Mumbai-based IDFC First Bank has revised its bulk fixed deposit interest rates across tenures. The interest rates on FDs without a premature withdrawal facility are higher compared to the rates offered with a premature withdrawal option. The interest rates vary from 5.45% to 7.55% on deposits from ₹2 crore and above. The new rates have come into effect from December 9. Banks are on the bandwagon of raising interest rates on FDs after RBI hiked the policy repo rate by 35 bps to 6.25% in the December 2022 policy.
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