IDBI Bank Tax Saving FD offers attractive interest rates along with tax savings under Section 80C of the Income Tax Act. The Bank offers the option of a cumulative interest deposit or monthly/quarterly interest payout.
The general public is offered an interest rate of 5.10% p.a. while senior citizens are offered 5.60% p.a. effective from 1 January 2021. Interest rates are subject to change.
|Account type||Term deposit/Special term deposit|
|Amount||Maximum: Rs.1.5 lakh for 5 years|
|Period||Minimum: 5 years Maximum: 5 years|
|Interest rate*||5.10% p.a. for general public 5.60% p.a. for senior citizens|
|Premature withdrawals||Not available|
|Loan Facility||Not available|
*Interest rate with effect from 11 January 2021
The free online IDBI Bank FD interest rate calculator helps you to calculate your FD maturity amount based on the current rate of interest offered by the bank. The details required are the total amount being deposited (a maximum of Rs.1.5 lakh), the current interest rate, and tenure (which will be 5 years as there is a lock-in period of 5 years). The total amount on maturity will be accurately and instantly shown on the page.
You can open a tax saving FD with IDBI Bank through any of the following ways:
|Eligibility to Open a FD||
Kartha of a Hindu Undivided Family (HUF)
|Benefits of IDBI Bank Suvidha Tax Saving FD||
Attractive returns on investment
There is a lock-in period of 5 years for the IDBI Bank Tax Saving FD because of which premature closure is not allowed.
Yes, TDS will be charged as per your income tax bracket.
Loan against FD is not available for IDBI Bank Tax Saving FD.
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