This Mumbai-based bank offers inflation-beating rates on bulk FDs from October 4

Bank Offers 7.25% interest rate on tenures of 366 – 399 days, while the rate is 7.20% on tenures ranging from 400 days to 731 days. The interest rate on the higher tenure ranging from 732 days to 10 years is 7.15%.

IDFC First offers a rate of 7% on 271 – 365 days tenure, while the rate is 6.65% on 181 – 270 days tenure and 6.55% on 92 – 180 days tenure. It offers rates of 5.80% on 61-91 days, 5.25% on 46-60 days, and 5.15% on tenures of 36-45 days.

On shorter tenures ranging from 7 days to 35 days, the interest rate is 4.9%.

In particular, on these FDNo premature withdrawal facility is available.

IDFC First Bank said, “Fixed deposits shall not have any premature withdrawal facility i.e. fixed deposits cannot be closed by the depositor before the expiry of the period of such deposit. However, banks may allow premature withdrawal of these deposits in exceptional circumstances.” in the event of any directions from (a) any statutory and/or regulatory authority or (b) deceased claim settlement matters.”

Further, the bank stated that “in the event of premature withdrawal of these deposits in the aforesaid exceptional circumstances, the bank shall not pay any interest on the principal amount of the deposit. Any interest deposited or paid till such premature date shall be forfeited from the deposit.” will be recovered.”

For the elderly, the bank said, the incentive for senior citizens would be at an additional spread of 0.50% over the rate of deposit for the respective tenure and would not be available for NRE or NRO fixed deposits.