India’s foreign exchange reserves are expected to climb close to a record high in the coming weeks, supported by strong capital inflows following a series of measures introduced by the Reserve Bank of India (RBI), according to analysts.

The country’s forex reserves increased by $10.5 billion to $692.9 billion for the week ended July 31, marking the biggest weekly jump since late January. The current reserve level is now approaching the all-time high of $728.5 billion, which was recorded in February.

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RBI Measures Drive Strong Capital Inflows

India’s foreign exchange reserves have now increased for five consecutive weeks after the RBI introduced several initiatives to attract overseas capital.

Since early June, these measures have brought in approximately $40.8 billion through:

• Foreign currency deposits from the Indian diaspora
• Overseas borrowings
• Other foreign capital inflows

The higher reserve levels provide the RBI with additional resources to stabilize the rupee during periods of market volatility.

Analysts Expect Reserves to Touch $730 Billion

Gaura Sen Gupta, Chief Economist at IDFC First Bank, believes India’s forex reserves could reach around $730 billion by September, provided there are no major valuation losses on gold or non-dollar reserve assets.

She estimates that the RBI’s initiatives could ultimately attract between $90 billion and $100 billion in total capital inflows.

Challenges Could Limit Further Growth

Despite the positive outlook, analysts caution that forex reserves may not necessarily surpass their previous record.

According to Sakshi Gupta, Chief Economist at HDFC Bank, the RBI continues to utilize part of its reserves to:

• Support the Indian rupee through market intervention.
• Deliver dollars against forward contracts as they mature.

These activities could offset some of the reserve gains in the coming months.

Why Rising Forex Reserves Matter

A larger foreign exchange reserve strengthens India’s financial position by:

• Supporting the Indian rupee during periods of volatility.
• Improving investor confidence.
• Helping meet external payment obligations.
• Providing a cushion against global economic uncertainties.

With capital inflows continuing to improve, analysts believe India is well positioned to maintain healthy reserve levels over the coming months.

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IDFC First Bank has launched a new service, through which NRI customers can now make UPI payments from their international mobile numbers as well. This facility has been launched by the bank on 25 June 2025 and it is especially for those Indians who live abroad but operate their bank account in India.

Customers from which countries can take advantage?

This initiative of IDFC First Bank is a big facility for lakhs of NRIs who can now transact their money through UPI even without an Indian mobile number. This service of IDFC First Bank has been started for customers of 12 countries. This service will be available to people living in Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK and USA. That is, now IDFC First’s NRE or NRO account holders living in these countries can use UPI apps like Google Pay, PhonePe, Paytm from their foreign numbers.

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What are the special features of this facility?

No need for Indian SIM – Now UPI account can be linked with international number instead of Indian number.

Payment will be done instantly – sending money, paying bills, transacting using QR code or UPI ID is now easier.

No Extra Charges – There will be no transaction fees on any transaction.

Assurance of security – UPI payments will have the same security as is available in India.

Transactions in Rupees only – This facility is only for transactions in INR i.e. Indian Rupees. There will be no foreign exchange charge.

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How to setup?

Open IDFC First Bank mobile app and tap on Pay.

Link your NRE/NRO account.

Create a new UPI ID and start making payments instantly.

Ashish Singh, Retail Head of IDFC First Bank, said that the aim of the bank is to make banking easy and accessible from everywhere. UPI facility with international number is a part of this thinking. This will provide great relief to Indian customers living abroad.

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IDFC First Bank: Milestone voucher ends

IDFC First Bank has alerted its Club Vistara IDFC First Credit Card holders. Milestone benefits will be discontinued after March 31, 2025. However, customers can earn Maharaja Points till March 31, 2026, until the card is completely closed.

Club Vistara Silver Membership will no longer be available. The free voucher, which included one premium economy ticket and one class upgrade voucher, will be discontinued. Milestone vouchers for premium economy tickets will also not be given. Those renewing the card after March 31, 2025 will have the annual charge waived for one year.

SBI Card: Ticket voucher will no longer be available

SBI Card has also announced changes in the Club Vistara SBI Credit Card and Club Vistara SBI PRIME Credit Card. From April 1, 2025, economy or premium economy ticket vouchers will not be available for these cards.

Club Vistara SBI Credit Card will now discontinue the milestone benefits on annual spend limits of Rs 1.25 lakh, Rs 2.5 lakh and Rs 5 lakh.

Premium economy ticket vouchers will not be available on Club Vistara SBI PRIME Credit Card. The annual charge for the base card will be Rs 1,499 and for the PRIME card it will be Rs 2,999, although the fee waiver option will be available. Club Vistara credit card holders will now have to plan their plans according to these changes as many key benefits will end from April 2025.

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In such a situation, if you are a customer of this bank, then it is important for you to know these new rules.

Change in statement date

For FIRST Millennia, FIRST Wealth and FIRST SWYP credit card users, the statement date will now be generated on the 20th of every month. However, there is no change in the last date for payment and it will remain 15 days after the statement date is issued as before.

Education fee payment

If you pay education fees through third-party apps like CRED, PayTM, Cheq or MobiKwik, then now you will have to pay an additional 1% charge for it, with a minimum amount of Rs 249. However, if you pay directly through the school or college website or their physical POS machine, then this charge will not be levied.

New fuel charge

Now, if you spend more than Rs 30,000 on fuel in a statement cycle, an additional 1% charge will be levied. That is, if a customer fills fuel worth Rs 40,000, he will have to pay Rs 400 and tax separately. Along with this, the fuel surcharge discount available on Mayura, Ashva and FIRST Wealth credit cards has now been limited to Rs 300 per statement cycle.

Changes in APR

IDFC First Bank has also changed the dynamic interest rate (APR). Now the bank’s dynamic interest rate (APR) will be from 8.5% to 46.2% per annum. Earlier this rate was between 9% to 43.8% per annum.

Apart from this, now credit card holders will have to spend at least Rs 20,000 every month to avail the facility of railway lounge. This facility will not be available if you spend less than this amount.

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FIRST EARN Credit Card: IDFC First Bank (IDFC FIRST Bank) has launched a new UPI-enabled credit card in collaboration with RuPay. It has been named FIRST EARN. This is a game changer for first-time credit card users as it is issued on the basis of Fixed Deposit (FD). Along with this, there is also a benefit of cashback on every UPI payment made from the card.

IDFC FIRST Bank issued a statement saying, “The credit card application has an option of fixed deposit creation for all customers. This card gives an opportunity to get credit as well as rewards on UPI payments and add unmatched interest on fixed deposits. FIRST EARN Credit Card will give 1% cashback on every UPI payment.”

Shirish Bhandari, Head – Credit Cards, FASTag and Loyalty, IDFC First Bank, while talking to Business Standard said, ”We are happy to announce the launch of FIRST EA₹N RuPay Credit Card. It is specially designed for first time credit card users, which is a gateway product to the world of financial services.” He further added, ”This is a fixed deposit backed credit card, which makes everyday UPI payments super rewarding, with 1% cashback automatically credited to your card account. Apart from this, being linked to fixed deposits, this card promotes savings and growth, thereby improving credit, investment and financial health all together.”

Features of FIRST EARN Credit Card

Welcome Offer – New card holders will get 100 percent cashback up to Rs 500 on their first UPI transaction.

Attractive interest on FD – Customers making fixed deposits through credit card will get 7.25 percent interest on one year FD.

Cashback Reward – This card gives up to 1 percent cashback on UPI transactions through IDFC FIRST Bank app and 0.5 percent cashback on transactions made from any other UPI app or insurance, utility bills and e-commerce related payments.

UPI Integration – This card can be used on more than 60 million UPI QR codes, making everyday shopping at shops easier.

Instant ease of getting- This is a virtual credit card, which is issued instantly, then it can be used immediately by connecting to UPI.

Movie ticket discount– Booking movie tickets through Zomato with the card will get 25 percent discount up to Rs 100.

Accident cover– Personal accident cover of Rs 2 lakh will also be available with FIRST EA₹N credit card. Apart from this, lost card liability cover of up to Rs 25,000 is also available. There is also a facility of complimentary roadside assistance of up to Rs 1399.

Fees
The joining fee of the card is Rs 499 plus GST. After this, the same annual fee will be charged every second year. The monthly interest rate on this starts from 0.75 percent and goes up to 9 percent annually. Apart from this, 1 percent surcharge (minimum Rs 249 plus GST) is levied on rent and property management.

Eligibility for FIRST EA₹N Credit Card
Any person above 18 years of age can apply for it. The applicant’s current and permanent address should be in India. It is necessary to create and maintain a fixed deposit of at least Rs 5,000.

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DCB Bank

DCB Bank has revised its FD interest rates for amounts less than Rs 2 crore. According to the DCB Bank website, the new rates are effective from May 22, 2024. The bank is offering the highest FD interest rate of 8 per cent to general customers and 8.55 per cent to senior citizens after the revision for the period of 19 months to 20 months.

IDFC FIRST Bank

IDFC First Bank has revised FD interest rates on amounts less than Rs 2 crore. The new rates are effective from May 15, 2024. After the change, the bank currently offers interest rates ranging from 3 per cent to 7.90 per cent for general citizens on deposits maturing in 7 days to 10 years. The bank offers 0.50 per cent additional interest to senior citizens. The bank offers interest rates ranging from 3.50 per cent to 8.40 per cent to senior citizens. The highest interest rate of 8 per cent is offered to general citizens and 8.40 per cent to senior citizens on a period of 500 days.

State Bank Of India

SBI has increased its FD interest rates on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore) for a certain period. According to the SBI website, the new FD rates are effective from May 15, 2024.

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Utkarsh Small Finance Bank

Utkarsh Small Finance Bank has revised its FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 1, 2024. After the revision, the bank is offering interest rates between 4 per cent to 8.50 per cent for general citizens while for senior citizens, the bank offers interest rates between 4.60 per cent to 9.10 per cent. The highest interest rate of 8.50 per cent is being offered to general citizens and 9.10 per cent to senior citizens for a period of 2 years to 3 years.

RBL Bank

RBL Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 1, 2024. RBL Bank offers the highest interest rate of 8 per cent on FDs maturing between 18 and 24 months. Senior citizens on the same FD tenure will earn an additional 0.50 per cent i.e. 8.50 per cent interest rate and super senior citizens (80 years and above) are eligible for an additional interest rate of 0.75 per cent i.e. 8.75 per cent.

Capital Small Finance Bank

Capital Small Finance Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 6, 2024. The bank is offering interest rates between 3.5 per cent to 7.55 per cent to general citizens. The bank is offering interest rates between 4 per cent to 8.05 per cent for senior citizens. The highest interest rate is being offered for a period of 400 days.

City Union Bank

City Union Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 6, 2024. The bank is offering interest rates between 5 per cent to 7.25 per cent for general citizens and 5 per cent to 7.75 per cent for senior citizens. The highest interest rate of 7.25 per cent to general citizens and 7.75 per cent to senior citizens is being offered for a period of 400 days.

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How much was cut
Reward points will be tripled (3X) for online spends up to Rs 20,000 in a statement cycle. At present it is 6 times (6X). However, cardholders can get 10 times (10X) reward points on spends above Rs 20,000 per month. But the reward points for education, wallet reloads and government service transactions will be changed to 3X. IDFC First Bank said that there will be no surcharge on bills below this limit, but 1% credit card fees and GST will be charged on bills above this limit.

However, this utility surcharge will not be applicable on First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card. Regarding airport lounge access, the number of free domestic airport lounge visits on IDFC First Select Credit Card will be reduced from four to two every quarter. Whereas on First Wealth Credit Card, users will now be able to use the lounges of both domestic and international airports twice per quarter, which was earlier four. The bank will increase the fees for rental transactions to Rs 249 per transaction or 1% plus 18% GST (whichever is higher).

These banks have also cut benefits
Axis Bank, ICICI Bank and Yes Bank have also reduced the benefits on their cards. Recently, ICICI Bank had increased the minimum spend required for complimentary airport lounge access to Rs 35,000 on several credit cards including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card. Meanwhile, Yes Bank has now increased the minimum spend to avail the domestic lounge access benefit on all its credit cards to Rs 10,000. Apart from this, Axis Bank will make changes in Magnus Credit Card from April 20.

Latest FD Rates : HDFC, ICICI and SBI changed the interest rate of FD, know how much benefit will be there now?

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RBI Penalty on IDFC First Bank: Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on IDFC First Bank for violating the rules. Apart from this, the Reserve Bank has imposed a fine of Rs 49.70 lakh on LIC Housing Finance. In a statement from the central bank, it was said that the penalty was imposed on IDFC First Bank for not following certain instructions on ‘Loans and Advances – Statutory and Other Restrictions’. Has been.

Penalty imposed for not following the rules

In another statement from RBI, it was said that the penalty on LIC Housing Finance has been imposed for non-compliance of certain provisions of ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Guidelines, 2021’. In both the cases, penalty has been imposed for non-compliance of regulator rules. It is not intended to affect the validity of any transaction or agreement with the respective customers. Recently, RBI had also imposed penalty on public sector SBI and private sector HDFC Bank for not following the rules.

Registration of these four NBFCs has been canceled.

Apart from this, RBI has canceled the registration certificate of four NBFCs Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances. After cancellation of registration certificate by RBI, companies can no longer do NBFC business. At the same time, five other NBFCs – Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties and Quikr Marketing have returned their registration certificates.

What will be the impact on the customers?

The imposition of fine on IDFC First Bank and LIC Housing has nothing to do with the customers of the bank. The fine has been imposed on the bank for not following the rules. There will be no visible impact of this on bank customers. Let us tell you that the purpose of imposing fine by RBI is not to harm the customers but to motivate the banks to follow the rules and protect the interests of the customers.

UPI Cash Deposit: Big change in UPI, RBI Governor announced… Now facility to deposit cash will be available.

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Shareholders of IDFC Limited will be allotted 155 shares in the bank for every 100 shares held. After the merger, the value of shares of IDFC First Bank will jump by 4.9 per cent.

IDFC First Bank said in the information given to the stock market on Monday that this is being done for the purpose of simplification of the corporate structure of IDFC FHCL, IDFC Limited and IDFC First Bank. The bank says that this will also make it easier to comply with the regulations. Significantly, this is the second largest merger in the financial sector in India after the merger of HDFC Bank and HDFC Bank.

What a big deal

No information has been provided by IDFC First Bank in this regard. However, if we look at the price of shares of both the companies till the market closes on Monday, then the valuation of this deal will be around Rs 71767 crore.

Pending approval

Right now this merger is yet to be approved by Reserve Bank of India (RBI), Competition Commission of India (CCI), SEBI, NCLT and all other regulatory institutions including stock markets. Apart from this, it is yet to be approved by the shareholders of both the companies.

Financial data of companies

By the end of the financial year 2022-23, IDFC First Bank had assets worth Rs 2.4 lakh crore. Its turnover was Rs 27,194 crore. In FY23, the bank had a net profit of Rs 2437 crore. On the other hand, if we talk about IDFC Limited, then till the end of the last financial year, there were assets of Rs 9570 crore and its turnover was Rs 2076 crore.

What will be the effect on shareholders?

On Monday, shares of IDFC First Bank closed at Rs 81.70, up 2.90 per cent on the NSE. At the same time, IDFC Limited closed at around Rs 110 with a gain of 7 per cent. If this merger happens, the investors of IDFC Limited will get additional shares and they will get huge profits due to the rise in the shares of IDFC First.

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Banks are offering good interest to senior citizens along with regular customers. Some banks are giving annual interest of up to 8.50 percent on FD. Let us know about the interest rate of five banks- Axis Bank is offering 6.75% for one year, 7.26% for two years and 7.00% for 3 years. Senior citizens are being given additional interest of 0.75% for all the three tenures.

Bandhan Bank has offered an interest rate of 7.25% for one year, 8.00% for 600 days, 7.25% for 2 years and 3 years. For senior citizens, additional interest of 0.50% is being given in every tenure.

RBL Bank is offering 7.00% for one year, 7.80% for 725 days, 7.00% for 2 years and 3 years. 0.50% additional interest is being offered by the bank for senior citizens.

IDFC First Bank is offering 6.75% interest for one year, 7.25% for 2 years and 7.75% for 3 years. 0.50% additional interest is being offered by the bank on all the three tenures.

DCB Bank is offering 7.25% interest for one year FD, 8.00% for 2 years and 7.60% for 3 years. DCB is also offering an additional interest of 0.50% on all the three tenures.

(Note: These interest rates have been taken from the official website of the banks. Rates are effective for deposits below Rs 2 crore.)

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In such a situation, which bank is getting the highest interest on an amount of less than Rs 2 crore for a period of 7 to 10 years? To understand this, we checked the FD rates of SBI, HDFC BANK, AXIS BANK, IDFC FIRST BANK and RBL BANK, which are higher than others in terms of interest offered.

In which bank is getting more interest?

Major banks of the country are offering up to 7.8% interest on FDs for a period of 7 days to 10 years. Now let us understand from the figures of returns in terms of investment of Rs 1 lakh, which bank is getting the highest interest?

• RBL Bank: For general customers, a minimum interest of up to 3.25% is being offered for a period of 7 days. While paying 7.80 percent interest annually for a period of up to 10 years. In this context, an investment of Rs 1 lakh will increase to Rs 2.16 lakh in a period of 10 years.
• IDFC FIRST BANK: For general customers, a minimum interest of up to 3.50 per cent is being offered for a period of 7 days. While paying 7.50 percent interest annually for a period of up to 10 years. The investment amount of Rs 1 lakh will increase to Rs 2.10 lakh on the calculation of maximum interest in a period of 10 years. 
• AXIS BANK: For general customers, a minimum interest of up to 3.50 per cent is being offered for a period of 7 days. While paying 7.26 percent interest annually for a period of up to 10 years. In terms of maximum period and interest, the investment of Rs 1 lakh will be Rs 2.05 lakh.  
• SBI: For general customers, a minimum interest of up to 3% is being offered for a period of 7 days. While paying 7.10 percent interest annually for a period of up to 10 years. If you invest Rs 1 lakh, then after 10 years at an annual interest rate of 7.10 percent, your amount will increase to Rs 2.02 lakh. 
• HDFC Bank: For general customers, for a period of 7 days, a minimum interest of up to 3 percent is being offered. While paying 7.10 percent interest annually for a period of up to 10 years. With an annual return of 7.1%, an investment of Rs 1 lakh will grow to Rs 2.02 lakh over a period of 10 years.

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Investing in it is considered very safe. Know how much interest is being received in which bank. In this news, you are being given information about interest on FD of many banks together. From which you can choose the right bank for yourself.. Know what are the complete details….

What is Fixed Deposit

According to the rules of the Reserve Bank of India (RBI), you can keep your money in a fixed deposit in a lump sum bank. On which you get the benefit of interest every year. This can be extended even further. In this, senior citizens get more interest.

Getting so much interest

To control inflation from the RBI, there has been a change in the repo rate several times since last year. In such a situation, the bank also provides you attractive schemes on Fixed Deposit. In this, whether it is Axis Bank, Canara Bank or Punjab National Bank, all banks are offering interest rates of 8 percent or more on many periods among rising FDs. In this, interest of 8 percent or more is being given to senior citizens.

People of this age group are senior

For this scheme, you should be 60 years or more and less than 80 years of age. These people are considered senior citizens in the country. A very senior citizen is one whose age is 80 years or more.

See at a glance more than 8 percent return on FD

• Punjab National Bank – Super Senior Citizens get 8.05% return on 666 days FD.
• Axis Bank – Senior citizens get 8.01% interest on FDs of less than 2 years to 30 months.
• DCB Bank – Senior citizens get 8.35% return on FDs ranging from 700 days to less than 36 months. 
• IDFC First Bank – In this bank, senior citizens are being given 8% return on FDs of 18 months – 1 day – 3 years.
• Yes Bank – In this bank, senior citizens get 8% interest on 25-month FD and 8.25% interest on 35-month special FD.
• In the same private banks HDFC Bank and ICICI Bank, senior citizens are getting 7.50 percent returns. 
• In Canara Bank , senior citizens are getting 7.65 percent interest on 444 days FD. 

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Though banks are in a race to increase the interest rates and pass on the benefits to the customers, there are only a few banks which are offering the highest interest rates to senior citizens. Today we are going to tell you about such banks which are earning 8% or more to senior citizens.

These banks are getting more than 8 percent returns

1. Axis Bank gives 8.01% interest to senior citizens on FDs of 2 years to less than 30 months.
2. Punjab National Bank is giving 8.05% return to super senior citizens on 666 days FD.
3. DCB is giving 8.35% return to senior citizens on FDs ranging from 700 days to less than 36 months. The bank is paying 8 percent interest on FDs of less than 700 days from 18 months.
4. IDFC First Bank is offering 8% return on FDs of 18 months – 1 day – 3 years to senior citizens.
5. Yes Bank gives 8 percent interest rate to senior citizens on FD of 25 months and the bank gives 8.25 percent interest on 35 months special FD.
6. Other big banks like HDFC Bank and ICICI Bank offer 7.50% returns to senior citizens.
7. Canara Bank gives 7.65% interest on 444 days FD to senior citizens.

who is a senior citizen

An Indian who is 60 years or more but less than 80 years of age at any time during the previous year is considered as a senior citizen. A super senior citizen is one whose age is 80 years or more.

TDS on Senior Citizen FD

Banks will deduct TDS at the rate of 10% and 20% if neither PAN nor Form 15G and 15H are submitted. For senior adults aged 60 years and above, the annual maximum for FD interest income is Rs 50,000; After that, banks levy 10 per cent TDS.

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The bank is now offering an interest rate of 5.30 to 7.30 per cent on deposits maturing in 7 days to 10 years. On the other hand, deposits maturing in 366 days to 399 days will now get a maximum interest rate of 7.55%.

IDFC First Bank Bulk FD Rates where premature withdrawal is allowed. On premature withdrawal, interest will be calculated at the applicable rate minus 1% penalty. The bank now offers an interest rate of 5.30% on deposits maturing in the next 7 to 35 days, while IDFC First Bank now offers an interest rate of 5.55% on deposits maturing in the next 36 to 45 days.

On deposits with tenure of 46 to 60 days, IDFC First Bank is now offering an interest rate of 5.60%, and on deposits with tenure of 61 to 91 days, the bank will offer an interest rate of 6.15%.

Deposits maturing in 92 to 180 days now fetch 6.75% interest, while deposits maturing in 181 to 270 days now fetch 6.85% interest. Deposits maturing in 271-365 days will now fetch 7.15% interest, while deposits maturing in 366-399 days will now fetch 7.30%. On deposits maturing in 400 to 731 days, IDFC First Bank is now offering an interest rate of 7.20%, while the bank is also offering a guaranteed interest rate of 7.05% on deposits maturing in 3 years, 1 day to 10 years.

IDFC First Bank Bulk FD Rates (Premature Withdrawal Not Allowed)

Domestic, NRE, NRO Deposits Premature withdrawal is not allowed on deposits 2 cr to 25 cr. The bank is offering an interest rate of 5.30% on deposit tenure of 7 to 35 days. The bank is now offering an interest rate of 5.55% on deposits maturing in 36 to 45 days. IDFC First Bank is now offering an interest rate of 5.70% on deposits maturing in 46 to 60 days.

On deposit period of 61 to 91 days, the bank will now get interest at the rate of 6.30%, while on deposit period of 92 to 180 days, the bank will get interest at the rate of 6.90%. Deposits maturing in 181 to 270 days and 271 to 365 days will now fetch interest at the rate of 7.00% and 7.30% respectively.

The bank is offering an interest rate of 7.55% on deposits maturing in 366 to 399 days. Offering an interest rate of 7.45% on deposits maturing in 400 to 731 days. For deposits ranging from 732 days to 10 years, the bank is offering an interest rate of 7.30%.

IDFC First Bank on its website mentions that “The term deposit will not have any facility for premature withdrawal i.e. the depositor cannot close the deposit before the maturity date. However, the bank may allow premature withdrawal of these deposits under exceptional circumstances.

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Although this step can greatly benefit the customers. In fact, IDFC First Bank has announced Zero Fee Banking on December 17 on savings accounts. With this, charges have been waived on 25 commonly used banking services.

Banking services announced

include cash deposit and withdrawal at branches, third party cash transactions, demand draft, IMPS, NEFT, RTGS, check book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage etc. Are included. The bank has announced this facility on the occasion of its foundation day on 18th December.

People will get benefits

The bank said that customers maintaining an average monthly balance of Rs 10,000 as well as Rs 25,000 in AMB (Average Monthly Balance) savings account will enjoy these benefits. This will benefit all customers and especially those with low financial literacy who find it difficult to calculate fees and charges, the bank said.

IDFC FIRST Bank 25 ZERO Fee Banking Services.

1. Number of cash transactions (cumulative of deposits and withdrawals) at branches per month.

2. Value of cash transactions at branches (cumulative of deposits and withdrawals).

3. Third-party cash transaction fee at branches (cumulative of deposits and withdrawals).

4. Demand Draft/PO (Issue Fee) – At Bank Location

5. IMPS Charges per Transaction- Outward

6. NEFT Charges per Transaction – Outward (Branch)

7. RTGS Charges per Transaction – Outward (Branch)

8. Check Book Charges

9. SMS Alert Charge

10. Issue of duplicate statement

11. Passbook Charges

12. Balance Certificates (fee per certificate)

13. Interest Certificate (fee per certificate)

14. Closure of Account (from the date of opening of account)

15. ECS Return Charge

16. Stop Payment Charges

17. International ATM/POS Transaction Charges

18. Charges for insufficient balance per ATM transaction

19. Standing Instruction Charge

20. Manager Cheque/Demand Draft Cancellation/Revalidation

21. Photo Verification Fee

22. Signature Verification Fee

23. OLD RECORDS/COPY CHARGES OF PAID CHECKS

24. Address Verification Charges

25. Any delivery returned by courier for negative reasons

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The banks which have increased the interest rates on FD so far include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, ICICI Bank, Bank of India, Canara Bank, Union Bank of India, IDFC First Bank. Here we are telling you about 4 banks which are giving more than 7 percent interest.

Bank Of Baroda FD Rates

Bank of Baroda (BOB) has launched “Baroda Tiranga Plus Deposit Scheme” with interest rates of 7.50% p.a. for 399 days with effect from 1st November 2022. It also includes an additional interest of 0.50% p.a. and 0.25% interest for senior citizens. Bank of Baroda 399 days Tiranga Plus deposit scheme is getting interest rate of 6.75% for general public, 7.25% for senior citizens. General public, NRE/NRO depositors will get an interest rate of 7% and senior citizens will get an interest rate of 7.50%.

FD rates of Bank of India

Bank of India (BOI) has come up with FD with higher interest rate. BoI has come up with ‘Star Super Triple Seven Fixed Deposit’. In this newly launched scheme, customers are being given interest up to 7.25% for general public and 7.75% for senior citizens on deposits for 777 days.

Union Bank Of India FD Rates

Union Bank of India offers 3% to 7% interest on FDs with maturities ranging from 7 days to 10 years. 7% interest is available on FDs maturing in 599 days.

Canara Bank FD Rates

Canara Bank has launched a special FD scheme of 666 days. According to this scheme, the bank is offering an interest rate of 7% to its general customers. Canara Bank is offering 7.5% interest on deposits to senior citizens.

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Apart from this, IDFC First Bank, RBL Bank, Union Bank of India and Canara Bank are paying interest rates above 7% to customers on certain deposits. IDFC First Bank offers FDs ranging from 7 days to 10 years. Senior citizens get an extra 0.50 percent interest on these deposits. For fixed deposits maturing in 750 days, the bank pays an interest rate of 7.25% to general customers and 7.75% to senior citizens.

RBL Bank gives 7% interest to common customers on FDs maturing in 15 months. Senior citizens will get interest at the rate of 7.50% on this period.

Union Bank of India is a government bank, which has increased interest rates on FDs of less than ₹ 2 crore from October 17. After the new hike, the bank gives an interest of 3% to 7% on FDs maturing from 7 days to 10 years.

Canara Bank has prepared a special fixed deposit plan for a tenure of 666 days. According to this scheme, banks are giving interest at the rate of 7% to their general customers, whereas, senior citizens will get interest at the rate of 7.5%.

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According to a Live Mint report, IDFC First Bank will pay 7.10% interest on FDs ranging from Rs 2 crore to Rs 25 crore with a maturity period of 366 days to 731 days. Similarly, the bank will pay interest at the rate of 7 per cent per annum on FDs completed in 732 days to 10 years. The bank has decided to pay 6.85% interest on FDs maturing in 271 days to 365 days, while customers will now get 6.45% interest on FDs maturing in 181 days to 270 days.

Will get more interest

The bank has decided to pay 6.35% interest on FDs maturing in 92 days to 180 days. Interest will be 5.60% on FDs with tenor of 61-91 days, and 5.05% on fixed deposits of 46-60 days. Similarly, the bank will give 4.70% to 4.95% interest on fixed deposits that are completed in 7 days to 45 days.

Bandhan Bank also increased interest rates

Bandhan Bank has increased the interest rates of Bulk FDs from Rs 2 crore to Rs 50 crore and above. The bank has decided to pay 7.25% interest on fixed deposits with tenure ranging from 365 days to less than 15 months. The interest rate on FDs ranging from 15 months to less than 5 years is 6.15%. The bank is paying 5% interest on FDs maturing in a period of 5 years to 10 years. The interest rate on FDs maturing from 91 days to 364 days is 6%. Similarly, FDs with tenures ranging from 46 days to 90 days will get 5.05% interest. The bank is giving 3.25% to 3.75% interest on FDs that are completed in 7 days to 45 days.

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After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, IDFC First Bank of the private sector of the private sector has increased the rates of interest on fixed deposits i.e. FDs.

New rates effective from August 16, 2022

IDFC First Bank has increased the interest rates for FDs below Rs 2 crore. The new rates have become effective from August 16, 2022. The bank is offering interest rates ranging from 3.50 percent to 6.00 percent to its general customers on FDs of less than 20 million. Along with this, the bank offers 0.50 percent higher interest rate to senior citizens.

IDFC First Bank interest rates

7 to 14 days – 3.50 per cent
15 to 29 days – 3.50 per cent
30 to 45 days – 4.00 per cent
46 to 90 days – 4.00 per cent
91 to 180 days – 4.50 per cent
181 days to 1 year – 5.75 per cent
1 Year 1 day to 499 days – 6.25 per cent
500 days to 2 years – 6.50 per cent
2 years 1 day-749 days – 6.50 per cent
750 days – 6.90 per cent
751 days – 3 years – 6.50 per cent
3 years 1 day-5 years – 6.50
Percentage 5 Years 1 Day-10 Years – 6.00 percent

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