Open a Fixed Deposit today and lock in guaranteed returns of up to 7.25% p.a.*

A Fixed Deposit Account is a form of investment instrument that allows customers to grow their savings at a fixed rate for a fixed period of time. Also called FDs, Fixed Deposit Account interest rates remain unaffected by market volatility. Investors generally invest in FDs for regular returns or as rainy-day fund for unforeseen financial emergencies since FDs offer higher liquidity than most investment options. 

The minimum amount required to open a Fixed Deposit Account at any Branch is ₹ 10,000.

Yes, the FD investment can be withdrawn partially. The penalty on premature withdrawal would be subject to 'Premature Closure Penalty' as prescribed by the Bank on the date of deposit. 

No penalty on premature closure of Fixed Deposits of Senior Citizens that were opened for less than ₹3 Crore.

Senior Citizen FD offers benefit of higher interest rates compared to regular fixed deposits along with zero penalty on premature withdrawal. The benefits are applicable for FDs of less than ₹3 crore only.

The Tax Saver Fixed Deposit is an FD with a lock-in period of 5 years, without the option of pre-mature withdrawal facility. Customers can avail tax benefits under under Section 123 read with Schedule XV of the Income Tax Act, 2025. You can open it by walking into an IDFC FIRST Bank Branch, or after opening a Savings Account via internet banking or the mobile banking app.

A Tax Saver FD investment of up to ₹ 1,50,000 booked during the financial year is eligible for exemption under Section 123 read with the Schedule XV of the Income Tax Act, 2025.

In the case of joint deposits, the Tax benefit under Section 123 read with the Schedule XV of the Income Tax Act, 2025 will be available only to the first holder of the deposit.

If your PAN card is submitted at the time of opening a Savings Account, it is not required again. However, if you don’t have a PAN, you will have to submit Form 97.

If you open a Fixed Deposit without a PAN card, these are the following implications:

1. TDS will be recovered at 20% (as against 10%).

2. No TDS credit from the Income Tax department.

3. No TDS certificate will be issued.

4. Form 121 and other exemption certificates will be invalid and penal TDS will apply.

Yes, you can add a joint partner/account holder for your booked FD by visiting the Branch.

No, once you have booked your FD, you cannot change the FD tenure.

Customers aged 60 years or above will be eligible for a Senior Citizen’s Fixed Deposit.

Tax is deducted at source on interest earned on Fixed Deposits and Recurring Deposits held by the resident if the total interest paid or credited by the Bank on all such deposits for the tax year exceeds the threshold limit specified under Section 393(1) of Income Tax Act, 2025. The TDS shall be applicable on the entire amount of interest and not merely on the portion exceeding the threshold limit. Currently, the threshold limit for this purpose is Rs. 50,000/- for non-senior citizens and Rs. 1,00,000/- for senior citizens (60 years or more) in a tax year.

Since, under the provisions of law, the entire amount of interest paid or credited during the tax year is liable to TDS when the amount exceeds the prescribed threshold, the Bank, as a policy, will deduct TDS upon each interest event.

The Sweep-In facility enables customers to link existing Term Deposits to Savings or Current Accounts held with the Bank. In case of an emergency, the shortfall in the account is swept in from the linked Term Deposit in units of Re 1, thereby giving customers the convenience of getting payments processed with ease.

The Sweep-Out facility enables customers to earn higher interest on the additional balances maintained in the Savings Account/Current Account by automatically booking the pre-defined amount as a Fixed Deposit.

FD Accounts that are booked through the Sweep-Out option, the Sweep-In is enabled automatically.

Yes, the Sweep-In facility can be availed for all or multiple deposits held with the Bank, except on Tax Saver Deposits.

The system will first Sweep-In the amount from the deposit that was booked last or the most recently.

Only the deposit principal amount will be considered for a Sweep-In facility.

If eligible, you may submit Form 121 (previously known as Form 15G/H) or Certificate of Tax Exemption issued under Section 395 of the Income Tax Act, 2025 to prevent TDS on FD/RD interest. A valid PAN is mandatory for availing any exemption.

To open Fixed Deposits with a value of more than or equal to ₹ 3 crore, please visit the nearest IDFC FIRST Bank Branch.

Interest on deposits are calculated either on simple interest basis for Short term/Monthly/Quarterly payout FDs or on compound interest basis in case of re-investment FDs. In case of monthly payouts, interest is calculated for the quarter and paid monthly at a discounted value. You can use our Fixed Deposit Interest Calculator to know indicative returns on your investment.

The interest rates applicable on Fixed Deposits withdrawn before the maturity date will be:

1. No interest will be paid, where premature withdrawal of deposits take place before completion of the minimum period specified i.e. 7 days.

2. Interest will be paid at the interest rate applicable to the amount for the corresponding period for which the deposit has remained with the Bank and not at the contracted rate. Additionally, fixed deposit if prematurely closed, would be subject to ‘Premature Closure Penalty’ as prescribed by the Bank on the date of deposit. Penalty for premature closure of Fixed Deposit would be at 1%. No penalty on Fixed Deposits of Senior Citizens on premature closure on deposits below ₹ 3 crore.

If a Fixed Deposit matures and the proceeds are unpaid, the amount left unclaimed with the Bank will attract the rate of interest as applicable to Savings Accounts or the contracted rate of interest on the matured FD, whichever is lower.

Look for the following features in an FD Account:

1. Online Fixed Deposit Accounts offer more convenience and flexibility. You can open IDFC FIRST Bank’s FD Accounts directly through the IDFC FIRST Bank mobile banking app.

2. Interest rate is a vital criterion for FDs. Choose a high FD interest rate to grow your savings faster.

3. Ensure the FD you choose has flexible tenure options. Select an appropriate FD tenure after analysing your financial requirements well.

4. Read the terms for premature withdrawal and the penalty to be paid in such a case, if applicable.

5. An Overdraft facility is essential in FDs. Unsecured loans are generally more expensive in terms of repayment than loans against FDs.

1.  Easily accessible online through IDFC First Bank’s mobile app.
2. High interest rate.
3. Interest payout options.
4. Special benefits for senior citizens.
5. Flexible tenures.

The Bank will recover TDS/Overhead Tax (OHT) from the interest amount but if the interest amount is not sufficient to recover TDS/OHT, the same will be recovered from the principal amount of the FD

The basic exemption limit is up to Rs. 4 lakhs for the general category and up to Rs. 12 lakhs for senior citizens.