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IDBI Bank Fixed Deposit

IDBI Bank FD Scheme

Last Updated 12th Jan 2021

IDBI Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.90% to 5.10%
Minimum Tenure 15 days
Maximum Tenure 20 years
Deposit Amount Rs. 10,000
Maximum Deposit
    Earn upto 6.95% on FD APPLY NOW

    IDBI Bank FD

    IDBI Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 15 days to 20 years. Apart from that, IDBI Bank FD offers regular returns on fixed deposit ranging between 2.90% to 5.10%. For senior citizens, the interest rates on fixed deposits range between 3.40% to 5.60%. In addition to that, IDBI Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of IDBI Bank Fixed Deposit Schemes

    Different type of IDBI Bank term deposit products offered to the investors are listed as follows:

    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

    Eligibility:

    • 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

    Eligibility:

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

    Benefits of IDBI Bank FD

    IDBI Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about IDBI Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, IDBI Bank offers FD rates up to 5.10%. The interest rates offered on IDBI Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, IDBI Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because IDBI Bank fixed deposit allows one to borrow a secured loan against IDBI Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about IDBI Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: IDBI Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. IDBI Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 20 years. IDBI Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, IDBI Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 10,000. Apart from that, one can invest in the IDBI Bank FD up to a maximum of .

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with IDBI Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from IDBI Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of IDBI Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for IDBI Bank FD

    IDBI Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for IDBI Bank FD

    IDBI Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    IDBI Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 20 years.

    What is the minimum investment for FDs under IDBI Bank?

    IDBI Bank FD can be availed with a minimum deposit of Rs. 10,000.

    What is the minimum amount for a fixed deposit in IDBI Bank?

    The minimum amount required for a fixed deposit investment in IDBI Bank fixed deposit is Rs. 10,000.

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

    Currently, IDBI Bank offers an interest rate ranging between 2.90% to 5.10% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in IDBI Bank?

    IDBI Bank fixed deposit can be opened with a minimum tenure of 15 days.


    IDBI News - Jan 2021
    • 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
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