Urban Money

IDFC FD (Fixed Deposit) Calculator

  • 5 K
  • 1 Cr
Years
  • 1
  • 25
%
  • 1
  • 15

Future Value

Investments To Returns Ratio:

Amount Invested

Wealth Gained

Future Value

IDFC First Bank or Infrastructure Development Finance Company First Bank is a dynamic private sector bank which provides impeccable banking experience to its customers since 2015. Fixed deposit is one of the investment tools offered by the bank. The bank allows you to compute the returns secured at maturity. The computation can be daunting and to save customers from the tiring calculations, the bank offers IDFC First bank FD calculator. The users can enter data in the input field of the calculator to get accurate results that will aid them in making sound deposits.

Let your singles jingle as you read this piece of detailed information on the uses, benefits and steps to use the IDFC FD calculator.

What is an IDFC Bank Fix Deposit Calculator?

An outstanding online tool that helps consumers estimate the returns on their investments is the IDFC First bank FD calculator. Customers can use this tool to learn what returns they will get to assess their financial condition once the fixed deposit's term has expired. Users can also analyse comparative statistics based on different bank interest rates using the IDFC First bank interest calculator. Additionally, it aids users in noting the specifics in terms of rate and tenure that will provide a higher yield. Moreover, the IDFC FD calculator provides error-free results thanks to strong AI support. The users reaped the benefit of saving time and effort and repelling manual calculation errors by taking the FD calculator into account.

IDFC Bank Fixed Deposit Features

A Fixed Deposit or term deposit is an investment instrument that allows a user to deposit a certain amount for a specific tenure and watch it grow at a certain rate by earning interest. This widely-used money-making tool has the following features:

  • The customers find interest rates offered by the IDFC Bank fixed deposit very alluring.
  • The bank provides senior citizens (aged 60 or above) with an additional interest rate of 0.5%.
  • A depositor finds comfort in the tenure, which ranges from 7 days to 10 years
  • Senior citizens get saved by not paying any penalty on early withdrawals
  • The minimum timeframe to deposit in NRE FD is 365 days
  • A depositor can commence their journey by making a minimum deposit of INR 10,000 
  • One can choose from cumulative or non-cumulative schemes
  • IDFC Bank fixed deposit ensures liquidity through its facility of sweep-in and sweep-out

How to use the IDFC FD Calculator? 

The IDFC FD calculator available on the Urban Money platform is a hassle-free quick tool that gives accurate answers to its users, helping them with their financial resolutions. It requires users to enter the following information and present them with the result in a matter of seconds:

  • Interest Rate
  • Principal Amount
  • Tenure

To use the IDFC First Bank interest calculator provided by Urban Money, you must follow the below-mentioned steps:

  • Begin by choosing the payout frequency of your interest amount. The IDFC First FD calculator has four options - Monthly, Quarterly, Half-Yearly and Yearly
  • Slide the bar under ‘Investment Amount’ and set it on the amount you wish to invest, or simply enter the principal amount. 
  • Slide the ‘Tenure’ bar, which ranges from 1-25 years
  • Slide the ‘Interest Rate’ bar and set it to the rate offered to you
  • As you enter the desired values in the calculator, it will showcase the future value of the current deposit.

As a result, the calculator will display the maturity returns and invested amount on your screen.

How Does an IDFC FD Calculator Work?

With the FD calculator, IDFC First Bank has resolved the issue of spending time on the manual calculation of the interest earned and maturity amount. The following is how the IDFC FD calculator works:

  • Choose the payout option that best suits your needs. This payment may be made cumulatively, quarterly, or monthly.
  • Once you have decided on your preferred payout frequency, choose the investment amount you want to make. There is an INR 10,000 minimum requirement.
  • You can type in the start date that you prefer.
  • Finally, choose your duration using the IDFC fixed deposit calculator.

Formula to Determine IDFC Bank FD Returns

One can use the IDFC Bank interest calculator to determine the returns that are likely to generate through their deposit. This online tool churns the results using the formula used to put forward manual calculations. The calculator works on the following formula:

A = P (1 + r/n)^n*t

Here, ‘A’ depicts the maturity amount, ‘P’ depicts the sum of investment, ‘t’ depicts the term of the investment, ‘r’ depicts the annual rate of investment, and  ‘n’ depicts the number of times the interest applied would be compounded.

Benefits of using the IDFC Fix Deposit Calculator

The online IDFC First FD calculator dazzles its users by possessing the following benefits:

  • There is no cost associated with using the IDFC FD calculator
  • The taxpayers receive an accurate figure, thanks to this AI-powered calculator. 
  • There is no room for errors
  • It is an online hassle-free tool that allows a user to know their maturity amount
  • It allows a user to plan their financial goals accordingly 
  • It allows the investors to maintain a diversified portfolio by keeping an eye on the budget.
  • It isn't a one-time use calculator. A user can make use of the IDFC first bank FD calculator multiple times by entering different amounts and tenure
  • The answers provided are quick
  • It aids a user in creating various strategies aligning with their financial requirements
  • You don't have to be fluent in the financial language to use this calculator

Comparison of IDFC First FD with other Banks

Opting for a fixed deposit investment scheme is already a big decision. Investors or depositors must not worry about each bank's different interest rates. Therefore, a comparison table has been prepared for users to get in touch with the interest rates offered by various banks.

Name of Bank For Regular Citizens For Senior Citizens
(Aged Below 60)  (Aged 60 or Above)
IDFC First Bank FD 3.50% to 6.50% 4.00% to 7.00%
ICICI Bank FD 2.75% to 5.75% 3.25% to 5.75%
State Bank of India FD 2.90% to 5.50% 3.40% to 6.30%
Kotak Mahindra Bank FD 2.50% to 5.90% 3.00% to 6.40%
HDFC Bank FD 2.75% to 5.75% 3.25% to 6.50%
Punjab National Bank FD 3.00% to 5.60% 3.50% to 6.10%
RBL Bank FD 3.25% to 6.65% 3.75% to 7.15%
Axis Bank FD 2.50% to 5.75% 2.50% to 6.50%
Canara Bank FD 2.90% to 5.75% 2.90% to 6.25%
Bank of Baroda FD 2.80% to 5.35% 3.30% to 6.35%
Punjab and Sind Bank FD 3.00% to 5.40% 3.50% to 5.90%
Bank of India FD 2.85% to 5.20% 3.35% to 5.95%

Note: The mentioned interest rate of the banks has been taken as of the month of September 2022

Frequently Asked Questions (FAQs)

What is the current FD rate of IDFC?

The current FD rate of IDFC Bank for regular citizens ranges between 3.50% to 6.50% and for citizens aged 60 or above ranges between 4.00% to 7.00%.

What is the interest of 1 lakh in IDFC Bank?

The interest rate of INR 1 lakh in IDFC Bank is 3.50% to 6.00% for regular citizens and 4.00% to 6.50% for citizens aged 60 or above.

Which FD is better in IDFC Bank?

You must explore all the fixed deposit schemes offered by IDFC Bank and understand which scheme aligns with your financial goals and meets your requirements. It would be best if you chose the FD type that best suits your needs.

Can I take a loan against a fixed deposit in IDFC bank?

Yes, you can take a loan against a fixed deposit in IDFC bank. The bank provides a loan of 100% of the fixed deposit amount.

Can I withdraw my FD before maturity in IDFC?

Yes, you can withdraw your FD before maturity in IDFC bank. The bank will charge a penalty of 1% and hand over the rest of the amount to the depositor.

Is IDFC bank safe for FD?

ICRA and CRISIL have rated IDFC Bank with an AAA rating which makes IDFC bank safe for fixed deposits. Moreover, the government backs up the bank protecting the funds against market fluctuations or the bank’s condition.