Features of IDFC Bank Fixed Deposit
IDFC Bank is a
reputable financial institution noted for its customer-centric approach and
broad range of financial products and services. This calculator provides a
practical solution to optimise the advantages of fixed deposits as part of IDFC
Bank’s dedication to empowering customers. By using the IDFC FD calculator,
customers may take control of their assets and pave the road for a more stable
and prosperous financial future.
Result
Features of IDBI Bank Fixed Deposit
- Attractive IDFC FD interest rates
- Seniors are given an increased interest rate.
- Flexible terms from seven days to ten years
- Senior people who withdraw early are not subject to any penalties.
- The minimum duration for NRE deposits is 365 days.
Benefits of IDFC Bank Fixed Deposit Interest Calculator
- The total amount you will receive upon maturity can be quickly answered.
- The interest rates can be changed to suit your preferences.
- The number of times the rate is compounded can be specified.
How is IDFC Bank FD Interest Rate Calculated?
The IDFC Bank FD calculator operates by utilising the relevant data collected from the client, primarily his deposit amount and duration. The steps are clearly explained and the process is straightforward. The IDFC Bank calculator can be used by any layperson to plan their investment based on their needs. Below is a list of the steps that make up the process:
Go to the official bank website.
Search and select IDFC FD Calculator.
Input the deposit amount.
Select the investment tenure.
Pick the deposit type from the available choices, whether it be a short-term, reinvestment, quarterly, or monthly payout.
Select “Calculate” from the menu.
The following formula is used to calculate IDFC FD calculator:
A = P (1 + r/n )^n*t
Wherein:
A denotes the amount you will be paid upon maturity.
P denotes the principal sum.
R denotes the interest rate per year.
The term “n” refers to how frequently interest is compounded.
T stands for the investment’s tenure.
To better understand, let’s use an example. Assume that you want to invest Rs. 1,000,000 for a period of three years in an IDFC Bank fixed deposit with an annual interest rate of 7.5% and quarterly compounding (n = 4).
Using the formula:
A = P (1 + r/n) ^ (n*t)
→ A = 100000 * (1 + 0.075/4) ^ (4*3)
→ A = 100000 * (1 + 0.01875) ^ 12
→ A = 100000 * (1.01875) ^ 12
→ A = 100000 * 1.248059
→ A = Rs. 1,24,805.90
You can quickly calculate that your fixed deposit will mature to about Rs. 1,24,805.90 after 3 years using the IDFC FD calculator. This estimate takes into account the interest’s quarterly compounding.
What are IDFC Bank FD Interest Rates?
Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
7 – 29 days | 3.5% | 4% |
30 days – 1 month 14 days | 4% | 4.5% |
1 month 15 days – 2 months 28 days | 4.5% | 5% |
2 months 29 days – 5 months 27 days | 5% | 5.5% |
5 months 28 days – 11 months 29 days | 6.5% | 7% |
1 year – 1 year 6 months | 7.5% | 8% |
1 year 6 months 1 day – 2 years 11 months 29 days | 7.25% | 7.75% |
3 years – 9 years 11 months 27 days | 7% | 7.5% |
Summing it up
IDFC Bank FD Calculator : FAQs
Extra money cannot be deposited into your IDFC FD account. The stated deposit amount is fixed for the full month.
On deposits under Rs.10 crores, senior folks are given an additional 0.50%. The depositor must be an Indian citizen who is at least 18 years old in order to be eligible for exceptional interest rates.
Fixed deposit schemes have terms as little as seven days and as long as ten years. A 5-year lock-in duration is available with no early withdrawal fees on Tax Saver fixed deposits.
An FD plan with IDFC bank requires a minimum deposit of Rs 10,000.
The deposit amount and period you select will affect the maturity amount you receive.
For durations ranging from seven days to ten years, FD interest rates range from 2.75 percent per year to 6.0 percent per year. Seniors have a right to an additional 0.50% interest rate on all terms.
You can choose to have your interest paid out either monthly or quarterly depending on your financial requirements. Additionally, you can choose to have your interest compounded every three months.