IDFC Bank Recurring Deposit Schemes & Interest Rates
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The key feature of IDFC Bank RD account is the high-interest rate offered by the bank which is between 7.25-8%. The interest rate is calculated on a quarterly basis and it is paid out when the account reaches maturity. The depositor can choose terms ranging from 6 months to 10 years. If an individual withdraws the amount 30 days before the end of the term, no penalty is charged by the bank. Additionally, no penalty is charged if the individual fails to make the monthly deposit for one month. However, if the customer fails to make the payment for over a month, the RD account will be stopped and the deposited amount is transferred to the savings account of the depositor.
|
Tenure |
Recurring Deposit Interest Rates (Per Annum) |
|
6 months |
6.75 percent |
|
9 months |
7. 00 percent |
|
1 year |
7.25 per cent |
|
1 year 3 months |
7.25 per cent |
|
1 year 6 months |
7.25 per cent |
|
1 year 9 months |
7. 25 percent |
|
2 years |
7. 25 percent |
|
2 years 3 months |
7. 25 percent |
|
3 years |
7. 25 percent |
|
3 years 3 months |
7. 20 percent |
|
4 years |
7. 20 percent |
|
5 years |
7. 20 percent |
|
9 years 6 months |
7. 20 percent |
|
10 years |
7. 00 percent |
Taxation on Interest Earned Through IDFC Bank Recurring Deposit
The TDS on interest earned for the financial year on the Recurring Deposit is deductible under Section 194A of the Income Tax Act, 1961
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