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IDFC Bank RD (Recurring Deposit) Interest Rates 2024

Updated on July 23, 2024 , 7500 views

IDFC Bank offered RD (Recurring Deposits) scheme in order to help the customers save bit by bit regularly and earn interest rates to build wealth for their future.

A Recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.

A user willing to open an RD account with IDFC Bank can choose any amount and term according to your convenience.

IDFC Bank RD Interest Rates 2024

These are the interest rates for Domestic, NRE & NRO Deposits less than INR 2 Crore.

w.e.f. September 15, 2020

Period	Rate of Interest (%p.a.)
7 - 14 days	2.75%
15 - 29 days	3.00%
30 - 45 days	3.50%
46 - 90 days	4.00%
91 - 180 days	4.50%
181 days – less than 1 year	5.25%
1 year – 499 days	5.75%
500 days	6.00%
501 days – 2 years	5.75%
2 years 1 day – 5 years	5.75%
5 year 1 day - 10 years	5.75%

RD Calculator

Investment Amount:₹180,000

Interest Earned:₹24,660

Maturity Amount: ₹204,660

Tax Saver Deposit

The interest rate applicable to the tax saver deposit for a domestic deposit is-

w.e.f September 15, 2020 for amount less than INR 2 Crores

Period	Rate of Interest (%p.a.)
5 Years	5.75%

IDBI Bank RD Interest Rates (Dec 2016)

Here's the list of IDBI RD Interest Rates on Domestic, NRE & NRO Recurring Deposit (RD) Interest rates for December 7, 2016

Period	Rate of Interest (%p.a.)
6 months	6.75%
9 months	7.00%
12 months	7.25%
15 months	7.25%
18 months	7.25%
21 months	7.25%
24 months	7.25%
27 months	7.25%
36 months	7.25%
39 months	7.20%
48 months	7.20%
60 months	7.20%
90 months	7.20%
120 months	7.00%

IDFC Bank RD Account Advantages

1. IDFC RD account offers high-interest rates
1. There is no penalty if you miss a month
1. One can start IDFC RD account with minimum INR 2000/month
1. Users can save money for as low as six months
1. The process of opening recurring deposit at IDFC bank holds very simple documentation
1. Customers can save small amounts regularly and earn the same attractive interest rate

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IDFC Bank RD Calculator

A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.

Illustration-

RD Calculator	INR
Monthly Deposit Amount	500
RD in month	60
Rate of Interest	7%
RD Maturity Amount	INR 35,966
Interest Earned	INR 5,966

Why Investing in SIP is Beneficial?

Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic Basis - daily, weekly, monthly or quarterly.
You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500.
SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors.
SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc.
Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns.
To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges.

Best Performing SIPs to Invest 2024

Here's a list of best performing SIP for an investment horizon above of five years and above

Fund	NAV	Net Assets (Cr)	Min SIP Investment	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2023 (%)
IDFC Infrastructure Fund Growth	₹55.562 ↓ -0.12	₹1,592	100	19	40.6	81.5	34.6	31.3	50.3
Franklin Build India Fund Growth	₹143.668 ↑ 0.42	₹2,738	500	11.6	27.5	67.8	34.4	28.8	51.1
Motilal Oswal Multicap 35 Fund Growth	₹56.3908 ↓ -0.29	₹11,126	500	13.1	24.7	54.6	18.4	17.9	31
L&T India Value Fund Growth	₹107.972 ↓ -0.21	₹13,358	500	13.2	25	54.1	26.9	25.7	39.4
Invesco India Growth Opportunities Fund Growth	₹89.33 ↓ -0.78	₹5,841	100	14	25.7	51.9	21.8	22.4	31.6
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 25 Jul 24

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.