Overview of IDBI Bank Fixed Deposit

IDBI Bank offers a wide range of fixed deposit schemes that cater to different requirements. Interest rates range from 3.00% to 5.80% p.a. for general customers. Senior citizens get an additional 0.50% interest rate. There are both cumulative and reinvestment options with the interest being compounded quarterly. Tenures range from 15 days to 20 years. Interest payment options are monthly, quarterly, and annually.

IDBI Bank Fixed Deposits:

The bank has four major schemes for fixed deposits which are:
  • Freedom Deposit
  • Suvidha Tax Saving Fixed Deposit
  • IDBI Bank Floating Rate Term Deposits
  • Naman Senior Citizen Deposits (for a limited time period)

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 Rs.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 Rs. 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 Rs.10,000.
  • Maximum amount required to open an FD is less than Rs.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.

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 for deposits of up to Rs.2 crore is 5.80% p.a. which is for the 5-year tenure. The lowest rate of interest offered by the bank for the same is 3.00% p.a. for a tenure of up to 14 days. 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 6.40%. The lowest rate of interest offered to them is 3.50%.

IDBI Naman Senior Citizen Fixed Deposit Scheme

Under this scheme, there will be an additional 0.10% interest rate over and above the 0.50% interest rate. This is only for a limited period from 15 June 2020 to 30 September 2020. This interest rate will be applicable for both fresh deposits as well as for deposit renewals done during this period. The deposit tenures for this scheme range from 3 years to 7 years.

IDBI Bank Fixed Deposit FAQ's

  1. What is the 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 Rs.10,000 and the maximum amount is Rs.99,99,999.

  2. What is theMinimum/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.

  3. 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.

  4. Does IDBI Bank Charge Premature Withdrawal Charge on FDs?

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

  5. 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.

  6. 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.

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