IDBI Bank Tax Saving FD
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.
Interest Rates on IDBI Bank Suvidha Tax Saving FD
The general public is offered an interest rate of 6.50% p.a. while senior citizens are offered 7.00% p.a. effective from September 2023.
Interest rates are subject to change.
Features and Benefits of IDBI Bank Suvidha Tax Saving FD
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* | 6.50% p.a. for general public 7.00% p.a. for senior citizens |
Premature withdrawals | Not available |
Loan Facility | Not available |
Nomination | Available |
*Interest rate with effect from 15 September 2023.
IDBI Bank Suvidha Tax Saving FD Interest Rate Calculator
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.
How to Open IDBI Bank Suvidha Tax Saving FD
You can open a tax saving FD with IDBI Bank through any of the following ways:
- Visit the nearest branch
- Apply on the bank's net banking portal through your account
- Apply on the bank's GO Mobile+ mobile application
Key Information Before Opening IDBI Bank Suvidha Tax Saving FD
Eligibility to Open a FD | Individual Kartha of a Hindu Undivided Family (HUF) |
Benefits of IDBI Bank Suvidha Tax Saving FD | Nomination facility Attractive returns on investment |
FAQs on IDBI Bank Suvidha Tax Saving FD
- Can I prematurely close my IDBI Bank Suvidha Tax Saving FD?
There is a lock-in period of 5 years for the IDBI Bank Tax Saving FD because of which premature closure is not allowed.
- Will TDS be charged on IDBI Bank Suvidha Tax Saving FD?
Yes, TDS will be charged as per your income tax bracket.
- Can I take a loan against IDBI Bank Suvidha Tax saving FD?
Loan against FD is not available for IDBI Bank Tax Saving FD.
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