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

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