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IDBI RD Interest Rates 2020

IDBI Bank offers attractive interest rates on recurring deposit (RD). The bank which offers the IDBI Systematic Savings Plan – Recurring Deposit enables you to add to your savings at your convenience. The Recurring Deposit account can be opened with a minimum amount of Rs.100 with the tenure ranging between 1 year and 10 years. The interest rate offered on the RD tenures ranges from 5.35% p.a. to 5.45% p.a. Senior citizens are offered additional interest of 0.50%.

IDBI Bank RD Interest Rates

Tenure Interest Rate p.a. (General Public) Interest Rate p.a. (Senior Citizen)
1 year 5.35% 5.85%
More than 1 year to 2 years 5.45% 5.95%
More than 2 years to 3 years 5.40% 5.90%
3 years to less than 5 years 5.40% 5.90%
5 years 5.50% 6.00%
More than 5 years to 7 years 5.40% 5.90%
More than 7 years to 10 years 5.40% 5.90%

Note: The mentioned interest rates are effective 15 July 2020.

IDBI Bank - Medium and Long Term RD Interest Rates

Recurring Deposit (RD) accounts which are opened for a period that ranges between 1 year and 3 years are known as medium-term RD accounts. The interest paid by the lender on these tenures is in the range of 5.35% p.a. to 5.40% p.a.

IDBI Bank – Long-Term RD Interest Rates

Any RD account opened for a period above 3 years falls under the category on long-term recurring deposit. The interest paid on such deposits is in the range of 5.40% p.a. to 5.50% p.a.

IDBI Bank - Senior Citizen RD Interest Rates

IDBI Bank offers an additional interest rate of 0.50% to senior citizens on recurring deposit accounts. The interest paid to citizens above the age of 60 years for opening a medium-term or long-term RD with IDBI Bank is in the range of 5.85% p.a. to 6.00% p.a.

You can invest in IDBI RD and get into the habit of saving monthly.

Frequently Asked Questions (FAQs)

  1. Who can open a recurring deposit account with IDBI Bank?
  2. A recurring deposit account with IDBI Bank can be opened by individuals and Hindu Undivided Families (HUFs).

  3. What does the bank’s Systematic Savings Plan (SSP) Plus offer?
  4. In addition to regular savings with principal plus interest protection, IDBI Bank also offers complimentary insurance cover and reward points.

  5. What is the minimum and maximum eligible tenor when it comes to IDBI SSP Plus?
  6. The minimum insurance tenor is 3 years and completed quarters. As for the maximum tenor it is 10 years.

  7. What is the minimum instalment amount with regard to SSP Plus?
  8. The minimum instalment amount is Rs.5,000 and multiples of 100 thereof.

  9. How many complimentary reward points are offered by IDBI Bank for opening an SSP plus account?
  10. IDBI Bank offers up to 1,000 complimentary one-time redeemable reward points.

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