IDBI FD Interest Rates 2024

IDBI stands for Industrial Development Bank of India. It is an emerging Indian banking and financial services company and it is headquartered in Mumbai, Maharashtra. IDBI offers a wide range of bundles of banking products and services to its customers these banking products also include FD.

IDBI Bank provides different FD options to their customers, the basic aim is to provide a safe option that can be utilized to save money for a fixed tenure and give interest earnings to the customers. At the time of opening the account with the bank the depositor can deposit only once, during the ongoing tenure depositing additional money is not allowed. There are a wide range of benefits of opening an FD account with IDBI Bank as they provide an easy loan facility, auto-renewal of FD, and many other things.

Ownership	Private Sector Bank
CEO	Rakesh Sharma
Headquartered In	Mumbai
Founded In	1964
Customer Support Number	1800 209 4324

IDBI Bank FD Interest Rates on Domestic Deposits (Less than ₹2 crore)

Tenure of the FD	Rate of Interest for General Citizens  (Below 60 Years of Age)	Rate of Interest for Senior Citizens  ( Above 60 Years of Age)
0-6 Days	NA	NA
07-30 days	3.00%	3.50%
31-45 days	3.25%	3.75%
46- 60 days	4.25%	4.75%
61- 90 days	4.50%	5.00%
91 days to 6 months	5.25%	5.75%
6 months 1 day to 270 Days	5.75%	6.25%
271 days to less than 1 year	6.25%	6.75%
1 Year to 2 Years (except 375 Days and 444 Days)	6.80%	7.30%
Between 2 Years to less than 3 years	7.00%	7.50%
Between 3 years to less than 5 years	6.50%	7.00%
Between 5 years to less than 10 years	6.25%	6.75%
Between 10 years to 20 years	4.80%	5.30%

IDBI Bank FD Interest Rates on Domestic Deposits (₹2-₹5 crore)

Tenure of the FD	Rate of Interest for General Citizens  (Below 60 Years of Age)	Rate of Interest for Senior Citizens  ( Above 60 Years of Age)
7 – 14 days	5.26%	5.76%
15 – 30 days	5.26%	5.76%
31– 45 days	5.41%	5.91%
46 – 90 days	6.36%	6.86%
91 – 180 days	6.36%	6.86%
181 – 250 days	6.46%	6.96%
251 days – 270 days	6.61%	7.11%
271 days to < 1 year	6.71%	7.21%
1 year	6.86%	7.36%
More than 1 year – Less than 1 year 3 month	6.86%	7.36%
More than 1 yr 3 months – Less than 2 years	6.86%	7.36%
More than 2 years – Less than 36 Months	6.61%	7.11%
More than 36 months – Less than 5 years	6.51%	7.01%
More than 5 years – Less than 7 years	6.51%	7.01%
More than 7 years – 10 years	6.51%	7.01%

Features and Benefits of the IDBI Fixed Deposit

1. Simple Investment with Liquidity and Flexibility: IDBI Bank Fixed Deposit is a secure investment option available for investors that provides guaranteed returns on investment. Fixed deposit returns are unaffected by any external circumstances, and the investor will get sure-shot returns on FD.

2. Flexible Tenure: IDBI Bank provides a wide range of tenure options; customers can choose from a variety of terms ranging from 7 days to 10 years with an IDBI Bank Fixed Deposit. This allows customers flexibility, as they can choose the tenure as per their investment horizon.

3. Premature/Partial Withdrawal: IDBI Bank Fixed Deposits are a very liquid investment option for customers. The bank gives the customer the option to make withdrawals in times of emergency. Customers can close their deposits partially or fully before the date of maturity and have funds easily disbursed to the customer’s account for emergency use.

4. Additional Interest: IDBI Bank offers an extra 0.50% interest rate to senior citizens on top of the regular fixed deposit interest rate. This allows senior citizens to invest their savings at higher returns and manage their retirement funds more efficiently.

5. Overdraft Against FD: IDBI Bank also offers overdrafts against fixed deposits. This gives customers the advantage of getting instant funds without breaking the terms of a fixed deposit.

6. Automatic Renewal Facility: IDBI Bank allows customers to open an FD that will automatically renew. This ensures that your FD is automatically renewed for the same term on the maturity date, which results in no loss of interest and manages the customer’s fund better.

7. Interest Payout: IDBI Bank gives its customers a distinct feature to choose the type of interest payout. Customers can choose options from monthly, quarterly, and annually based on their wishes.

Types of IDBI Bank FD Schemes

1. IDBI Bank Suvidha Fixed Deposit

Tenure	7 days to 20 years
Minimum Deposit	₹10,000
Preferential Interest Rate	Extra 0.50% for senior citizen depositors
Premature Withdrawal	Available, with a penal clause
Overdraft Facility	Available
Auto-Renewal	Available
Sweep in Facility	Available

2. IDBI Bank Suvidha Tax Saving Fixed Deposit

Tenure	Lock in of 5 years
Maximum Deposit	₹1,50,000
Loan Facility	Available
Premature Withdrawals	Not available
Payout	Lump sum after 5 years
Tax Saving	Tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act

3. IDBI Bank Systematic Savings Plan (SSP)

Tenure	1 to 10 years
Minimum Deposit	₹100
Maximum Deposit	₹2 crore
Nomination Facility	Available

How to Invest in IDBI Bank FD?

1. Using the Internet Banking Facility

• First of all log in to the IDBI Bank Net Banking account with the credentials.
• Now, under the ‘Request’ tab, choose the option ‘Opening a Fixed Deposit’.
• The user will have to fill in all the deposit information and the desired maturity period.
• After verifying the details, click on the ‘Submit’ button.
• A confirmation notification will be displayed on successful FD creation, the user shall be intimated via his registered email and phone number.
• It is to be noted that the nominee details are required to be physically filled out and submitted to the bank.

2. Using the Mobile Application

• The user is required to download the official IDBI Bank App from the Play Store or Apple App Store. After downloading user will have to enter the credentials of his IDBI account to log in.
• Users will have to select the ‘Opening a Fixed Deposit’ option and proceed further.
• Now, enter all the details, and once verifying the details click on the ‘Submit’ button.
• A confirmation notification will be displayed on your application, and FD will be successfully created. The user shall be intimated via his registered email and phone number.
• It is to be noted that the nominee details are required to be physically filled out and submitted to the bank.

3. Using the Offline IDBI Bank Branch

Apart from the above two the user can also visit the nearest IDBI Bank branch, and ask for the FD application form. The user will have to fill out the FD form select the tenure of the IDBI FD along with the all necessary information and fulfill all the document requirements along with the nominee details. On successfully validating the information the bank will issue the FD certificate.

Eligibility to Open an IDBI Bank FD Account

Consumers should first determine whether they are eligible to invest in IDBI Bank. The following are the prerequisites for investing in an IDBI Bank fixed deposit,

1. Individuals

2. Hindu Undivided Family (HUF)

3. Sole proprietorships and joint ventures

4. Private or public limited companies

5. One-person company

6. Trust, society, and association

7. Partnership firms, including Limited Liability Partnerships (LLP)

8. Any government establishment

Documents Required to Open IDBI Bank FD

The following documents are required to open a fixed deposit at IDBI Bank,

1. Proof of Identity

• Pan card
• Voter ID
• Aadhaar card
• Ration card, including a photograph
• Driving license
• Senior citizen ID
• Passport

2. Proof of Address

• Electricity bill
• Telephone bill
• Bank statement with cheque
• Passport

Customers also need to provide their two passport-sized photographs at the time of opening the deposit account. It is mandatory for customers to furnish identity proof and address proof. Minors and senior citizens are also required to follow the same.

Tax on IDBI Bank Fixed Deposit

Any investment made under the IDBI Bank Tax Savings FD entitles the investor to a tax saving of up to ₹1,50,000 per annum. No other IDBI Bank FDs are eligible for tax savings under Section 80C of the Income Tax Act.

It is to be noted that all interest income from the IDBI Bank Fixed Deposit is taxable according to the slab rates of the customer. A TDS of 10% shall be chargeable if the income from IDBI Bank FD exceeds ₹40,000. The same limit shall increase to ₹ 50,000 per annum in the case of senior citizens. Furthermore, if, in any case, the investor fails to furnish PAN Card details to the bank, the TDS rate will be deducted at 20%.

Loan Against IDBI Bank FD

IDBI Bank offers loans against its fixed deposits. Customers can receive up to 90% of the deposit as a loan against a fixed deposit. The rate of interest charged on a loan is between 1% and 2%. Furthermore, it is worth noting that the IDBI bank loan tenure will be limited to the IDBI fixed deposit tenure.

Premature Closure of IDBI Bank Fixed Deposit

IDBI Bank allows premature withdrawals from IDBI fixed deposits. However, such premature withdrawals are not allowed from the tax-saving fixed deposit. However, IDBI Bank charges a penalty if the deposits are withdrawn before the completion of the tenure of the FD. IDBI Bank levies penalties as per the terms and conditions of the bank. The bank generally deducts 1% as a penalty, and such closures include withdrawals made either through sweep-ins or partial withdrawals.

Frequently Asked Questions (FAQs)

1. What is the maximum and minimum limit of deposit under the IDBI Bank FD scheme?

Answer:

The minimum investment under IDBI Bank FD scheme is ₹10,000 and there is no maximum cap

2. Can an investor make a premature withdrawal from the IDBI Bank FD scheme?

Answer:

Yes, the scheme allows premature withdrawal. However premature withdrawals are subject to penal charges.

3. Are IDBI Bank’s FD rates higher than its savings account rates?

Answer:

When compared to a savings account, investors always get higher returns while investing in an FD. Thus, IDBI FD rates are higher than savings account rates.

4. Who is eligible to open FD?

Answer:

Following is the criteria for opening a fixed deposit in IDBI Bank:

• Individuals
• Hindu Undivided Family (HUF)
• Sole proprietorship and joint ventures
• Private/public limited companies
• One-person company
• Trust, society, and association
• Partnership firms, including Limited Liability Partnership (LLP)
• Any Government establishment

5. What benefit does a senior citizen get by investing in IDBI FD?

Answer:

The Senior citizens are given following benefits:

• The senior citizens are eligible for 0.50% higher interest rates on FD as compared to regular FD rates.
• No penal charges will be levied on premature withdrawal by a senior citizen.