IDBI Bank Fixed Deposits: Interest Rates 2024 Explained
Apr 16, 2024
7 MinsIDBI, standing for Industrial Development Bank of India, is a prominent banking and financial services organization based in Mumbai, Maharashtra. It offers a wide range of banking products including various Fixed Deposit (FD) options. IDBI Bank's FD schemes enable customers to save over a set period and earn interest on their deposits. Notably, depositors can only make an initial deposit at account creation; further deposits during the term aren't permitted. Benefits of an IDBI Bank FD account include loan access, auto-renewal options, and more.
Key Features and Advantages of IDBI Bank Fixed Deposits
Characteristics and Benefits of IDBI Fixed Deposit:
- Loans available up to 90% of the deposited amount
- Flexible terms ranging from 7 days to 20 years
- Attractive interest rates
- Senior citizens earn an additional 0.50% interest
- Convenient auto-renewal features
- Diverse deposit options to meet individual needs
- Quick liquidity options without hassles
- Choice of interest payout: monthly, quarterly, or annually
IDBI Bank FD Interest Rates 2024
| Tenure | Interest Rates (PA) | Interest Rate for Seniors (PA) |
|---|---|---|
| 7 days - 1 month | 3% | 3.5% |
| 1 month 1 day - 1 month 15 days | 3.25% | 3.75% |
| 1 month 16 days - 1 month 30 days | 4.25% | 4.75% |
| 2 months - 2 months 29 days | 4.5% | 5% |
| 3 months - 5 months 27 days | 5.25% | 5.75% |
| 5 months 28 days - 8 months 26 days | 5.75% | 6.25% |
| 8 months 27 days - 9 months 24 days | 6.25% | 6.75% |
| 9 months 25 days - 9 months 25 days | 7.05% | 7.55% |
| 9 months 26 days - 11 months 30 days | 6.25% | 6.75% |
| 1 year - 1 year 9 days | 6.8% | 7.3% |
| 1 year 10 days - 1 year 10 days | 7.1% | 7.6% |
| 1 year 11 days - 1 year 2 months 17 days | 6.8% | 7.3% |
Types of IDBI Bank FD Schemes
IDBI Bank Suvidha Fixed Deposit
This plan allows reinvestment of interest in the deposit amount with a minimum deposit of Rs. 10,000 and a tenure between 7 days to 20 years. Auto-renewal facility and flexible interest payout options are available. Overdrafts up to 90% of the FD value are offered, along with the Sweep In Savings feature.
IDBI Suvidha Tax Saving Fixed Deposit
This scheme allows deposits up to Rs. 1.5 lakh for 5 years with exclusive banking experience.
IDBI Floating Rate Fixed Deposit
With a minimum deposit of Rs. 10,000 and tenures from 1 year to 20 years, the interest rate adjusts quarterly. Overdrafts can be taken against these deposits, with additional interest for seniors.
IDBI NRE Fixed Deposits
Accepts a minimum deposit of Rs. 10,000 for 1 to 10 years. Choice of monthly/quarterly or cumulative interest is offered. Loan facilities are also available.
IDBI Bank NRO Fixed Deposits
Offers tenures from 15 days to 10 years with flexible interest payout options and loans against deposits.
IDBI Bank FCNR Scheme
Deposits in multiple currencies with a minimum amount equivalent to USD 1,000 for 1 to 5 years. Full repatriation of principal and interest is allowed, with no premature closure penalty.
How to Open a Fixed Deposit Account with IDBI Bank
FD accounts can be opened via Mobile App, Internet Banking, or offline. For Internet Banking, log in, choose 'Opening a Fixed Deposit', fill in details, and submit. The same process applies to the IDBI Bank Mobile App. Offline, visit a branch, complete the form, provide documents, and deposit the amount. Application processing yields an FD receipt.
Qualifications for Opening a Fixed Deposit Account at IDBI Bank
Eligible categories include residents, individuals, NRIs via NRE/NRO accounts, HUF, senior citizens, proprietorships, partnership firms, and institutions.
Necessary Documents to Open a Fixed Deposit Account at IDBI Bank
Applicants must provide a complete application form, photo ID and address proof, age proof, photos, and a PAN card. Minors and senior citizens require age verification documents.
Early Withdrawal of IDBI Bank Fixed Deposit
IDBI Bank allows premature FD withdrawals except for tax-saving deposits, subject to penalties as per bank conditions.
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