Fixed Deposit Details
Bank Name
IDFC FIRST Bank
Eligibility
The deposit scheme is open to individuals. The Karta of a Hindu Undivided Family (HUF) can open in his capacity as Karta. The deposit can be in the single name of the depositor or in joint names of two adults or jointly in the name of an adult with a minor (only two joint account holders are permitted) payable to either or the survivor. In the case of deposits in the joint names, the tax benefit can be claimed by the first named depositor.
Interest Rate
6.75% per annum.
Tenure
5 years
Fixed Deposit Type
Tax Saver
Tax Saver Fixed Deposit
Tax Benefits
Tax exemption under section 80C of the Income Tax Act, 1961
Credit Ratings
CRISIL A1+
Interest Payment Frequency
At maturity, half-yearly, quarterly or monthly. 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
Tax Saver Fixed Deposit offers tax deduction on income of up to ₹1.5 Lakh under section 80C of the Income Tax Act.
No premature withdrawal facility or auto-renewal facility.
A maximum of 1,50,000 per financial year for a 5-year lock-in period.
The lock-in period of 5 years.
Nomination facility is available.
Premature withdrawal is not allowed.
Minimum Investment Amount
Not specified by the bank.
Features & Benefits
Pros
Tax saving benefits.
Special concession for senior citizens.
Cons
Lock-in period of 5 years.
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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