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IDBI FD Interest Rates

IDBI FD Rates 2020

Last Updated 22nd Sep 2020

IDBI Bank is one of most reliable FD providers amongst a number of FD providers in the market. IDBI Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on IDBI Bank FD is 5.50%. Latest IDBI Bank FD interest rate for senior citizens, on the other hand ranges between 3.50% to 6.10%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.00% 3.50%
15 days to 30 days 3.50% 4.00%
31 days to 45 days 3.50% 4.00%
46 days to 60 days 4.30% 4.80%
61 days to 90 days 4.30% 4.80%

IDBI Fixed Deposit (FD)

IDBI Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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 5 years.
  • Interest Rate Range: 3.00% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate: 3.50% to 6.10% p.a.
  • Highest Interest Rate: As per today’s rate, IDBI Bank’s highest interest rate on FD is 5.50% offered for a tenure of 5 years.
  • 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 Best FD Plan

We need to compare tenure wise latest FD rate of IDBI Bank to choose the tenure at which it provides the highest interest rate. IDBI Bank FD rates are best for the deposits with a tenure of 5 years to 5 years, wherein the current FD rate of interest is 5.50% p.a

If one is looking to invest in short term deposits with IDBI Bank, FD interest rates range from 3.00% p.a. to 5.00% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term IDBI Bank FD rates for senior citizens range from 3.50% to 5.50% p.a.

If one is looking to invest in long term deposits, IDBI Bank FD interest rates with tenure of 5 years to 20 years are a good choice with interest rates on deposits with a tenure of 20 years at 5.00%. Senior citizens are offered special rates from bank with highest deposit rates of 5.50% p.a. on long term FDs.

Fixed Deposits of IDBI Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in IDBI Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in IDBI Bank

  • Duly filled and signed Account Opening Form with photograph

FD in IDBI Bank – Premature Withdrawal

Premature closure of Term Deposit with IDBI Bank is along with the lower interest rate of than the contracted rate. 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 loan 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 4% to 6.5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in IDBI Bank. The borrower later decided to take 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 availed 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 a Fixed Deposit account in IDBI Bank, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a IDBI Bank fixed deposit. 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 FD rate for IDBI Bank?

You can earn a maximum interest of 5.50% 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 3.00% to 5.50%. Compared to this, the rate of senior citizens FD are in the range of 3.50% to 6.10%.

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.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in IDBI Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in IDBI Bank?

The documents required to open an FD account in IDBI Bank includes Duly filled and signed Account Opening Form with photograph.

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

  • 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

What is the current interest rate on FD in IDBI Bank?

Current interest for FD in IDBI Bank ranges between 3.00% - 5.50%.

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

Yes, you can submit your application for opening a FD account on the website of IDBI Bank. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.50%. For IDBI Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13


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