IDBI Bank offers attractive recurring deposit interest rates for tenures from 1 to 10 years. Founded in 1964, IDBI (Industrial Development Bank of India) is a private sector universal bank providing a wide array of banking services.

To open an RD account with IDBI, a minimum deposit of Rs. 100 is required. Interest rates are listed below.

Eligibility Criteria

Eligible Individuals for IDBI Recurring Deposit:

• Indian citizens or Hindu Undivided Families (HUF) can start an RD account.
• NRIs can use an NRO (Non-Resident Ordinary) or NRE (Non-Resident External) account to hold an IDBI RD.
• Minors can open an RD account with parental oversight.

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
• Post office-issued certificate/ID

Types of ICICI Bank Recurring Deposit Schemes

1. Systematic Savings Plan (SSP):

IDBI's Systematic Savings Plan (SSP) allows flexible savings with a fixed amount starting from INR 100 up to less than INR 2 crores monthly, aligned with financial goals.

• Duration: 1 to 10 years
• Minimum Deposit: Rs. 100
• Maximum Deposit: Rs. 2 crores
• Nomination Facility Available

2. Systematic Savings Plan Plus (SSP Plus):

SSP Plus offers systematic savings with principal and interest security, plus insurance coverage and reward points.

• Duration: 3 to 10 years
• Minimum Deposit: Rs. 5000, subsequent multiples of Rs. 100
• Maximum Deposit: Rs. 2 crores
• Includes Personal Accident Insurance Cover
• Loan Facility Available
• No TDS on submission of Form 15G/15H
• Premature Closure Option Available

ICICI Bank RD Premature Withdrawal Facility

Withdrawing funds before the end of the tenure incurs a small penalty on the interest rate applicable to the chosen RD scheme. IDBI does not provide partial withdrawals.

Taxation on RBL RD

IDBI's recurring deposits are subject to taxation under the Income Tax Act, 1961. The interest earned is added to the annual income, with a 10% TDS applicable if it exceeds Rs. 40,000 per annum. Form 15G or 15H can be submitted to avoid TDS.

Opening a Recurring Deposit Account in RBL

Initiate an IDBI RD account by visiting an IDBI bank branch or through online banking if you hold an existing account.

Calculating the Maturity Amount on RBL Bank RD

The formula for computing the maturity amount is A = P(1+r/n) ^ nt, where:

• ‘A’ is the final amount
• ‘P’ is the principal amount
• ‘r’ is the annual interest rate
• ‘n’ is the compounding frequency
• ‘t’ is the tenure period