Updated 06 Dec 2023
Fixed deposit is a traditional investment option where banks and other financial institutions provide a fixed rate of return until the maturity date. Some deposit-taking NBFCs (Non-Banking Financial Companies) provide fixed deposits facility to their customers.
IDFC Bank was promoted by IDFC Ltd, a premier DFI renowned for the infrastructure development of India, and Capital First, a technology-led NBFC, and then they both merged to form IDFC First Bank in 2015.
FDs provide higher interest yield in comparison to Normal savings accounts. IDFC bank is one of the renowned private sector banks where one can invest in their schemes for higher returns. This article will give you detailed information regarding the IDFC Fixed deposit schemes.
Standard FDs
Tax-Saving FDs
Cumulative FDs
Non-Cumulative FDs
Flexi FDs
Identity Proof
Address Proof
Anyone can open an FD account in IDFC bank with the IDFC bank app who has a saving or current account in IDFC bank
Follow the below-given steps to open the FD account through the app;
If an investor does not want to open online, then one can apply offline also by visiting the nearest IDFC Bank branch.
Online Banking
Via the Mobile App
Directly at the Bank
Through Phone Assistance
1. What is the minimum amount required to open an FD account in IDFC Bank?
The minimum amount required to open an FD in offline is ₹10,000, and if an investor opens through the Mobile app the minimum amount is ₹1,000.
2. Is the Rs. 5 lakh DICGC insurance cover applicable separately for every bank?
Yes, for such extreme situations, each depositor is insured up to a maximum of ₹5 lakhs (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.
3. In the case of a Joint deposit account, who can claim tax exemption under section 80C?
In the joint holder deposit case, the First holder will get a tax deduction under 80C.
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