• IDBI Bank Floating Rate Term Deposits

    IDBI Bank offers the Floating Rate Fixed Deposit scheme, where the interest rates are periodically reset over the tenure. Under the scheme, you can take advantage of any interest rate changes without closing the Fixed Deposit.

    IDBI Bank Floating Rate Term Deposit Features

    The main features of the Floating Rate Term Deposit are mentioned below:

    • Tenure: The tenure of the scheme can range between 1 year and 20 years (1 year, 2 years, 3 years, 5 years, 7 years, 10 years, and 10 years-20 years).
    • Confirmation of Deposit (COD): Since the interest rates are not fixed, the COD that is provided will not have the maturity value present on it.
    • Joint Accounts: Joint accounts can be opened.
    • Minimum Amount: The minimum amount that must be deposited is Rs.10,000.
    • Maximum Amount: The maximum amount that can be deposited is Rs.1 crore.
    • Eligibility:
      • Individuals
      • Joint account
      • Minors
      • Karta of Hindu Undivided Families (HUFs)

    Benefits of IDBI Floating Rate Term Deposit

    The main benefits of the Floating Rate Term Deposit are mentioned below:

    • Additional interest rates are provided to senior citizens.
    • Premature withdrawal is allowed after 1 year.
    • Tax Deducted at Source (TDS) is applicable.
    • In case the tenure of the scheme is more than 1 year, you will be provided with the auto renewal facility.
    • Nominations can be added to the account.
    • Loans can be availed against the amount that is available in the account.
    • The interest is reset every quarter of the financial year.
    • The interest is paid on the last day of every quarter.

    IDBI Floating Rate Term Deposit Interest Rate

    Average of Weighted Avg. Yield of 91-Days Treasury Bill Auction undertaken by RBI for Quarter Anchor Rate Anchor Rate applicable for Quarter
    1 January 2019 – 31 March 2019 6.47% 1 April 2019 – 30 June 2019
    1 April 2019 – 30 June 2019 6.24% 1 July 2019 – 30 September 2019
    1 July 2019 – 30 September 2019 5.55% 1 October 2019 – 31 December 2019
    1 October 2019 – 31 December 2019 5.05% 1 January 2020 – 31 March 2020
    1 January 2020 – 31 March 2020 5.00% 1 April 2020 – 30 June 2020
    1 April 2020 – 30 June 2020 3.54% 1 July 2020 – 30 September 2020
    1 July 2020 – 30 September 2020 3.24% 1 October 2020 – 31 December 2020
    1 October 2020 – 31 December 2020 3.12% 1 January 2021 – 31 March 2021
    1 January 2021 – 31 March 2021 3.27% 1 April 2021 – 30 June 2021

    Different Ways to Apply for IDBI Bank Floating Rate Term Deposit

    The different ways by which you can apply for the fixed deposit are mentioned below:

    • Net Banking
    • Go Mobile App
    • By visiting the nearest branch

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