Did IDFC silently increased FD rates upto 6.25% for 3-5 years?

129°
Deal Cadet
IamRage

6 months back when I booked FD in IDFC the interest rate was 5.5% max but today saw it as 6.25% for 3- 5 year duration did they changed it recently or was like that even before?
Planning to close my existing FD and open a new one, premature closure penalty show as 0% however. 

Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
13 Comments  |  
6 Dimers
  • Sort By
Deal Subedar Deal Subedar
Link Copied

yes, most of the banks have increased fd rates.

Deal Cadet Deal Cadet
Link Copied

Rate of Interest (%p.a.) w.e.f. January 21, 2022

Deal Cadet Deal Cadet
Link Copied
akki.akki wrote:

yes, most of the banks have increased fd rates.

Shockingly, IndusInd hasn’t

Crowdpuller Crowdpuller
Link Copied

Any premature withdrawal penalty for IDFC??

Deal Cadet Deal Cadet
Link Copied
dhinchakrohit wrote:

Any premature withdrawal penalty for IDFC??

showing as zero during premature closure

update – I closed my old FD yesterday no penalty was levied, amount got credited instantly along with the interest for the days kept

Crowdpuller Crowdpuller
Link Copied
Expand
IamRage wrote:

showing as zero during premature closure

update – I closed my old FD yesterday no penalty was levied, amount got credited instantly along with the interest for the days kept

Thanks for confirming

Deal Cadet Deal Cadet
Link Copied
Expand
DimeDime wrote:

Shockingly, IndusInd hasn’t

IndusInd also increased now, back to 6.5 for 2 years and above

Deal Lieutenant Deal Lieutenant
Link Copied

axis rate is just 5.4% for 2year fd😜

Deal Cadet Deal Cadet
Link Copied
Bk100 wrote:

axis rate is just 5.4% for 2year fd😜

icici and hdfc is only 5% for 2 years and 5.2% for 2 years and 1 days  😜

Deal Lieutenant Deal Lieutenant
Link Copied
Expand
IamRage wrote:

icici and hdfc is only 5% for 2 years and 5.2% for 2 years and 1 days  😜

Many people have lakhs/crores fds in sbi / hdfc/ axis/icici

Deal Cadet Deal Cadet
Link Copied

@IamRage Did you confirm the interest received was as per the days kept?

If I click on close FD, it shows 0 penalty, but the interest accrued seems to be lower than what it should be.

Deal Cadet Deal Cadet
Link Copied
SS3321 wrote:

@IamRage Did you confirm the interest received was as per the days kept?

If I click on close FD, it shows 0 penalty, but the interest accrued seems to be lower than what it should be.

yes it was based on the days kept and you have take into consideration of the FD rate which was there when you had opened the FD not as per the updated one.

for 181 days to 1 year it was 4.25% earlier

Edit – the final exact amount would get calculated only after the closure if I remember correctly

Deal Cadet Deal Cadet
Link Copied
Expand
IamRage wrote:

yes it was based on the days kept and you have take into consideration of the FD rate which was there when you had opened the FD not as per the updated one.

for 181 days to 1 year it was 4.25% earlier

Edit – the final exact amount would get calculated only after the closure if I remember correctly

EDIT: Understood.

Thank you for the explanation. I didn’t realise they would consider lower interest rate based on the shorter tenure and was calculating based on the 3 year interest rates.

replyuser
Click here to reply
Reply