IDBI Bank RD Interest Rates 2024
Introduction:
IDBI Bank provides attractive recurring deposit interest rates with a tenure ranging from 1 to 10 years. Established in 1964, IDBI, also known as the Industrial Development Bank of India, is a private sector full-service universal bank offering a diverse range of banking services.
Opening an RD account with IDBI requires a minimum deposit of just Rs. 100. Detailed interest rates are provided below.
IDBI Bank provides attractive recurring deposit interest rates with a tenure ranging from 1 to 10 years. Established in 1964, IDBI, also known as the Industrial Development Bank of India, is a private sector full-service universal bank offering a diverse range of banking services.
Opening an RD account with IDBI requires a minimum deposit of just Rs. 100. Detailed interest rates are provided below.
Features of Yes Bank Recurring Deposit
Characteristics of IDBI RD Interest Rates:
- IDBI provides a loan facility of up to 90% against your RD account.
- A nomination facility is available, enabling you to designate someone to collect your maturity amount.
- The deposit tenure spans from 6 months to 120 months (10 years).
- You can open an IDBI RD account by visiting any nearby IDBI branch.
- TDS deductions are subject to the prevailing income tax regulations established at the time of opening the RD account.
- IDBI RD interest rates reach up to 5.25% for general citizens and 5.75% for senior citizens.
Characteristics of IDBI RD Interest Rates:
- IDBI provides a loan facility of up to 90% against your RD account.
- A nomination facility is available, enabling you to designate someone to collect your maturity amount.
- The deposit tenure spans from 6 months to 120 months (10 years).
- You can open an IDBI RD account by visiting any nearby IDBI branch.
- TDS deductions are subject to the prevailing income tax regulations established at the time of opening the RD account.
- IDBI RD interest rates reach up to 5.25% for general citizens and 5.75% for senior citizens.
Recurring Deposit Interest Rates - 2024
Banks
Interest
Rates (PA)
Interest
Rates (PA)
Interest Rate
for Seniors (PA)
Interest Rate
for Seniors (PA)
Bandhan Bank RD Interest Rate
Bandhan Bank RD
Interest Rate
3.0% - 7.25%
3.5% - 7.75%
₹15,000
Kotak Mahindra Bank RD Interest Rate
Kotak Mahindra
Bank RD Interest Rate
Kotak Mahindra Bank RD
Interest Rate
4.0% - 7.25%
4.0% - 7.25%
4.0% - 7.75%
IDFC First Bank Rd Interest Rate
Central Bank
of India
3.5% - 7.0%
3.5% - 7.0%
4.0% - 7.5%
YES Bank RD Interest Rate
YES Bank RD
Interest Rate
7.45% - 7.75%
7.95% - 8.25%
RBL Bank RD Interest Rate
RBL Bank RD
Interest Rate
3.0% - 7.25%
3.0% - 7.25%
3.5% - 7.75%
Eligibility Criteria
Eligibility for IDBI Recurring Deposit Scheme:
- To initiate an RD account, individuals must be Indian citizens or belong to Hindu Undivided Families (HUF).
- NRIs also have the option to avail of an IDBI RD account through NRO (Non-Resident Ordinary Account) and NRE (Non-Resident External Account) accounts.
- Minors can also have an RD account opened with IDBI, provided their parents oversee the financial matters under their guardianship.
Eligibility for IDBI Recurring Deposit Scheme:
- To initiate an RD account, individuals must be Indian citizens or belong to Hindu Undivided Families (HUF).
- NRIs also have the option to avail of an IDBI RD account through NRO (Non-Resident Ordinary Account) and NRE (Non-Resident External Account) accounts.
- Minors can also have an RD account opened with IDBI, provided their parents oversee the financial matters under their guardianship.
Eligibility for IDBI Recurring Deposit Scheme:
- To initiate an RD account, individuals must be Indian citizens or belong to Hindu Undivided Families (HUF).
- NRIs also have the option to avail of an IDBI RD account through NRO (Non-Resident Ordinary Account) and NRE (Non-Resident External Account) accounts.
- Minors can also have an RD account opened with IDBI, provided their parents oversee the financial matters under their guardianship.
Documents Required
Required Documents for Opening an IDBI RD Account:
Identity Proof:
- Passport
- PAN card
- Voter ID card
- Driving License
- Government ID card
- Photo ration card
- Senior citizen ID card
Address Proof:
- Passport
- Telephone bill
- Electricity bill
- Bank statement with cheque
- Certificate/ID card issued by the post office
Required Documents for Opening an IDBI RD Account:
Identity Proof:
- Passport
- PAN card
- Voter ID card
- Driving License
- Government ID card
- Photo ration card
- Senior citizen ID card
Address Proof:
- Passport
- Telephone bill
- Electricity bill
- Bank statement with cheque
- Certificate/ID card issued by the post office
Required Documents for Opening an IDBI RD Account:
Identity Proof:
- Passport
- PAN card
- Voter ID card
- Driving License
- Government ID card
- Photo ration card
- Senior citizen ID card
Address Proof:
- Passport
- Telephone bill
- Electricity bill
- Bank statement with cheque
- Certificate/ID card issued by the post office
Types of ICICI Bank Recurring Deposit Schemes
1. Systematic Savings Plan (SSP):
The IDBI Systematic Savings Plan (SSP) facilitates flexible savings, allowing individuals to save at their convenience. Participants can initiate savings with a fixed amount ranging from INR 100 to less than INR 2 crore per month, tailored to meet predetermined financial objectives.
- Duration: 1 to 10 years
- Minimum Deposit: Rs. 100
- Maximum Deposit: Rs. 2 crores
- Nomination Facility Available
2. Systematic Savings Plan Plus (SSP Plus):
The SSP Plus scheme offers systematic savings coupled with principal and interest protection, supplemented by complimentary insurance coverage and reward points.
- Duration: 3 to 10 years
- Minimum Deposit: Rs. 5000, with subsequent deposits in multiples of Rs. 100
- Maximum Deposit: Rs. 2 crores
- Personal Accident Insurance Cover Included
- Loan Facility Available
- No TDS deduction with submission of Form 15G or 15H
- Premature Closure Option Available
1. Systematic Savings Plan (SSP):
The IDBI Systematic Savings Plan (SSP) facilitates flexible savings, allowing individuals to save at their convenience. Participants can initiate savings with a fixed amount ranging from INR 100 to less than INR 2 crore per month, tailored to meet predetermined financial objectives.
- Duration: 1 to 10 years
- Minimum Deposit: Rs. 100
- Maximum Deposit: Rs. 2 crores
- Nomination Facility Available
2. Systematic Savings Plan Plus (SSP Plus):
The SSP Plus scheme offers systematic savings coupled with principal and interest protection, supplemented by complimentary insurance coverage and reward points.
- Duration: 3 to 10 years
- Minimum Deposit: Rs. 5000, with subsequent deposits in multiples of Rs. 100
- Maximum Deposit: Rs. 2 crores
- Personal Accident Insurance Cover Included
- Loan Facility Available
- No TDS deduction with submission of Form 15G or 15H
- Premature Closure Option Available
ICICI Bank RD Premature Withdrawal Facility
If the depositor opts to withdraw the deposited amount before the predetermined tenure, a small penalty will be imposed on the applicable interest rate corresponding to the chosen RD scheme. Additionally, IDBI does not offer a partial withdrawal facility.
If the depositor opts to withdraw the deposited amount before the predetermined tenure, a small penalty will be imposed on the applicable interest rate corresponding to the chosen RD scheme. Additionally, IDBI does not offer a partial withdrawal facility.
Tax Exemptions on RBL RD
IDBI, along with all other recurring deposits, falls under the purview of taxation as per the Income Tax Act of 1961.
The funds invested in RD contribute to your yearly income, subjecting the earned interest to a 10% TDS (Tax Deducted at Source) deduction if it exceeds Rs.40,000 per annum (previously Rs.10,000 before FY 2019-20).
To exempt your RD profits from TDS, you have the option to submit either Form 15G or Form 15H.
IDBI, along with all other recurring deposits, falls under the purview of taxation as per the Income Tax Act of 1961.
The funds invested in RD contribute to your yearly income, subjecting the earned interest to a 10% TDS (Tax Deducted at Source) deduction if it exceeds Rs.40,000 per annum (previously Rs.10,000 before FY 2019-20).
To exempt your RD profits from TDS, you have the option to submit either Form 15G or Form 15H.
How to Open a Recurring Deposit Account in RBL?
You can initiate the opening of an IDBI RD account either through offline means by visiting your nearest IDBI bank branch or online by accessing the bank's net banking portal if you are an existing account holder.
You can initiate the opening of an IDBI RD account either through offline means by visiting your nearest IDBI bank branch or online by accessing the bank's net banking portal if you are an existing account holder.
How to Calculate the Maturity Amount on RBL Bank RD?
The formula utilized to compute the sum obtained upon maturity is expressed as A = P(1+r/n) ^ nt, where:
‘A’ denotes the final amount received
‘P’ signifies the principal
‘r’ represents the annual interest rate
‘n’ indicates the number of times interest has been compounded
‘t’ denotes the tenure
The formula utilized to compute the sum obtained upon maturity is expressed as A = P(1+r/n) ^ nt, where:
‘A’ denotes the final amount received
‘P’ signifies the principal
‘r’ represents the annual interest rate
‘n’ indicates the number of times interest has been compounded
‘t’ denotes the tenure
1.) How can I close my RD account?
You can close your RD account either by visiting your bank branch, using net banking, or through the bank's mobile application.
2.) Where will the closure proceeds be deposited?
The closure proceeds will be credited to the same savings bank account from which the recurring deposit payments were deducted.
3.) Is it necessary to visit the bank branch to close the RD account?
No, you can also close your RD account using net banking or the bank's mobile application.
4.) Can I close my RD account online?
Yes, you can close your RD account online through net banking or the bank's mobile application.
5.) Will I receive the closure proceeds immediately?
The closure proceeds will be deposited into your savings account, usually within a few business days after the closure request is processed.
Author
Harish Malhi
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