate
applicable at the time of booking the term/fixed deposit, for the corresponding period for which
deposit has remained with the bank. Additionally, term/fixed deposit if prematurely closed, would be
subject to ‘Premature Closure Penalty’ as prescribed by the Bank on the date of deposit.
• The Interest thereon will be paid for the period for which the deposit has remained with the bank,
after application of penalty.
• Term/Fixed Deposits of Senior Citizens and premature closure of Term/Fixed Deposit effected due to
death of account holder/s are exempted from the said Premature Closure Penalty. The said Premature
Closure Penalty shall be applicable and imposed on all Term/Fixed Deposits booked and/or renewed
on or after May 2, 2019.
• Premature Closure Penalty will be applicable on Retail Term/Fixed Deposits & the same shall not be
levied on Term/Fixed deposits of Government, Quasi Government, Regulatory & Statutory bodies.
• Penalty for pre-mature closure of Fixed Deposit would be at 1%.
• These rates are applicable till revised further.
Domestic, NRE & NRO Recurring Deposit (RD) Interest rates**
Period (in Months) RD-Rate of Interest (%p.a.) w.e.f. March 01, 2023

6 months 5.00%

9 months 6.75%

12 months 7.25%

15 months 7.25%

18 months 7.25%

21 months 7.75%

24 months 7.75%

27 months 7.75%

36 months 7.75%

39 months 7.00%

48 months 7.00%

60 months 7.00%

90 months 7.00%
 120 months 7.00%

** Important Notes

• Interest rates are per-annum. Pay-out will be only on maturity with quarterly compounding.

• The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will
not be available for NRE or NRO Recurring Deposits.
• Minimum and maximum monthly installment for recurring deposits will be Rs. 100 and Rs. 75,000
respectively.
• Premature withdrawal: In case of withdrawal within 30 days for Domestic & NRO RD and withdrawal
within 365 days for NRE RD, no interest is payable.
• In case of withdrawal after 30 days and before 6mths, the interest rate that will apply for the entire
amount will be the fixed deposit card rate applicable for 30- 45 day (Not applicable for NRE RDs). In
case of premature withdrawal on or after 6 months, the card rate applicable to the period the deposit
has actually remained with Bank as on the date of booking of the said deposit shall apply.

Foreign Currency Non-Resident (FCNR) Deposits

FCNR interest rates for amounts up to 1 million (*, #)

Period USD GBP EUR AUD SGD

1 Yr to < 2 5.65% 4.45% 3.05% 4.00% 4.05%

2 Yrs to < 3 5.30% 4.00% 2.65% 4.45% 3.25%

3 Yrs to < 4 4.75% NA NA NA NA

4 Yrs to < 5 4.95% NA NA NA NA

5 Yrs only 4.50% NA NA NA NA

(Effective from 04/03/2023)

# It may be noted that the interest rates threshold has been changed from 5 million to 1 million with
effect from March 05, 2021.

• No interest will be paid if the FCNR Deposit is prematurely withdrawn within 1 year of deposit creation

• The interest on FCNR deposits is compounded at intervals of 180 days each and thereafter for the
remaining actual number of days. The principal is increased to include the interest earned during the
previous 180 days.

• On premature withdrawal, Interest will be calculated at the applicable rate (on the date of placement
of deposit), for the period the deposit has run. Premature Withdrawal Penalty shall be Nil.
• In case of FCNR (B) deposits, calendar year is taken to consist of 360 days irrespective of whether it is a
leap year.

• Terms and conditions applicable to such deposits shall be as per the guidelines prescribed by
Reserve Bank of India (RBI) from time to time.