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IDBI Bank FD Calculator

IDBI Bank Fixed Deposit Calculator 2020

Last Updated 22nd Sep 2020

IDBI Bank FDs have tenures ranging from 5 years to 5 years with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.10%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
15 days to 30 days 3.50% to 4.00% ₹ 1,00,144 - ₹ 1,00,329
31 days to 45 days 3.50% to 4.00% ₹ 1,00,297 - ₹ 1,00,493
46 days to 60 days 4.30% to 4.80% ₹ 1,00,542 - ₹ 1,00,789
61 days to 90 days 4.30% to 4.80% ₹ 1,00,719 - ₹ 1,01,184
IDBI Bank FD Maturity Calculator
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IDBI Bank Fixed Deposit Calculator

IDBI Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in IDBI Bank. Bank may allow higher interest rate on larger deposits. IDBI Bank offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. IDBI Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by IDBI Bank is 5.50% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years to 5 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.00% for a 5 years FD and a rate of 5.50% for a 5 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.00%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      IDBI Bank calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

IDBI Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, IDBI Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a IDBI Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in IDBI Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on IDBI Bank FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of IDBI Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in IDBI Bank FD for a 5-year tenure at an interest rate of 5.50% for depositors below 60 years and 6.10% for senior citizens. The maturity amount for this deposit amount is ₹ 1,31,407 and the total interest earned is ₹ 31,407 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 35,351 which is higher. The maturity schedule of IDBI Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.50% for Citizens below 60 years and at 6.10% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2020 ₹ 1,838 ₹ 1,01,838 ₹ 2,038 ₹ 1,02,038
2021 ₹ 5,718 ₹ 1,07,556 ₹ 6,368 ₹ 1,08,406
2022 ₹ 6,039 ₹ 1,13,595 ₹ 6,766 ₹ 1,15,172
2023 ₹ 6,378 ₹ 1,19,973 ₹ 7,188 ₹ 1,22,360
2024 ₹ 6,736 ₹ 1,26,709 ₹ 7,636 ₹ 1,29,996
2025 ₹ 4,699 ₹ 1,31,408 ₹ 5,354 ₹ 1,35,350

IDBI Bank FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on IDBI Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

FAQs

What is the highest interest earned on IDBI Bank fixed deposit?

You can earn a maximum interest of 5.50% on IDBI Bank fixed deposit.

How is IDBI Bank FD interest calculated?

The formula to calculate interest on IDBI Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in IDBI Bank?

The growth of IDBI Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in IDBI Bank FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. So it will take a little more than 14 years for one’s investment to get doubled in IDBI Bank.

What are the minimum and maximum amounts that I can invest in an IDBI Bank FD?

The minimum investment limit in IDBI Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.


IDBI News - Sep 2020
  • 2020-07-28 : IDBI Bank reported Q1 net profit of ₹144 crore
    IDBI Bank reported Rs 144 crore net profit for June quarter on account of a reversal of Rs 1335 crore of bad loan provisioning. It is IDBI second successive net profit after 13 consecutive quarters of loss. CASA increased to ₹ 1,04,315 crore and cost of deposit which includes fixed and recurring deposits improved by 64 bps to 4.65%. In addition to this, NII bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans stood at ₹ 1,773 crores.
  • 2020-02-12 : IDBI Bank reported a Q3 profit before tax of Rs. 756 crores
    Private sector lender IDBI Bank posted a Q3 profit before tax of Rs. 756 crores. It was driven by an increase in Net Interest Income and a slump in provisions by loans. Further, the Bank Fixed and recurring deposits grew to Rs. 2,18,180 crores and the share of saving and current accounts rose to 47.65%.
  • 2019-10-17 : IDBI Bank revised FD rates
    With effect from October 16, 2019, IDBI Bank revised its interest rates on fixed deposits. The revised rate for a period of 7-14 days is 3.50%, for 15-30 days the rate is 4.50%, the rate for 31-45 days is 4.75%, for 46-90 days the rate is 5.50%, the rate for 91 days to six months is 5.60%, from six months to 270 days it is 5.90%, and for 271 days to less than 1 year the revised FD rate is 6.00%. For longer tenure of 1-2 years, the rate is 6.50%, for 2-10 years, the rate is 6.30%, and the revised FD rate for 10-20 years is 6.00%.
  • 2019-10-03 : IDBI Bank revised its fixed deposit rates
    IDBI Bank revised its fixed deposit rates with effect from October 1, 2019. Revised rate of interest for 7-14 days is 3.50%, for 15-30 days it is 4.50%, for 31-45 days is 4.75%, the rate for 46-90 days is 5.50%, for 91 days to 6 months it is 5.75%, for 6 months - 270 days it is 6.10%, for 271 days - 1 year the rate is 6.15%, and for 1 year the rate is 6.65%. For large tenures of more than one to less than two years the rate is 6.55%, for two years to five years the rate is 6.50%, the rate for 5 years is 6.40%, for five to ten years the revised rate is 6.35%, and for ten to twenty years it is 6.00%.
  • 2019-09-25 : IDBI Bank revised interest rates on Fixed Deposits
    With effect from September 19, 2019, IDBI Bank has revised its charges on Fixed Deposits less than Rs 2 crores. For a period of 7-14 days, the interest rate is 3.50%; for 15-45 days it is 5.00%; the rate for 46-60 days is 5.60%; for 61-90 days it is 5.50%; for 91 days-6 months the revised rate is 5.75%, and for 6 months-1 years the rate is 6.25%. For large tenure of 1 year, the rate is revised to 6.80%; the rate for 1-2 year is 6.655; for 2-3 years the rate is 6.70%; the rate for 3-5 years is 6.60%; for five years interest rate is 6.50%, and for 5-10 years the rate is 6.35%.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More