Product Details
Bank Name
IDFC FIRST Bank
Eligibility
Green Fixed Deposits are being offered to Resident Individuals only and are offered through Mobile Banking app and the extensive branch banking network.
Interest Rate
7% per annum.
Tenure
1000 days
Fixed Deposit Type
Green Deposit
Green Fixed Deposit
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Monthly, Quarterly, Annually, 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
Both
Features
Deposits shall be eligible for a Demand Loan /overdraft facility.
When you invest in Green Deposit, your funds are earmarked for green financing, which includes renewable energy projects, sustainable infrastructure development, eco-friendly businesses, and more.
Minimum deposit amount of Rs.5000.
No penalty for senior citizens on an early withdrawal.
Minimum Investment Amount
5000
Features & Benefits
Pros
Loan facility can be availed.
Flexible interest payout options.
Competitive interest rates.
Your investment directly supports projects that promote environmental sustainability.
Cons
Available for specific tenure duration.
No tax benefit.
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
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