IDFC First Bank, Equitas Small Finance Bank Raise Interest Rates on FD

The IDFC First Bank and Equitas Small Finance Bank have hiked their interest rates on fixed deposits. This comes nearly a month after the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 6.5%.

According to the revised rates, IDFC First Bank is offering a minimum interest of 3.50% and a maximum interest of 7.75% on fixed deposits under Rs 2 crore. The private lender gives a 0.50% higher interest rate on fixed deposits for senior citizens. https://www.idfcfirstbank.com/personal-banking/deposits/fixed-deposit/fd-interest-rates

After the hike, which came into effect on March 1, IDFC First Bank’s fixed deposit interest rate for a tenor of 7 to 14 days and 15 to 29 days is 3.50%. For the 30-45 days tenor, the interest rate is 4% while for 46-90 days, the rate is 4.50%.

The bank is offering 5% interest for deposits maturing in 91-180 days and 6.75% for the 181-366 days tenor. The maximum interest rate of 7.75% is given on fixed deposits having a tenor of 549 days to 3 years. For every tenor, senior citizens get .50% higher interest on fixed deposits.

For fixed deposits of Rs 2 crore to Rs 5 crore, IDFC First Bank is offering a maximum interest of Rs 7.60% and a minimum interest of 5.25%.

Equitas Small Finance Bank Limited has also bought a hike in its fixed deposit interest rates effective from March 1. The rates have been revised for deposits of less than Rs 2 crore. Customers will now get 3.5% interest on fixed deposits maturing in 7 days to 29 days and 4% on deposits having tenor of 30-45 days. The bank is offering the highest interest of 8.20% for tenor of 888 days. https://www.equitasbank.com/fixed-deposit

The interest rate for 3 years, 1 day to 4 years tenor is 7.25%, and 7% for 4 years, 1 day to 5 years and 5 years, 1 day to 10 years tenor.

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