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Check NowTo help its customers strike a balance among the various investment vehicles, IDBI Bank extends different types of fixed deposit schemes thus allowing customers shift their idle money from savings account to the higher-yielding option of fixed deposits. These schemes extend guaranteed returns, owing to competitive IDBI FD rates.
Read on to know the current IDBI Bank FD rates as well as the features and benefits of fixed deposit schemes offered by the bank.
Table of Contents
Tenure | IDBI FD Interest Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 07-14 days | 2.90 | 3.40 |
| 15-30 days | 2.90 | 3.40 |
| 31-45 days | 3.00 | 3.50 |
| 46- 60 days | 3.25 | 3.75 |
| 61-90 days | 3.25 | 3.75 |
| 91 days-6 months | 3.80 | 4.30 |
| 6 months 1 day to 270 days | 4.30 | 4.80 |
| 271 days upto< 1 year | 4.30 | 4.80 |
| 1 year | 5.00 | 5.50 |
| > 1 year – 2 years | 5.10 | 5.60 |
| >2 years to < 3 years | 5.10 | 5.60 |
| 3 years to < 5years | 5.10 | 5.60 |
| 5 years | 5.10 | 5.60 |
| > 5 years – 7 years | 5.10 | 5.60 |
| >7 years – 10 years | 5.10 | 5.60 |
| >19 years – 20 years | 4.80 | 5.30 |
| 5 years (Tax Saver FD) | 5.10 | 5.60 |
Note: The above-mentioned interest rates are applicable with effect from 13th January 2021.
NRE (Non-Resident External) Fixed Deposit Interest Rates
| Tenure | IDBI Bank FD Rates (p.a.) | |
| Regular Individuals | ||
| 1 year | 5.00% | |
| >1 years to 2 years | 5.10% | |
| >2 years to < 3 years | 5.10% | |
| >3 years to < 5 years | 5.10% | |
| 5 years | 5.10% | |
| >5 years to < 7 years | 5.10% | |
Note- The above-mentioned NRE FD rates are applicable w.e.f. 18th November 2020 on deposits less than Rs.2 crore.
IDBI provides 3 different types of fixed deposit schemes for customers to pick from, viz.:
1. IDBI Freedom Deposit Scheme
| Particulars | Details |
| Tenure | 15 days – 20 years |
| Min. Deposit Amount | Rs. 10,000 |
| Interest Treatment | Option 1: Monthly compounding – paid monthly Interest calculated at simple interest – paid annually Option 2: Quarterly compounding – paid on maturity (cumulative) |
| Rates for Senior Citizens | Additional 0.50% interest (on deposits worth Rs. 1 crore and more) |
| Premature Withdrawal | Available (no penalty charged) |
| Overdraft Facility | Available (up to 90% of deposit) |
| Features |
|
2. IDBI Floating Rate Term Deposit Scheme
Floating rates of interest are offered to the investors of this FD scheme by IDBI. This makes
| Particulars | Details |
| Tenure | 1 year – 20 years |
| Deposit Amount | Rs. 10,000 – Rs. 1 crore |
| Interest Treatment | Rates reset every quarter (1st of April, July, October & January); paid quarterly |
| Rates for Senior Citizens | Additional 0.50% rate of interest |
| Premature Withdrawal | Available (after 1 year) |
| Loan against FD | Available; up to 90% of the deposit amount |
| Features |
|
3. IDBI Suvidha Tax Saving Deposit Scheme
A tax-saving fixed deposit by IDBI, Suvidha Tax Saving Deposit Scheme provides high returns on one’s savings along with exemption in income tax for up to Rs. 1.5 lakh. This scheme is available for individuals and Hindu Undivided Families.
| Particulars | Details |
| Tenure | 5 years (fixed) |
| Deposit Amount | Up to Rs. 1.5 lakh |
| Interest Treatment | Compounded quarterly; paid half-yearly |
| Rates for Senior Citizens | Additional 0.50% interest |
| Premature Withdrawal | Not Available |
| Features |
|
IDBI Bank provides premature withdrawal facility in Freedom Deposit Scheme and Floating Rate Term Deposit Scheme. This facility lets the depositor withdraw funds from his/her FD after a stipulated lock-in period. With this option, one can do away with taking a loan in case of a financial imbalance.
Please note that this facility is not provided in Suvidha Tax Saving Deposit Scheme.
IDBI Bank forwards the facility of availing loan against one’s own fixed deposit scheme so as to cope up from a financial beating. Depositors can take a loan of up to 90% of the deposit amount on which a certain interest shall be charged by the bank. If the depositor is not able to repay the loan, the bank may recover the amount from the FD against which the loan was initially taken.
For those looking for investing in an IDBI FD scheme, it is highly advised to make use of tools like the IDBI FD Calculator which eases out the selection process of which FD to put one’s savings in. FD calculator available on Paisabazaar.com can be used to determine how much one shall earn as interest in investing money in a fixed deposit scheme offered by IDBI Bank. The said tool calculates the maturity amount taking the prevailing IDBI FD rates along with the deposit amount and tenure for which deposit is to be kept with the bank. It saves time and also eliminates the scope of error which can occur in manual calculations.
To open a fixed deposit account with IDBI Bank, customers need to keep the following documents in check:
Note: This is not a comprehensive list. Further addition, the omission of documents might be there.
To open an IDBI fixed deposit account, one can either opt for offline method of visiting the branch and getting the FD account opened or go the online route. While the former is a familiar one, the latter helps in saving time and effort as an online application can be made from anywhere.
To apply online, customers must ensure that they have a working IDBI net banking username and password. They simply need to visit the official website of the bank and log in to the net-banking to open the account.
For the offline process, the application form needs to be filled in and submitted at the nearby branch of IDBI Bank.
To download the online application form, follow the steps stated below:
Step 1: Visit the official website of IDBI Bank.
Step 2: Hover over the ‘Apply Now’ tab on the top of the homepage and select ‘Download Forms’ from the drop-down list.
Step 3: In the ‘Download Forms’ section, scroll down to find the ‘Fixed/Recurring Deposit Form’ for existing customers.
Step 4: Download the form that shall open in a new tab.
Step 5: For non-existing customers, click on ‘No’ in the ‘Help Us Contact You’ section on the same page. Fill contact details and submit the same so that a customer care executive may contact regarding the same.
Once the form is downloaded and printed, fill the same and duly sign it before submitting to the bank along with the required documents.
Note: For non-existing customers, i.e. people who do not have an account with IDBI Bank, please contact the customer care department of the bank or request for a call-back.
Q. What is the highest IDBI FD interest rate one can get currently?
A. Currently, customers can earn a maximum of 5.10% (regular individuals) / 5.60% (senior citizens) of interest in investing in IDBI FD.
Q. Do senior citizens enjoy any special privileges on investing in IDBI fixed deposits?
A. Yes, the bank provides preferential IDBI fixed deposit rates ranging from 3.40% to 5.70% which is 0.50% higher as compared to regular rates.
Q. Is it necessary to submit PAN while opening an IDBI FD account?
A. It’s not compulsory although non-submission of PAN card shall lead to TDS @ 20% which otherwise is 10%.
Q. Can one take a loan against the tax-saving fixed deposit scheme by IDBI Bank?
A. Facilities like taking a loan against FD or premature withdrawal are not provided in tax-saving fixed deposit schemes.
| IDBI Bank revises FD rates |
| 03rd October 2019 Offering multiple FD schemes, IDBI has revised its interest rates for select tenure. This change has been brought into effect from October 1st, 2019 and shall be applicable to all the new investors while the existing investors of the bank’s FD shan’t be affected by this revision. The bank has cut down fixed deposit interest rates for tenure ranging from 7-14 days to > 10 years-10 years. The change has led to FD rates falling by up to 50 basis points. Tax saver FD (5-year term) shall now give investor returns at 6.40% which was 6.60% earlier. |
| IDBI Bank reduces fixed deposits interest rates |
| 16th September 2019 IDBI Bank has revised its interest rates for fixed deposits (FD) on select deposit tenures w.e.f. September 12th, 2019. Changes thus made range from 5 bps to 25 bps thus leading to interest rates being available to regular citizens @ 3.50% – 6.95% which was 3.50% – 7.10% previously. Similarly, these changes have led to a change in the range of FD rates for senior citizens as well (4.00% – 7.45% as compared to the previous rates of 4.00% – 7.60%) |
