IDFC First Bank offers recurring deposit interest rates of 5.00%-7.00% p.a. to senior citizen depositors and 4.50%-6.50% p.a. to other depositors with minimum monthly instalment of Rs 100 and maximum monthly instalment of Rs 75,000. The RD can be opened for tenures ranging from 6 months to 10 years. The interest is compounded quarterly and paid out on maturity.
IDFC First Bank Recurring Deposit Highlights
| Interest Rates | |
| For 1 year | 6.50% p.a. |
| For 2 years | 6.00% p.a. |
| For 3 years | 6.00% p.a. |
| For 4 years | 6.00% p.a. |
| For 5 years | 6.00% p.a. |
| Tenure | |
| Minimum Tenure | 6 months |
| Maximum Tenure | 10 years |
| Monthly Installments | |
| Minimum Monthly Instalment | Rs 100 |
| Maximum Monthly Instalment | Rs 75,000 |
Rates as of 7th November 2024
IDFC First Bank Recurring Deposit Interest Rates for Domestic, NRE and NRO Depositors, w.e.f. September 13th 2024
| Tenure |
RD Interest Rates (p.a.) |
|
| Regular citizens | Senior Citizens | |
| 6 months | 4.50% | 5.00% |
| 9 months | 5.75% | 6.25% |
| 12 months | 6.50% | 7.00% |
| 15 months | 6.50% | 7.00% |
| 18 months | 6.50% | 7.00% |
| 21 months | 6.00% | 6.50% |
| 24 months | 6.00% | 6.50% |
| 27 months | 6.00% | 6.50% |
| 36 months | 6.00% | 6.50% |
| 39 months | 6.00% | 6.50% |
| 48 months | 6.00% | 6.50% |
| 60 months | 6.00% | 6.50% |
| 90 months | 6.00% | 6.50% |
| 120 months | 6.00% | 6.50% |
Features of IDFC First Bank Recurring Deposit
- Minimum monthly instalment: Rs 100
- Maximum monthly instalment: Rs 75,000
- Interest payout will be only on maturity and is quarterly compounding
- No penalty is charged for missing instalments
- No interest is payable on making premature withdrawal of domestic and NRO RD within 30 days of their booking. In case of NRE RDs, no interest is payable on making premature withdrawal within 365 days of their booking.
- In case of premature withdrawal of RD after 30 days and before 6 months, the interest rate applicable for the entire amount will be the same as fixed deposit card rate for 30-45 days. However, this is not applicable for NRE RD.
- For premature withdrawal of RD on or after 6 months, the card rate shall be the same as the card rate applicable for the period the deposit has remained with the bank as on the date of booking of the said deposit.
Eligibility Criteria for IDFC First Bank Recurring Deposit
- The applicant can be an Indian resident, NRI or NRO individual
- Individuals having an existing savings account or current account with IDFC First Bank are eligible for opening a recurring deposit with the bank.
Documents Required for IDFC First Bank RD
The recurring deposit is available only for savings account holders. Hence, no documents are required for opening a RD.