IDBI FD Interest Rates

An IDBI Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.

1) Internet Banking

Follow the below-mentioned steps for opening a IDBI Bank FD account via internet banking-

• Sign to the IDBI Bank NetBanking account.
• In the ‘Request’ tab, choose the ‘Opening a Fixed Deposit’ option.
• Submit all the deposit information and maturity instructions.
• After verifying the details, click on the ‘Submit’ button.
• On successfully booking the deposit, a confirmation notification will be displayed.
• Note, the nominee information has to be physically filled and submitted to the IDBI bank.

2) Mobile App - IDBI Bank App

Follow the steps mentioned ahead to open an FD account via IDBI Bank App-

• Download the IDBI Bank App and sign in.
• Choose the ‘Opening a Fixed Deposit’ option to move ahead.
• After verifying the details, click on the ‘Submit’ button.
• A confirmation notification will be displayed on successfully booking the deposit.
• Note, the nominee information has to be physically filled and submitted to the IDBI bank.

3) Opening IDBI Bank FD Offline

For opening an IDBI Bank FD account via offline mode, one has to visit the nearest IDBI Bank branch. Fill out the IDBI Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the IDBI bank.

The following groups are eligible for initiating fixed deposit investments in IDBI Bank –

• Residents.
• Individuals and joint account holders.
• Minors.
• NRIs through NRE and NRO accounts.
• Hindu Undivided Family or HUF.
• Senior citizens.
• Sole proprietorships and partnerships.
• Firms.
• Educational or charitable institutions.

Furnishing proper identity and address proof is mandatory for availing IDBI Bank FD. Minors and senior citizens also need to provide proof of age. 

Here is a quick look at all documents necessary –

• Application form.
• Photo identity proof, which may include Voter ID, PAN card, Aadhaar card, driving license, etc.
• Address proof document, which can include utility bills, driving license, Aadhaar card and more.
• Proof of age (birth certificate, PAN card, matriculation certificate and more). 
• Passport size photographs.
• PAN card.

An investment in IDBI Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other IDBI Bank FDs entitle to tax saving under Section 80C of the Income Tax Act.

Also, note that the interest income from the IDBI Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from IDBI Bank FD exceeds Rs. 40,000 p.a.

For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.

IDBI Bank provides loans against their Fixed Deposits. Investors can get up to 90% of the deposit amount as a loan against IDBI Fixed Deposit. The rate of interest will be between 1%-2%. The loan tenure is limited to the IDBI FD tenure.

IDBI Bank Fixed Deposits can be withdrawn prematurely except for the tax-saving Fixed Deposit. However, the bank charges a penalty if the deposits are withdrawn before the FD tenure completion. The penalty is levied as per the IDBI Bank's terms and conditions.