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IDFC First Bank, Equitas SFB hike interest rates on FDs
March 03, 2023
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 ₹2 crore. The private lender gives a 0.50% higher interest rate on fixed deposits for senior citizens.
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 ₹2 crore to ₹5 crore, IDFC First Bank is offering a maximum interest of 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 ₹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.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/