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
Treasury Bill Auction undertaken by RBI during Quarter | Anchor Rate for 364 -Days Treasury Bill | Anchor Rate for 91-Days Treasury Bill | Anchor Rate applicable for Quarter |
Jan 1-Mar 31, 2020 | 5.22 | 5.00 | Apr 01-Jun 30, 2020 |
Apr 01-Jun 30, 2020 | 3.77 | 3.54 | Jul 01-Sept 30, 2020 |
Jul 01-Sept 30, 2020 | 3.54 | 3.24 | Oct 01-Dec 31, 2020 |
Oct 01-Dec 31, 2020 | 3.45 | 3.12 | Jan 01-Mar 31, 2021 |
Jan 01-Mar 31, 2021 | 3.71 | 3.27 | Apr 01-Jun 30, 2021 |
Apr 01-Jun 30, 2021 | 3.77 | 3.39 | Jul 01-Sept 30, 2021 |
Jul 01-Sept 30,2021 | 3.69 | 3.37 | Oct 01-Dec 31, 2021 |
Oct 01-Dec 31, 2021 | 4.09 | 3.54 | Jan 01-Mar 31, 2022 |
Jan 01-Mar31,2022 | 4.56 | 3.74 | Apr 01-June 30, 2022 |
Apr 01-June 30, 2022 | 5.59 | 4.6 | July 01 to Sept 30, 2022 |
Jul 01-Sept 30, 2022 | 6.34 | 5.60 | Oct 01 - Dec 31,2022 |
Between Oct 01 - Dec 31,2022 | 6.91 | 6.38 | from Jan 01-Mar31,2023 |
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
FAQs on IDBI Bank Floating Rate Term Deposits
- What is floating rate fixed deposit in IDBI?
Floating rate term deposits (FRTDs) are those fixed deposit schemes where the interest rates are not fixed for the entire tenor of the deposit and changes as per the reference rate which is set periodically.
- What is the highest IDBI FD interest rate one can get currently?
The highest interest rate offered by IDBI Bank on its fixed deposit schemes is up to 6.75% for general customers and 7.25% for senior citizens.
- Can one take a loan against the tax-saving fixed deposit scheme by IDBI Bank?
No, the facility of loan against FD scheme or premature withdrawal is not available doe tax-saving fixed deposit schemes offered by IDBI Bank.
- Is it necessary to submit PAN while opening an IDBI FD account?
No, it is not mandatory to submit PAN while opening an IDBI FD account. But non-submission of PAN may lead to TDS (Tax Deducted at Source) deduction of 20% which is otherwise 10%.
- Do senior citizens enjoy any special privileges on investing in IDBI fixed deposits?
Yes, senior citizen customers of IDBI Bank enjoy special privileges of higher interest rate over regular FDs on investing in IDBI FD. The bank offers up to a 7.25% interest rate to its senior citizens FD account holders.
- Can a customer deposit an additional amount after opening the FD account?
No, a customer cannot deposit any additional amount after opening the FD account. The customer must maintain the deposit amount mentioned in the standing instruction while opening the FD account.
- Can we open an IDBI FD account online?
Yes, you can open an IDBI Bank FD account online by visiting the bank’s official website. Click on ‘Opening a Fixed Deposit’ option under ‘Request’ tab. Provide all the required details and click on ‘Submit’ to complete the process of opening FD account online. Provide the nominee details in person by visiting the bank.
- Who is eligible to open an FD account in IDBI Bank?
To open an FD account in IDBI Bank the eligible candidates are NRIs (Non-Resident Indians), resident individuals, Hindu Undivided Family (HUFs), firms, and minors.
- What is the minimum deposit amount needed to open an FD account in IDBI Bank?
The minimum deposit amount needed to open an FD account in IDBI Bank is Rs.10,000.
- How many FDs can be opened in IDBI Bank?
There is no limit or restriction on the number of FDs that can be opened in IDBI Bank.
- How to check the fixed deposit balance in IDBI Bank?
You can check the balance and status of your fixed deposit account at IDBI Bank both online and offline mode. Visit the official portal of IDBI Bank or visit the nearest branch of the bank to check the balance of IDBI Bank FD account.
- What are the ways to invest in IDBI FD account?
Other than offline mode, you can open IDBI FD account either through internet banking method or by availing mobile banking application.
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