This Large Private Sector Bank Offers A Solid 7.4% Interest Rate

A fixed Deposit is one of the safest investment options an investor can choose as in Fixed deposits; investors earn profits on their deposits from banks. Investments are popular because they are not very volatile, and risk-averse investors prefer this over other investments. Due to the rise in interest rates by central banks, many private sector banks have also increased their interest rates.

IDFC is a private bank paying a handsome interest of 7.4% after a certain maturity period. Here is the list of interest rates offered by IDFC bank, which are applicable for domestic deposits of less than Rs. 2 crore.

Fixed Deposit rates for Non-Senior Citizens

Time Period	Interest Rates
7 Days to 14 Days	3.50%
15 Days to 29 Days	3.50%
30 Days to 45 Days	4.00%
46 Days to 90 Days	4.00%
91 Days to 180 Days	4.50%
181 Days to 1 year	5.75%
1 year 1 day to 499 days	6.25%
500 days to 2 years	6.50%
2 years 1 day to 749 days	6.50%
750 days	6.90%
751 days to 3 years	6.50%
3 years 1 day to 5 years	6.50%
5 years 1 day to 10 years	6.00%

Fixed Deposit rates for Senior Citizens

Time Period	Interest Rates
7 Days to 14 Days	4.00%.
15 Days to 29 Days	4.00%.
30 Days to 45 Days	4.50%
46 Days to 90 Days	4.50%
91 Days to 180 Days	5.00%
181 Days to 1 year	6.25%
1 year 1 day to 499 days	6.75%
500 days to 2 years	7.00%
2 years 1 day to 749 days	7.00%
750 days	7.40%
751 days to 3 years	7.00%
3 years 1 day to 5 years	7.00%
5 years 1 day to 10 years	6.50%

Interest rates on IDFC Bank are good

The interest rates offered by IDFC Bank are presently among the best. Investors should go for a slightly longer term tenure to get the best interest rates. Many NBFCs offer reasonable interest rates; going ahead; it is unlikely that interest rates will rise too fast. With excellent interest rates, it also offers many other features to its account holders, such as risk-free investment, no penalty for senior citizens on early withdrawal, and many more.

Fixed deposits from IDFC First are safe, so we recommend investors invest in these deposits.

Taxation on Fixed Deposits

Fixed bank deposits attract a TDS if your interest amount is over Rs 10,000. Therefore, if your interest rate is over Rs 10,000, it is advisable to submit form 15G or 15h as the case may be.