IDBI Bank offers various fixed deposit schemes to its customers including regular citizens and senior citizens. The bank provides higher interest rates for a tenure ranging from a minimum of 7 days to 10 years. Customers can open an IDBI Bank Fixed Deposit account with a minimum amount as low as Rs. 10,000. Let’s look at a summarized list of IDBI FD rates.
IDBI FD Rates 2019
Rate of Interest on Term Deposits/NRO up to less than Rs. 2 crore
| Tenure | IDBI Bank FD Rates | |
| Regular Citizens | Senior Citizens | |
| 7-14 days | 3.50% | 4.00% |
| 15-30 days | 4.50% | 5.00% |
| 31-45 days | 4.75% | 5.25% |
| 46-60 days | 5.50% | 6.00% |
| 61 to 90 days | 5.50% | 6.00% |
| 91 to 6 months | 5.75% | 6.25% |
| 6 months 1 day to 270 days | 6.10% | 6.60% |
| 271 days to < 1 year | 6.15% | 6.65% |
| 1 year | 6.65% | 7.15% |
| >1 years to 2 years | 6.55% | 7.05% |
| >2 years to < 3 years | 6.50% | 7.00% |
| 3 years to < 5 years | 6.50% | 7.00% |
| 5 years (Tax Saver FD) | 6.40% | 6.90% |
| > 5 years – 7 years | 6.35% | 6.85% |
| >7 years – 10 years | 6.35% | 6.85% |
| >10 years – 20 years | 6.00% | 6.50% |
Note: The above-mentioned interest rates are applicable with effect from October 1st, 2019.
NRE (Non-Resident External) Fixed Deposit Interest Rates
| Tenure | Interest Rate (p.a.) (Regular Citizens) | Interest Rate (p.a.) (Senior Citizens) |
| 1 year | 6.75% | 7.25% |
| >1 years to 2 years | 6.65% | 7.15% |
| >2 years to < 3 years | 6.60% | 7.10% |
| 3 years to < 5 years | 6.65% | 7.15% |
| 5 years | 6.60% | 7.10% |
| > 5 years – 7 years | 6.60% | 7.10% |
Note- The above-mentioned rates are applicable w.e.f October 1st, 2019, on deposits less than Rs.2 crore
FCNR (Foreign Currency Non-Resident) Fixed Deposit Interest Rates
| Tenure | USD | GBP | EUR | AUD | CAD | JPY | SGD | HKD | CHF |
| 1 year to less than 2 years | 2.55% | 1.35% | 0.00% | 1.59% | 2.30% | 0.25% | 2.29% | 2.68% | 0.00% |
| 2 years to less than 3 years | 2.29% | 1.30% | 0.00% | 1.48% | 2.19% | 0.18% | 2.23% | 2.38% | 0.00% |
| 3 years to less than 4 years | 2.17% | 1.28% | 0.00% | 1.48% | 2.15% | 0.11% | 2.17% | 2.21% | 0.00% |
| 4 years to less than 5 years | 2.12% | 1.27% | 0.00% | 1.57% | 2.16% | 0.06% | 2.11% | 2.11% | 0.00% |
| 5 years only | 2.09% | 1.25% | 0.00% | 1.61% | 2.12% | 0.00% | 2.07% | 2.02% | 0.00% |
Note- No interest payable on FCNR deposits closed prematurely in less than 1 year. All figures in % per annum. Effective September 19th, 2019
RFC (Resident Foreign Currency) Fixed Deposit Interest Rates
| Tenure | USD | GBP | EURO | JPY |
| Less than 30 days | 2.60% | 0.00% | 0.00% | 0.00% |
| 30 days – 90 days | 2.60% | 0.00% | 0.00% | 0.00% |
| 91 days – 6 months | 2.53% | 0.00% | 0.00% | 0.00% |
| 6 months 1 day < 1 year | 2.46% | 0.00% | 0.00% | 0.00% |
| 1 year < 2 years | 2.30% | 1.10% | 0.00% | 0.00% |
| 2 years < 3 years | 2.04% | 1.05% | 0.00% | 0.00% |
| 3 years only | 1.92% | 1.03% | 0.00% | 0.00% |
Note- The above-mentioned rates are applicable w.e.f September 01st, 2019.
Types of IDBI Bank Fixed Deposit Schemes
1. IDBI Bank Freedom Deposit Scheme
| Features & Benefits of IDBI Bank Freedom Deposit Scheme |
|
Eligibility Criteria –
- Resident Individual (sole or joint account)
- Hindu Undivided Family
- Private and Public limited companies
2. IDBI Bank Suvidha Tax Saving Fixed Deposit Scheme
| Features & Benefits of IDBI Bank Suvidha Tax Saving FD Scheme |
|
Eligibility Criteria –
- Resident Individual (sole or joint account)
- Hindu Undivided Family
3. IDBI Bank Godhuli Retail Term Deposit Scheme
| Features & Benefits of IDBI Bank Godhuli Retail Term Deposit |
|
The applicable IDBI Bank FD rate on Godhuli Term Deposit is divided into two periods:
From the date of booking till the attainment of senior citizenship– In this period, the rate of interest applicable to the deposit would be the regular deposit rate applicable to non-senior citizen category and shall be applied on the original deposit amount.
From the date of attainment of senior citizen status till the date of maturity of the deposit– The rate of interest shall be the one prevailing on senior citizen deposits at the time of booking the Godhuli deposit for the tenure corresponding to the time period between the date of attainment of senior citizen status and the date of maturity of the deposit.
Note: The minimum residual tenure of the deposit i.e. the period in between the attainment of senior citizen status by the depositor and the maturity of the deposit should be at least equal to the minimum tenure applicable for senior citizen deposits at the point of time of booking the Godhuli deposit.
Eligibility Criteria –
- Resident Individuals aged between 55 years and above but less than 60 years.
4. IDBI Bank Floating Rate Term Deposit Scheme
| Features & Benefits of IDBI Bank Floating Rate Term Deposit Scheme |
|
Eligibility Criteria –
- Resident Individual (sole or joint account)
- Minor himself/herself or through his/her guardian
- Karta of Hindu Undivided Family
IDBI Bank Premature Withdrawal Facility
Investors can avail the premature withdrawal facility of IDBI Bank which means that the depositor can withdraw the fixed deposit amount before maturity. Fixed Deposit is classified into two types:
- With the premature withdrawal facility
- Without premature withdrawal facility (For instance – Tax Saving FD that comes with a lock-in period of 5 years)
However, individuals who want to make premature withdrawals will be required
To a pay 1% penalty for the same, this will be charged on the IDBI Bank FD Rate.
IDBI Bank Loan against Fixed Deposit
IDBI Bank provides its customers with the facility of loan against fixed deposit up to 90% of the value of their fixed deposit at attractive interest rates.
IDBI Bank FD Calculator
Investors can check the maturity amount of the scheme by using the IDBI Bank FD Interest Rate Calculator at Paisabazaar. Also, IDBI Bank FD Interest Rates differ for different tenures. So the Investors can check and compare IDBI Bank FD Rates with other bank FD Rates and calculate the maturity amount to decide a preferred tenure option. Investors can use FD calculator by providing the potential deposit amount that they want to invest, IDBI Bank FD Rates and deposit tenure that they want to stay invested for. After providing these details, investors will be required to click on “Calculate” button to check their potential earnings by investing in IDBI Bank Fixed Deposit.
Documents Required to Open IDBI Bank FD Account
| Recent passport size photograph |
| Proof of Identity |
| PAN card(mandatory) Aadhaar card Voter ID Passport Driving license Senior Citizen ID Card |
| Proof of Residence |
| Utility bills (electricity, water, telephone, and gas) Bank account statement (with cheque) Passport |
How to Apply for IDBI Bank Fixed Deposit?
Customers who want to apply for IDBI Bank Fixed Deposit schemes can visit the nearest bank branch. To know more about the IDBI Bank fixed deposit scheme, account holders can also give a call to the IDBI Bank customer care number.
Frequently Asked Questions (FAQs)
Q. What is the minimum tenure of the IDBI Bank Freedom Deposit scheme?
A. The minimum tenure of the IDBI Bank Freedom Deposit Scheme is 7 days.
Q. What is the maximum tenure of IDBI Bank Freedom Deposit scheme>
A. The maximum tenure of the IDBI Bank Freedom Deposit scheme is 20 years.
Q. What are the various types of IDBI Bank fixed deposits?
A. The various types of IDBI Bank fixed deposit schemes are:
- IDBI Bank Freedom Deposit Scheme
- IDBI Bank Suvidha Tax Saving Fixed Deposit Scheme
- IDBI Bank Godhuli Retail Term Deposit Scheme
Q. Can an account holder of IDBI Bank avail a loan against a fixed deposit?
A. Yes, an account holder of IDBI Bank can avail loan up to 90% against fixed deposit.
Q. Who all are eligible to avail an IDBI Bank Suvidha Tax Saving Fixed Deposit scheme?
A. The eligibility criteria to avail an IDBI Bank Suvidha Tax Saving Fixed Deposit scheme:
- Resident Individual (sole or joint account)
- Hindu Undivided Family
Q. What is the maximum deposit amount of the IDBI Bank Suvidha Tax Saving Fixed Deposit Scheme?
A. The maximum deposit amount of the IDBI Bank Suvidha Tax Saving Fixed Deposit scheme is 1.5 lakh.
Q. Does IDBI bank provides an additional FD interest rate to the senior citizens?
A. Yes, the IDBI bank provides an additional 0.50% FD interest rate to the senior citizens.
IDBI Bank Fixed Deposit News
| 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%) |