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    Overview of IDBI Bank Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    15 Days to 20 Years
    4.25% - 7.65% Monthly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7.15% Monthly compounding
    Response Time Within 30 minutes
    Fixed Deposit BYTES FROM OUR KITCHEN

    About IDBI Bank:

    IDBI stands for Industrial Development Bank of India. Headquartered in Mumbai, it is one of the major government-owned banks in India. The bank was established in 1964 by an Act of Parliament to provide financial services to the emerging Indian industry.

    The bank offers products and services like Preferred Banking, Savings Accounts, Flexi Current Accounts, Corporate Payroll Accounts, Flexi Deposits, Lockers, Loans and Cards to name a few.

    The bank also offers customized banking and financial solutions to its retail and corporate customers through its large network of branches and ATMs spread across the country. IDBI bank has an international presence with its branch offices in Dubai, Singapore and Beijing. Also, the bank has plans to expand its network to various parts of the world.

    IDBI bank has a total balance sheet size of ₹ 3, 28,997 crore and overall business of ₹ 4, 33,460 crore so far.

    IDBI Bank Fixed Deposits:

    Like all other banks in India, IDBI Bank also offers fixed deposits at competitive interest rates to help its customers get maximum returns on their savings with IDBI Bank. A fixed deposit account provides higher returns on your savings than a normal savings account. Investing in IDBI Bank’s fixed deposit accounts, you are assured of returns on your savings. The bank has three major schemes for fixed deposits which include ‘Freedom Deposit’, “IDBI Bank Suvidha Tax Saving Fixed Deposit” and “IDBI Bank Floating Rate Term Deposits”.

    Features & Benefits of IDBI Bank Freedom Deposit:

    • Minimum deposit period of 15 days and a maximum period of 20 years.
    • Get access to your deposits anytime.
    • Minimum deposit required is ₹ 10,000 to open an FD account.
    • Get attractive rates of interest.
    • Senior citizens can also open their FD accounts with IDBI Bank. They are entitled to get extra 0.5% benefit on their deposits for a period of 6 months 2 days and above.
    • The bank does not charge any penalty fee on premature withdrawal of Fds.
    • Get overdrafts against your fixed deposits.
    • Auto renewal facility is available on maturity.
    • Different deposit options are available.
    • Get interest at monthly, quarterly and annual basis depending on your preference.

    Features & Benefits of IDBI Bank Suvidha Tax Saving Fixed Deposit:

    • Door to door banking service is available.
    • Individuals and members of HUF can invest in this deposit.
    • Deposit is accepted for a period of 5 years.
    • You can deposit up to ₹ 1.5 lakhs.
    • Avail a lump sum amount on maturity of your deposits after 5 years.
    • Loans are provided against this deposit. You can get home loans, personal loans and educational loans with minimal paperwork.

    Features & Benefits of IDBI Bank Floating Rate Term Deposits:

    • Get loans against your term deposits under this scheme.
    • Nomination facility is available.
    • Minors are allowed to open their FD account jointly under this scheme.
    • Automatic renewal option is available.
    • Get tax deduction at source.
    • No premature withdrawal up to 1 year.
    • Senior citizens are allowed to open their FDs under this scheme with additional rates of interest.
    • Individuals can open their FD accounts both jointly and singly
    • Minimum amount required to open an FD is ₹ 10,000.
    • Maximum amount required to open an FD is less than ₹ 1 crore.
    • Deposit is accepted for a minimum period of 1 year and a maximum period of 20 years.

    IDBI Bank FD Eligibility:

    Resident Indians, NRIs, senior citizens and members of HUF can open their fixed deposit accounts with IDBI Bank and get maximum returns on their savings.

    Minimum/Maximum amount required to open an FD account with IDBI Bank:

    The minimum amount required to open a fixed deposit account with IDBI Bank is ₹ 10,000 and the maximum amount is ₹ 99,99,999.

    Minimum/Maximum deposit tenures of IDBI Bank FDs:

    IDBI Bank accepts deposits for a minimum tenure of 15 days and a maximum tenure of 20 years.

    IDBI Bank FD Interest Rates:

    The bank offers attractive rates of interest on its fixed deposits. For domestic and NRO term deposits, the highest rate of interest offered by the bank is 8.80%. The lowest rate of interest offered by the bank for the same is 4.50%. However, these rates of interest are applicable for investing less than ₹ 1 crore. For IDBI Bank Floating Rate Term Deposits, the highest rate of interest offered by the bank is 8.86%; the lowest rate of interest for the same is 8.46%. The interest rates of IDBI Bank vary based on the tenure of deposits and the amount deposited. However, these interest rates are subject to change from time to time without providing prior notice to its customers.

    IDBI Bank FD for Senior Citizens:

    IDBI Bank allows senior citizens to open their fixed deposit accounts with the bank. It offers special rates of interest for senior citizens. They can invest for a minimum period of 15 days to a maximum period of 20 years with IDBI Bank. The highest rate of interest offered to senior citizens is 9.10%. The lowest rate of interest offered to them is 4.50%.

    Does IDBI Bank Allow Renewal of its Existing FDs?

    Yes, IDBI Bank allows renewal of its existing fixed deposit accounts. The bank also provides auto renewal facility for its fixed deposits on maturity.

    Does IDBI Bank Charge Premature Withdrawal Charge on FDs?

    IDBI Bank does not charge any penalty fee for premature withdrawal of its fixed deposits.

    Are Loans Provided Against FDs at IDBI Bank?

    Yes, IDBI Bank provides loans against fixed deposit accounts under its “IDBI Bank Suvidha Tax Saving Fixed Deposit Scheme”. You can apply for educational loan, home loan, personal loan etc. against your fixed deposits opened under this scheme.

    Does IDBI Bank provide Tax Saver Fixed Deposits?

    Yes, IDBI Bank offers tax saver fixed deposits under its “IDBI Bank Suvidha Tax Saving Fixed Deposit Scheme”. The bank has the legal right to deduct tax at source if the total interest payable on all term deposits held by a person exceeds ₹ 10,000 per year, the amount mentioned under the Income Tax Act, 1961. You will get a TDS certificate from the bank after tax deducted at source.

    News About IDBI Bank Fixed Deposit

    • IDBI Bank ratings revised by ICRA

      The rating for multiple products offered by IDBI Bank was revised by ICRA recently, highlighting changing trends and offering insight to investors. The Basel 3 Compliant Tier 2 Bonds scheme of the bank was changed from [ICRA] AA+ (Hyb) to [ICRA] AA (Hyb), while the Additional Tier 1 Bonds Programme which had a rating of [ICRA] AA- (Hyb) was changed to [ICRA] A+ (Hyb).

      Other changes include the Upper Tier 2 Bonds Programme which was changed from [ICRA] AA to [ICRA] AA- and the Basel 2 Compliant Perpetual Bonds Programme which has a new rating of [ICRA] AA-, changed from its old rating of [ICRA] AA.

      23rd February 2016

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