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IDBI FD Interest Rates 2021

IDBI FD Interest Rates

Last Updated 19th Jul 2021

When it comes to the FD interest rate, the highest rate offered on IDBI Bank FD is 5.30%. Latest IDBI Bank FD interest rate for senior citizens, on the other hand ranges between 3.20% to 5.80%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.90% 3.40%
15 days to 30 days 2.70% 3.20%
31 days to 45 days 2.80% 3.30%
46 days to 60 days 3.00% 3.50%
61 days to 90 days 3.00% 3.50%
Earn upto 6.95% on FD APPLY NOW

IDBI Fixed Deposit Features

IDBI Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of IDBI Bank Fixed Deposit are:

  • Deposit Amount : IDBI Bank FD can be opened with an amount as a low ₹ 10,000 to up to .
  • FD Tenure : Ranges between 7 days to 4 years 364 days.
  • Interest Rate Range : 2.70% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate : 3.20% p.a to 5.80% p.a.
  • Highest Interest Rate : As per today’s rate, IDBI Bank’s highest interest rate on FD is 5.30% offered for a tenure of 4 years 364 days.
  • Safety of IDBI Bank Deposits : IDBI Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : IDBI Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : IDBI Bank Freedom Deposit, IDBI Bank Suvidha Tax Saving Fixed Deposit

IDBI Bank FD Interest Rates Today

Interest rates on IDBI Bank deposits are updated regularly by the Government of India. The following are updated IDBI Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 2.90%
15 days to 30 days 2.70%
31 days to 45 days 2.80%
46 days to 60 days 3.00%
61 days to 90 days 3.00%
91 days to 6 months 3.50%
271 days to 364 days 4.30%
6 months 1 day to 270 days 4.30%
1 year 5.00%
1 year 1 day to 2 years 5.10%
2 years 1 day to 2 years 364 days 5.25%
3 years 1 day to 4 years 364 days 5.30%
5 years 5.25%
5 years 1 day to 7 years 5.25%
7 years 1 day to 10 years 5.25%
10 years 1 day to 20 years 4.80%

IDBI Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, IDBI Bank offers a higher interest rate to senior citizens than the general public. Listed below are the IDBI Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.40%
15 days to 30 days 3.20%
31 days to 45 days 3.30%
46 days to 60 days 3.50%
61 days to 90 days 3.50%
91 days to 6 months 4.00%
271 days to 364 days 4.80%
6 months 1 day to 270 days 4.80%
1 year 5.50%
1 year 1 day to 2 years 5.60%
2 years 1 day to 2 years 364 days 5.75%
3 years 1 day to 4 years 364 days 5.80%
5 years 5.75%
5 years 1 day to 7 years 5.75%
7 years 1 day to 10 years 5.75%
10 years 1 day to 20 years 5.30%

Best FD Plan as per IDBI Bank FD Rates

To invest in IDBI Bank fixed deposit, you must compare IDBI Bank Fixed Deposit Rates for varying tenures. IDBI Bank FD Interest Rates 2021 are best for the deposits with a tenure of 3 years 1 day to 4 years 11 months 4 days, wherein the current IDBI Bank Fixed Deposit Interest Rates is 5.30 p.a.

If you are looking to invest in short term deposits with IDBI Bank, the interest rate of IDBI Bank for FD ranges from 2.90% p.a. to 4.30% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term IDBI Bank Fixed Deposit Rates for senior citizens range from 3.40% to 4.80% p.a.

If you want to invest in long term deposits, IDBI Bank Fixed Deposit Rates with tenure ranging from 5 years to 20 years are a good choice with interest rates on deposits at 4.80%.IDBI Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.30% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in IDBI Bank:

  • Interest on deposit is paid only at the time of the maturity
  • IDBI Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

IDBI Bank Fixed Deposit Rate Trends

IDBI Bank has hiked interest rates on fixed deposits with effect from 16 Jul, 2021. The new IDBI Bank highest FD rate is currently at 5.30%, which is an increase of 0.05% from the previous highest rate of 5.25%. Currently, IDBI Bank FD rate for upto 1 year is 2.70% and 5.30% for 5 year FD.

Documents required to open Fixed Deposit Account in IDBI Bank

  • Duly filled and signed Account Opening Form with photograph
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

IDBI Bank Fixed Deposit Rates – Premature Withdrawal

You can close your IDBI Bank FD account prematurely, however IDBI Bank charges a penalty of for premature withdrawal. Also, The penal provisions for premature closure on IDBI Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit IDBI Bank

IDBI Bank offers loans up to 90% against its own deposit. Note that IDBI Bank will not give you loan against FD of any other bank. IDBI Bank offers Loan against FD at the rate of 3.7% to 6.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in IDBI Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at IDBI Bank

To open an IDBI Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of IDBI Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the IDBI Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in IDBI Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the IDBI Bank FD after reading the terms and conditions.

Nomination Facility on IDBI Bank FD

IDBI Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an IDBI Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

IDBI Bank Fixed Deposit Scheme

IDBI Bank Freedom Deposit

Description:

  • This scheme offers the benefit to enjoy higher interest rate on the deposit.
  • Loan facility upto 90 per cent is available on the deposit
  • Earn attractive interest rate on your deposit
  • Extra interest of 0.50 per cent payable to the senior citizens
  • Availability of auto renewal facility
  • Availability of various deposit options to suit your needs

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
IDBI Bank Suvidha Tax Saving Fixed Deposit

Description:

  • The scheme has been designed to help the resident individuals and HUFs to save their money on tax and derive effective yields and returns on their fixed deposit.
  • Interest will be compounded on a quarterly basis
  • Nomination facility available
  • Interest on the deposit is liable to tax / TDS
  • Availability of auto renewal facility
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

FAQs

What is the highest fixed deposit interest rate for IDBI Bank?

You can earn a maximum interest of 5.30% on IDBI Bank fixed deposit.

Are there any special rates for senior citizens FD of IDBI Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.70% to 5.30%. Compared to this, IDBI Bank senior citizens FD are in the range of 3.20% to 5.80%.

What are the current IDBI Bank FD interest rates 2021?

Current interest for FD in IDBI Bank ranges between 2.70% - 5.30%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with IDBI Bank?

The minimum deposit amount required to book an FD with IDBI Bank is ₹ 10,000.

Did IDBI Bank increase FD rates in 2021?

Yes, the highest rate on IDBI Bank FD has been increased from 5.25% to 5.30%. The fixed deposit rates of IDBI Bank are now in the range of 2.70% to 5.30% with effect from 16 Jul, 2021.

Is it possible to change the tenure of my existing fixed deposit account with IDBI Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with IDBI Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in IDBI Bank?

Yes, you can submit your application for opening an FD account on the website of IDBI Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in IDBI Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.30%. For IDBI Bank FD the number of years in which your FD will get doubled is; 72/5.30 = 14

What is the interest of 1 lakh in the IDBI Bank?

The interest on IDBI Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the IDBI Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 2.90%
15 days to 30 days 2.70%
31 days to 45 days 2.80%
46 days to 60 days 3.00%
61 days to 90 days 3.00%
91 days to 6 months 3.50%
271 days to 364 days 4.30%
6 months 1 day to 270 days 4.30%
1 year 5.00%
1 year 1 day to 2 years 5.10%
2 years 1 day to 2 years 364 days 5.25%
3 years 1 day to 4 years 364 days 5.30%
5 years 5.25%
5 years 1 day to 7 years 5.25%
7 years 1 day to 10 years 5.25%
10 years 1 day to 20 years 4.80%


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IDBI News - Jul 2021
  • 2021-03-23 : IDBI Bank revised FD rates
    With effect from 18 March 2021, IDBI Bank revised its interest rates on fixed deposits. The revised rate for a period of 7-30 days the rate is 2.90%, the rate for 31-45 days is 3%, for 46-90 days the rate is 3.25%, the rate for 91 days to six months is 3.60%, from six months to to less than 1 year the revised FD rate is 5.00%. For a longer tenure of 1-10 years the rate is 5.10%, and the revised FD rate for 10-20 years is 4.80%. The highest FD rate for senior citizens is 5.60%.
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 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%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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