• Recurring Deposit
  • Idbi Bank RD Interest Rates
Idbi Bank RD Interest Rates

Idbi Bank RD Interest Rates

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IDBI Bank RD Interest Rates Mar 2024

TenureNormal Citizen RD RateSenior Citizen RD Rate
3 Months to 6 Months4.50%5.00%
6 Months to 9 Months5.75%6.25%
9 Months to 1 Year5.75%6.25%
1 Year to 2 Years6.80%7.30%
2 Years to 3 Years6.50%7.00%
3 Years to 5 Years6.50%7.00%
5 Years to 10 Years6.25%6.75%

Note: All interest rates shown above are as on 1st November 2023

IDBI Bank RD Scheme Details

Tenure
1 Year - 10 Years
Public Interest Rates
4.50% to 6.80%
Senior Citizen Interest Rates
5.00% to 7.30%
Minimum Deposit Amount
Rs. 500
Premature Withdrawal
1%
Highest Rates for Public
6.80%
Highest Rates for Senior Citizen
7.30%

IDBI Bank Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.50%For 5 years with interest of 6.25%
₹ 50,0001,51,6222,53,913
₹ 1 lakh3,03,2445,07,826
₹ 2 lakh6,06,48810,15,652
₹ 5 lakh15,16,22125,39,130
₹ 10 lakh30,32,44250,78,261

Compare IDBI Bank vs Punjab National Bank Recurring Deposit

vs
Punjab National Bank
IDBI Bank
IDBI Bank
Maturity Amount3,03,2443,02,621
Total Investment Amount3,00,0003,00,000
Total Interest Gained3,2442,621

Compare RD Interest Rates of Other Banks

Bank NameRD Interest Rates
Punjab National Bank
Punjab National Bank
4.40% to 6.50%
City Union Bank
City Union Bank
5.75% to 6.50%
BOI Bank
BOI Bank
4.50% to 6.50%
Canara Bank
Canara Bank
5.25% to 6.90%
Indian Bank
Indian Bank
3.50% to 6.70%
BOB Bank
BOB Bank
4.50% to 7.05%
Central Bank of India
Central Bank of India
4.50% to 6.75%
Karur Vysya Bank
Karur Vysya Bank
6.00% to 7.00%
Union Bank of India
Union Bank of India
4.30% to 6.70%
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank
5.75% to 7.00%
Karnataka Bank
Karnataka Bank
5.25% to 7.00%
Dhanlaxmi Bank
Dhanlaxmi Bank
6.50% to 6.75%
South Indian Bank
South Indian Bank
4.50% to 6.50%
Federal Bank
Federal Bank
5.00% to 7.30%
Bank of Maharashtra
Bank of Maharashtra
4.50% to 6.00%
Indian Overseas Bank
Indian Overseas Bank
4.50% to 6.80%
UCO Bank
UCO Bank
4.50% to 6.50%
RBL Bank
RBL Bank
4.75% to 7.50%
State Bank of India
State Bank of India
4.50% to 7.00%
Axis Bank
Axis Bank
4.75% to 7.10%
HDFC Bank
HDFC Bank
4.50% to 7.10%
ICICI Bank
ICICI Bank
4.75% to 7.00%
Indusind Bank
Indusind Bank
4.75% to 7.50%
Kotak Mahindra Bank
Kotak Mahindra Bank
4.00% to 7.10%
Yes Bank
Yes Bank
5.00% to 7.75%
Bandhan Bank
Bandhan Bank
4.50% to 7.25%
IDFC First Bank
IDFC First Bank
5.00% to 7.50%
Equitas Small Finance Bank
Equitas Small Finance Bank
7.25% to 8.20%
Capital Small Finance Bank
Capital Small Finance Bank
4.75% to 7.15%
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank
4.75% to 7.50%
Fincare Small Finance Bank
Fincare Small Finance Bank
5.75% to 8.25%
ESAF Small Finance Bank
ESAF Small Finance Bank
5.25% to 8.50%
North East Small Finance Bank
North East Small Finance Bank
4.00% to 7.50%
Suryoday Small Finance Bank
Suryoday Small Finance Bank
5.00% to 8.50%
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank
6.50% to 8.00%
Jana Small Finance Bank
Jana Small Finance Bank
4.00% to 8.50%
DBS Bank
DBS Bank
3.00% to 7.50%
Post Office
Post Office
6.90% to 7.50%

Frequently Asked Questions

What is the current interest rate of RD in IDBI Bank?

The current highest IDBI Bank RD rates for general citizen range from 4.50% to 6.80% and for senior citizen it ranges from 5.00% to 7.30% today 2024-03-01

How to open rd account in IDBI Bank?

IDBI Bank RD account can be opened with a minimum deposit of Rs. 500 with tenure ranging 1 Year - 10 Years. IDBI Bank recurring deposit account can be opened online or by visiting IDBI Bank branches with any ID proof like PAN card, Aadhar card, voter ID, or driving licence etc.

How to close rd in IDBI Bank?

You can close your RD a/c online through "Close A/c" tab or by visiting the branch, this may cost you a penalty. The current premature closer penalty in IDBI Bank RD is 1%.

How to calculate maturity and interest in IDBI Bank recurring deposit ?

The maturity amount in IDBI Bank recurring deposit account can be calculated by using A = P x(1 + R / N) ^ (NT) formula.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the IDBI Bank for 5 years and planed to invest INR 50,000.The current IDBI Bank RD interest rate for 5 year is 6.25%.So using the above formula the maturity amount will be - Rs. 35,26,268.

What is IDBI Bank RD interest rates for 1 year in 2024 ?

The IDBI Bank recurring deposit for 12 months or 1 year is 7.30% for senior citizen and 6.80% for others.

Calculate IDBI Bank Returns

36
3.2 %

1,00,000

Total Investment

0

Wealth Gained

0

Maturity Amount

Invest in SIP to earn ₹37,83,253 moreExplore Best SIP Plans

About IDBI Bank Recurring Deposit

IDBI Bank RDs allow investors to invest in small amounts regularly for a fixed tenure. The interest rates of IDBI Bank RDs range between 5.50% to 6.75% p.a. for regular citizens. For senior citizens, the RD interest rates range between 6.00% to 7.50% p.a. Also, the IDBI RD rates are higher than bank saving accounts. This article covers IDBI Bank RDs and its interest rates in detail.

IDBI Bank RDs have interest rates that range between 6.25% to 6.75% p.a. for a tenure of 1 year to 10 years. For senior citizens, the interest rates range between 6.75% to 7.25% p.a. IDBI Bank offers additional interest rates to senior citizens on their RD investments. Also, the IDBI RD rates are higher than bank savings accounts. One can estimate the returns from IDBI Bank RDs using an IDBI recurring deposit calculator. The IDBI Bank Recurring Deposit Rate is dependent on the age of the investor, tenure of the investment, RBI policies and current economic condition in the country.

Interest income from IDBI RDs is taxable as per the individual investor’s income tax slab rates. Investors have to file this income under the head ‘Income from other Sources’ while filing their income tax returns. Moreover, IDBI Bank deducts a TDS of 10% if the interest income exceeds INR 40,000 (INR 50,000 for senior citizens). Bank cuts 20% if the investor doesn’t submit PAN Card details.

IDBI Bank Recurring Deposits

Following are the key features of IDBI bank recurring deposits:

  • Tenure: The IDBI Bank recurring deposit tenure ranges between 12 months to 120 months.
  • Minimum and Maximum Deposit Amount: The minimum amount of investment in IDBI bank RD is INR 100. Also, for IDBI bank RDs there is no limit on the maximum investment amount.
  • Tax and TDS: IDBI RD schemes do not qualify for tax saving. The interest income from IDBI RDs is taxable as per investor’s income tax slab rates. Moreover, the bank deducts a TDS of 10% if the interest income per annum exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% TDS rate is applicable only in case the PAN details are submitted; else the bank cuts TDS at 20%.
    Also, one can determine whether IDBI RD interest income is above or below the TDS threshold limit using the RD calculator. Furthermore, one can estimate their income tax liability using the Scripbox Income Tax Calculator.
  • Premature withdrawal: IDBI bank allows investors to prematurely withdraw their recurring deposits. However, investors are charged a penalty for it.
  • Nomination Facility: Depositors can nominate beneficiaries for their IDBI RDs.
  • Convenience: Opening and managing the recurring deposit investments is easy and convenient through the IDBI Bank’s online portal.
  • Loan against RD: IDBI allows investors to take a loan against recurring deposits. This helps in meeting liquidity requirements. Furthermore, it eliminates the hassle of applying for a new loan.
    Investors can take loans such as home loans (loan against property), education loans, motor loans, etc., against IDBI RD. Also, one can compute their loan EMI using the loan EMI calculator. Furthermore, the loan EMI calculator works as a personal loan EMI calculator, car loan calculator, and also home loan calculator. The investor can also use the EMI calculator for comparing scenarios by changing the variables such as interest rate.

IDBI Bank RD Account Eligibility and Documents Required

  • Eligibility: To be able to open an IDBI recurring deposit account, one has to be eligible. Following is the eligibility criteria:
    • Individuals, including NRIs
    • HUFs
  • Deposit and account: One can invest in IDBI RD with a minimum amount of INR 100. There is no upper limit for IDBI RDs. The bank charges a penalty for delay in instalment payments.
  • Documents
    Following are the documents required for opening an RD account in IDBI Bank:
    • RD application form – duly filled and signed.
    • Passport size photographs
    • ID Proof – PAN Card, Aadhar Card, Voter ID, Driving License
    • Proof of Residence – Aadhar Card, Utility Bills, Driving License
    • Proof of Age – Birth Certificate, Matriculation certificate, PAN Card
  • Withdrawal: One can prematurely withdraw their RD investment with IDBI Bank. However, the bank will charge a penalty of 1% on the interest.
  • Tax: Investment in IDBI Bank RDs is not eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Moreover, the IDBI RD interest income is taxable as per the investor’s income tax slab rates. Investors of IDBI Bank RD have to show their interest income under the head ‘Income from Other Sources’.
    Also, the interest income is subject to TDS. The IDBI Bank cuts TDS based on whether the investor has disclosed the PAN details or not.
    If the investor submits the PAN Card details to IDBI Bank, then the applicable TDS rate is10%. IDBI Bank cuts TDS if the interest income exceeds INR 40,000 for regular citizens and INR 50,000 for senior citizens.
    If the investor doesn’t submit the PAN Card details, then the applicable TDS rate is 20%. IDBI Bank cuts TDS if the interest income exceeds INR 40,000 for regular citizens and INR 50,000 for senior citizens.
  • Nomination: IDBI Bank RDs have a nomination facility where the account holder can nominate beneficiaries.

Types of IDBI RD Schemes

IDBI offers the following recurring deposit schemes:

Systematic Savings Plan (SSP)

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.

  • Tenure: 1 year – 10 years
  • Minimum Deposit Amount: INR 100
  • Maximum Deposit Amount: INR 2 crore
  • Nomination Facility: Available

Systematic Savings Plan Plus (SSP Plus)

The SSP Plus scheme offers Regular savings with Principal + Interest protection and also Complimentary Insurance cover along with reward points.

  • Tenure: 3 years – 10 years
  • Minimum Deposit Amount: INR 5,000 and in multiples of INR 100 thereafter.
  • Maximum Deposit Amount: INR 2 crore
  • Reward points: Complimentary redeemable reward points up to 1,000
  • Personal Accident Insurance Cover: Complimentary cover up to INR 5,00,000
  • Loan facility: Available up to 95% on the deposit balance
  • Tax Deducted at Source: Applicable. No TDS is deducted if the depositor submits Form 15G / 15H.
  • Nomination Facility: Available
  • Premature closure: Applicable; however, the accidental cover offered will be withdrawn from the date of closure. 

Conclusion

IDBI Bank RDs are considered a good investment for investors who want to save a small amount of money regularly. Through IDBI RDs, investors can invest monthly in the scheme. Since the IDBI RD scheme guarantees income at the time of maturity, it is a low-risk investment. Hence investors who are looking for guaranteed returns from their investment can invest in this scheme. However, they have to take into consideration the tax that they have to pay on the interest income from IDBI RDs.

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Frequently Asked Questions

What are the limits on the minimum and maximum deposits?

Yes, an IDBI RD account requires a minimum deposit amount of INR 100 per month. And, the maximum limit on the deposit amount is INR 2 crore.

Can I open a recurring deposit account for a minor?

Yes, one can open an IDBI RD account on behalf of a minor.

How to apply for IDBI Bank RD?

One can open an IDBI Bank RD account through offline and online modes. For online mode, one has to visit the IDBI website. And for offline mode, one has to visit the nearest branch of IDBI Bank.
To be able to invest in IDBI Bank RD, one needs to have all valid documents. They need to have an RD application form, duly filled and signed and passport size photographs. For ID proof, they need a PAN card, Aadhar card, voter ID, and driving license. Proof of residence requires a Aadhar card, utility bills, and driving license. For age proof, they need a birth certificate, matriculation certificate, and PAN card

Is it possible to renew an RD account?

No, it is not possible to renew an IDBI Bank RD account.

Resources

  1. IDBI Mutual Funds
  2. IDBI SIP Calculator
  3. IDBI Fixed Deposit
  4. IDBI FD Calculator