6.25%
Interest for 3 years
Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
---|---|---|
7 days - 1 month 2 days | 3% | 3.5% |
1 month 3 days - 1 month 17 days | 3.35% | 3.85% |
1 month 18 days - 3 months 1 day | 4.25% | 4.75% |
3 months 2 days - 5 months 30 days | 4.5% | 5% |
6 months - 8 months 28 days | 5.25% | 5.75% |
8 months 29 days - 11 months 30 days | 5.5% | 6% |
1 year - 1 year | 6.75% | 7.25% |
1 year 1 day - 1 year 11 months 30 days | 6.75% | 7.5% |
2 years - 2 years 11 months 29 days | 6.5% | 7.25% |
2 years 11 months 30 days - 9 years 11 months 28 days | 6.25% | 7% |
9 years 11 months 29 days - 19 years 11 months 26 days | 4.8% | 5.3% |
Note: All interest rates shown below are as on 9th Jan 2023
IDBI Bank Ltd is today one of India’s largest commercial Banks.The services offered by the bank includes Retail banking, Corporate banking, Agri business and microfinance. IDBI Bank also offers products and services to SME sector. IDBI Bank has inherited a rich legacy from its predecessor entity - Industrial Development Bank of India - which was an apex Development Financial Institution (DFI) in the realm of industry from July 1, 1964 to September 30, 2004 The bank has a balance sheet size of Rs. 2.99 Lakh Crs as on 31st March 2020 The bank recorded a loss of Rs 12887 Crs in FY20
3% - 6.75%
FD Rate
3.5% - 7.5%
FD Rate for Seniors
₹ 10000
Minimum Deposit
₹ 2 Crores
Maximum Deposit
-
Lock-in
-
FD Tenure
-
Loan against FD
AA-
CRISIL Rating
Investment Amount | For 3 years with interest of 6.25% | For 5 years with interest of 6.25% |
---|---|---|
₹ 50,000 | ₹ 60,282 | ₹ 68,286 |
₹ 1 lakh | ₹ 120,564 | ₹ 136,573 |
₹ 2 lakh | ₹ 241,129 | ₹ 273,146 |
₹ 5 lakh | ₹ 602,822 | ₹ 682,865 |
₹ 10 lakh | ₹ 1,205,643 | ₹ 1,365,730 |
Use FD calculator to change values and compare your returns from top banks.
Maturity Amount | ₹ 106,963 | ₹ 108,139 |
Total Investment Amount | ₹ 100,000 | ₹ 100,000 |
Total Interest Gained | ₹6,963 | ₹ 8,139 |
Bank Name | FD Interest Rates |
---|---|
7.85% - 8.8% | |
5.75% - 6.25% | |
7% - 7.75% | |
7% - 7% | |
7.2% - 7.95% | |
6.25% - 6.75% | |
6.5% - 7% | |
6.25% - 6.75% | |
5.3% - 5.55% | |
5.2% - 5.7% |
₹ 100,000
Total Investment
6,963
Wealth Gained
₹ 106,963
Maturity Amount
The flexible & tax efficient alternative to FDs.
IDBI Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on IDBI Bank FDs is higher in their savings account. One can invest in IDBI Bank FDs through both online and offline modes with a minimum investment of INR 10,000. This article covers IDBI Bank FD, its features and interest rates in detail.
Following are the types of IDBI Bank fixed deposit scheme:
The main objective of the Suvidha Fixed Deposit is safety, credibility, liquidity and attractive interest rates. The scheme has the highest interest rates in the industry. Also, the scheme offers any time access to the funds.
The tax saving FD offers dual benefits of higher returns from investments and tax exemption from Section 80C of the Income Tax Act, 1961.
IDBI Systematic Savings Plan (SSP) helps save at their convenience. One can start saving any fixed amount from INR 100 to less than INR 2 crore every month. The scheme is suitable for pre-planned financial goals.
The SSP Plus scheme offers Regular savings with Principal + Interest protection and also Complimentary Insurance cover along with reward points.
A floating rate term deposit is a type of fixed deposit where the interest rate is not fixed for the entire tenure of the deposit. However, the rate moves in tandem with the reference or base rate, which is periodically reset. The depositors can take advantage of the interest rate changes through the scheme without having to close or rebook the scheme. Following are the features of the scheme:
Tenure: The tenure of an IDBI Bank FD ranges from seven days to twenty years. One cannot change the tenure of their IDBI Bank FD once it has commenced.
Minimum and maximum investment: The minimum investment in IDBI Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment in IDBI Bank FD.
IDBI Bank FD rates: IDBI Bank FD rates range between 2.9% and 5.1%. Moreover, IDBI Bank offers an additional 0.5% interest to senior citizens on their FDs. IDBI Bank pays interest as per the choice of the investor. The investor can choose from monthly, quarterly, half-yearly, yearly intervals, or at maturity.
Premature withdrawal: All IDBI Bank FDs can be withdrawn prematurely except for the tax-saving FD. The bank charges a penalty if the deposits are withdrawn before the completion of FD tenure. The penalty is as per the terms and conditions of IDBI Bank.
Loan against FD: IDBI Bank offers loans against their FDs. Investors can get up to 90% of the deposit amount as a loan against their IDBI Bank FD investment. Also, the interest rate for the loan will be 1%-2% above the FD interest rates. Moreover, the tenure of the loan is limited to the tenure of the IDBI FD.
Nomination facility: IDBI Bank FD investors can nominate beneficiaries for their FDs.
Auto-renewal: Investors can opt for auto-renewal of their IDBI Bank FDs.
Safety: The Deposit Insurance Scheme of RBI covers all IDBI Bank deposits. The scheme covers all IDBI Bank deposits up to INR 5,00,000.
Additional payments: Investors cannot deposit an additional amount in an IDBI Bank FD once it has commenced. However, they can open a fresh IDBI Bank FD with the new amount.
One can open an IDBI Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open an IDBI Bank FD account through internet banking:
Login to the IDBI Bank NetBanking account.
Under the ‘Request’ tab, select the ‘Opening a Fixed Deposit’ option.
Fill in all the deposit information and maturity instructions.
Verify the details and click on the ‘Submit’ button.
A confirmation notification will be displayed on successfully booking the deposit.
Please, note that the nominee details have to be physically filled and submitted to the bank.
The following steps will guide in opening an FD account through IDBI Bank Mobile App:
Download the IDBI Bank App and log in.
Select the ‘Opening a Fixed Deposit’ option to proceed.
Verify the details and click on the ‘Submit’ button.
A confirmation notification will be displayed on successfully booking the deposit.
Please, note that the nominee details have to be physically filled and submitted to the bank.
To open an IDBI Bank FD account offline, one has to visit the nearest IDBI Bank branch. Fill the IDBI Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, IDBI bank will provide an FD receipt.
The documents that one requires to invest in IDBI FDs are
The following are eligible to open IDBI bank FD:
The minimum investment in IDBI Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment in IDBI Bank FD.
Yes, investors can open an IDBI Bank FD account online through their internet banking facility.
IDBI Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all IDBI Bank deposits. Also, the scheme covers all IDBI Bank deposits up to INR 5,00,000. Hence IDBI Bank FDs are safe for investment.
If an investor opens an IDBI FD account without disclosing PAN Card details, then the bank will cut TDS at 20% instead of 10%. Moreover, IDBI bank will not issue a TDS certificate. Also, the income tax department will not credit TDS. Furthermore, all exemption certificates will be invalid.
The highest FD rate in IDBI Bank is 5.1% for regular citizens for a tenure of 7 to 10 years. The highest IDBI FD rate for senior citizens is 5.75% for the same tenure.
Only investment in IDBI Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other IDBI Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from IDBI Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from IDBI Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the IDBI Bank, then the TDS rate will be 20%.
IDBI Bank offers recurring deposits to its depositors. IDBI Bank recurring deposits have a minimum tenure of one year and a maximum tenure of 10 years. Depositors can open an RD account either by going to the IDBI Bank branch or online using internet banking. The interest rate for regular citizens on IDBI Bank RDs is in the range of 4.9% to 5.25%, and for senior citizens, it is in the range of 5.4% to 5.75%.
To know in how many years IDBI Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years IDBI Bank FD will double. For example, for a tenure of 5, the IDBI Bank FD interest rate is 5.1%. An investor can double the investment amount by investing for this tenure in IDBI Bank FD in 14.11 years (72/5.1).