How IDBI Bank Fixed Deposits Can Save You Money in 2024
Apr 16, 2024
7 MinsIDBI Bank, formally known as the Industrial Development Bank of India, is a prominent banking institution based in Mumbai, Maharashtra. Renowned for its extensive range of banking products, the bank specializes in various Fixed Deposit (FD) options. These FD plans facilitate savings over a set period with accrued interest. The FD account is initiated with a single deposit, prohibiting additions during the term. IDBI Bank FD accounts come with perks like loan access, auto-renewal services, and more.
Main Features and Benefits of IDBI Bank Fixed Deposits
Highlights and Benefits of IDBI Fixed Deposit:
- Avail loans up to 90% of the deposit
- Flexible durations from 7 days to 20 years
- Attractive interest rates
- Senior citizens get an additional 0.50% interest
- Hassle-free auto-renewal options
- A variety of deposit schemes to suit different needs
- Easy liquidity options
- Interest payouts available: 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 allows reinvestment of interest, requiring a minimum deposit of Rs. 10,000 with flexible terms from 7 days to 20 years. Auto-renewal and interest payout options are available along with overdrafts up to 90% of the FD's value.
- IDBI Suvidha Tax Saving Fixed Deposit: Designed for deposits up to Rs. 1.5 lakh for 5 years, offering a unique banking experience.
- IDBI Floating Rate Fixed Deposit: It requires a minimum deposit of Rs. 10,000, with tenures ranging from 1 year to 20 years. Interest rates adjust quarterly, and overdraft facilities are available, with additional interest for seniors.
- IDBI NRE Fixed Deposits: Accepts a minimum deposit of Rs. 10,000 for 1 to 10 years, offering monthly/quarterly or cumulative interest options alongside loan facilities.
- IDBI Bank NRO Fixed Deposits: Provides tenures from 15 days to 10 years, featuring flexible interest payout options and loan provisions against deposits.
- IDBI Bank FCNR Scheme: Accepts deposits in various currencies with a minimum amount equivalent to USD 1,000 for 1 to 5 years. Offers full repatriation of principal and interest without premature closure penalties.
How to Open a Fixed Deposit Account with IDBI Bank
Open FD accounts via Mobile App, Internet Banking, or offline. For Internet Banking, log in, choose 'Open a Fixed Deposit', fill out details, and submit. On the IDBI Bank Mobile App, follow similar steps. Offline openings require visiting a branch, completing forms, and presenting necessary documents to deposit the amount and receive an FD receipt.
Eligibility for Opening a Fixed Deposit Account at IDBI Bank
Eligible applicants include residents, individuals, NRIs through NRE/NRO accounts, HUFs, senior citizens, proprietorships, partnership firms, and institutions.
Required Documents to Open a Fixed Deposit Account at IDBI Bank
Applicants must provide a completed application, photo ID and address proof, age proof, photographs, and a PAN card. Minors and seniors need to attach age verification documents.
Premature Withdrawal of IDBI Bank Fixed Deposit
IDBI Bank allows early withdrawal of FDs except for tax-saving deposits, imposing penalties subject to bank-specific conditions.
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