With a core focus on client service and digital banking, IDFC Bank operates across three business segments: personal and business banking, rural banking, and commercial and wholesale banking. The IDFC bank offers recurring deposit plans with interest rates ranging from 4.50% to 7% p.a. for general citizens, however, elderly citizens receive an extra 0.50% p.a. on all tenures. The maximum tenure for the RD account is 10 years and the maximum monthly instalment amount is Rs. 75,000.
This page highlights the bank’s RD account plan among its wide array of products and services.
| Interest rates on recurring deposits (RDs) have been raised by IDFC First Bank. The new rate will go into effect on January 13, 2023. The bank now offers interest rates with durations ranging from seven days to ten years, with rates ranging from 5.30% to 7.30%. The bank, however, will give 7.55% interest on RDs with maturities ranging from 366 to 399 days. |
IDFC Bank RD Interest Rate
The interest rates that IDFC Bank offers to senior people and general citizens over different RD tenures are shown in the table below. These rates make IDFC Bank RDs a desirable option whether you’re saving for the near future or the long run:
| Tenure | Interest Rate (p.a) Regular Citizens | Interest Rate (p.a) Senior Citizens |
|---|---|---|
| 6 months | 4.50% | 5.00% |
| 9 months | 5.75% | 6.25% |
| 12 months | 6.50% | 7.00% |
| 15 months | 7.50% | 8.00% |
| 18 months | 7.75% | 8.25% |
| 21 months | 7.75% | 8.25% |
| 24 months | 7.75% | 8.25% |
| 27 months | 7.25% | 7.75% |
| 36 months | 7.00% | 7.50% |
| 39 months | 7.00% | 7.50% |
| 48 months | 7.00% | 7.50% |
| 60 months | 7.00% | 7.50% |
| 90 months | 7.00% | 7.50% |
| 120 months | 7.00% | 7.50% |
Note: These interest rates are subjected to change.
Calculating IDFC RD Interest Rate
Our recurring deposit calculator is straightforward, efficient, and user-friendly. Input the monthly investment amount and the duration of the investment in months. The recurring deposit interest calculator determines your maturity amount based on the relevant interest rate when you enter these parameters. The RD calculator will automatically provide the amended maturity value even if you change the data inputs.
Deposited
Earned
Yearly RD Growth
The interest earned on the money invested in an RD can be computed with the aid of an RD calculator. The compound interest formula serves as its foundation.
A = P x (1 + r/100)^nt
Here,
A = Total amount by the end of the period
P = Principal amount from which compounding will start
r = Annual rate of interest
n = number of times the interest compounds in a year
t = number of years
RD Interest Rates of Top Banks
| Bank Recurring Deposit | RD Interest Rates (p.a) General Public | RD Interest Rates (p.a) Senior Citizens |
|---|---|---|
| HDFC RD | 4.50% to 7.25% | 5.00% to 7.75% |
| IDBI Bank RD | 6.25% to 7.00% | 6.75% to 7.50% |
| Yes Bank RD | 6.10% to 7.75% | 6.60% to 8.25% |
| Union Bank of India RD | 5.75% to 6.50% | 6.25% to 7.00% |
| South Indian Bank RD | 5.00% to 7.40% | 5.50% to 7.90% |
| Indian Overseas Bank RD | 5.75% to 7.30% | 6.25% to 7.80% |
| Federal Bank RD | 5.75% to 7.50% | 6.25% to 8.00% |
| DBS Bank RD | 6.00% to 7.50% | 6.50% to 8.00% |
| Indian Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Canara Bank RD | 6.15% to 7.25% | 6.65% to 7.75% |
| IndusInd Bank RD | 7.00% to 7.75% | 7.50% to 8.25% |
| Jammu and Kashmir Bank RD | 5.75% to 7.10% | 6.25% to 7.60% |
| Axis Bank RD | 5.75% to 7.20% | 6.25% to 7.85% |
| Karur Vysya Bank RD | 6.25% to 7.50% | 6.25% to 8.00% |
| Karnataka Bank RD | 5.80% to 7.40% | 6.20% to 7.90% |
| Saraswat Bank RD | 7.00% to 7.50% | 7.50% to 8.00% |
| ICICI RD | 4.75% to 7.20% | 5.25% to 7.75% |
| SBI RD | 6.50% to 7.00% | 7.25% to 7.50% |
| Punjab National Bank RD | 6.00% to 7.25% | 6.50% to 7.75% |
| City Union Bank RD | 6.25% to 7.00% | 6.50% to 7.50% |
| Dhanalakshmi Bank RD | 6.50% to 7.25% | 6.50% to 7.75% |
| Bank of Maharashtra RD | 5.50% to 6.25% | 6.00% to 6.75% |
| Bank of Baroda RD | 5.75% to 7.25% | 6.25% to 7.75% |
| Bank of India RD | 4.50% to 6.00% | 5.00% to 6.50% |
| Bandhan Bank RD | 4.50% to 7.85% | 5.25% to 8.35% |
| TMB RD | 6.75% to 7.75% | 7.00% to 8.25% |
| Post Office RD | 6.50% | 6.50% |
Note: The interest rates are subject to change. Do visit the official website for updated rates.
Did you know that besides banks, you can also invest in Post Office RD and calculate the return with a post office RD calculator.
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Benefits of IDFC Bank RD Account
Opening an IDFC Bank Recurring Deposit (RD) account is a safe financial decision that encourages disciplined savings while also achieving profitable interest rates to help you develop your wealth consistently.
- Recurring deposit accounts offer competitive interest rates starting from 4.5% to 7.75% per annum, higher than savings accounts. These accounts are available for domestic and senior citizen customers, compounded quarterly.
- For recurring deposit accounts, IDFC Bank has eliminated late fees and charged no interest for early withdrawals made within 30 days. Interest rates will be determined using fixed deposit card rates for withdrawals made before the six-month mark.
- Starting with a minimum monthly deposit of Rs 100 is a great way to save money without having to make significant monthly savings. The maximum monthly instalment for recurring deposits is Rs 75,000.
- Starting with a minimum monthly deposit of Rs 100 is a great way to save money without having to make significant monthly savings. The maximum monthly instalment for recurring deposits is Rs 75,000.
- Recurring deposits are ideal for short-term goals, such as saving for education, home renovations, dream overseas vacations, and marriage expenses, which typically take 1-3 years to achieve.
- Recurring deposits offer a convenient method for regular savings, unlike fixed deposits that require a single deposit. This allows for smaller amounts to be saved, ensuring the same attractive interest rate, unlike fixed deposits that require a single deposit.
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Features of IDFC Bank RD Account
The IDFC Bank RD Account stands out for its unique features, which provide customers with flexibility and ease in building their savings through regular monthly payments.
- Rs 100 is the minimum monthly instalment.
- The maximum amount paid per month: is Rs 75,000.
- Only at maturity will interest be paid; interest is compounded quarterly.
- There is no fine for missing instalments.
- If a domestic or NRO RD is prematurely withdrawn within 30 days after the reservation, there is no interest due. If an NRE RD is prematurely withdrawn within 365 days of the booking, no interest is due.
- If an RD is prematurely withdrawn after 30 days but before 6 months, the interest rate will be the same as that of a fixed deposit card for a period of 30 to 45 days. This feature does not apply to NRE RD.
- The card rate that applies for an early withdrawal of RD on or after six months will be the same as the rate that was in effect on the day the deposit was booked with the bank.
How to Open IDFC Bank RD Account
If you already have an IDFC Bank account then follow the steps mentioned below:
- If you already have an IDFC Bank account then follow the steps mentioned below
- Alternatively, you can go to the closest IDFC FIRST Bank branch and open an RD account.
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Eligibility To Open IDFC Bank RD Account
Individuals must meet specific eligibility conditions to open an IDFC Bank RD Account, which ensures a secure and systematic savings avenue for a wide spectrum of customers.
- The applicant may be a resident of India, an NRI, or an NRO.
- Anyone who already has a current account or savings account with IDFC First Bank is qualified to open a recurring deposit account.
Documents Required To Open IDFC Bank RD Account
To open an IDFC Bank RD Account, the process is simple, especially for existing customers. If you currently have a Savings Account with IDFC Bank, no extra documentation is necessary to open a Recurring Deposit (RD). If you are a new customer, you will first need to open a Savings Account. The following are the documents you will need to provide:
- Aadhar Card.
- Banking.
- Business Loan.
- Car Loan.
- Credit Card.
- Credit Report.
- Credit Score.
- Debit Card.
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Premature Withdrawal Of IDFC Bank RD Account
The RD account with IDFC Bank can be prematurely withdrawn. In accordance with banking standards, you will be assessed a small penalty which will be 0.5%. Partial withdrawals are not permitted, however there is no penalty for nonpayment.
Types Of IDFC Bank RD Account
IDFC Bank provides various Recurring Deposit (RD) accounts to satisfy the savings needs of different customers.
Short Term: RDs with tenures between six months and one year and six months are considered short-term RDs. For such maturities, the bank offers interest rates that range from 6.75% to 7.25% annually. Seniors who initiate a short-term RD with IDFC bank at rates between 7.25% and 7.75% p.a. are eligible to do so.
Medium Term: The deposit lengths for medium-term RDs range from one year and nine months to five years. On these loans, IDFC charges interest at a rate that varies from 7.20% to 7.25% annually. Annual rates for senior citizens range from 7.70% to 7.75%.
Long length: RDs with a longer length than five years are deposited. The bank gives senior people 7.70% p.a. interest and general residents 7.20% p.a. interest.
NRE/NRO RD: IDFC provides NRE and NRO recurring deposits with the same interest rates. The primary distinction is that older investors do not receive any more interest for any of the investment tenures.
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