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IDBI Bank offers multiple FD options to its customers which can be utilized to save money for a fixed tenure and earn interest on it. The depositor can deposit only once at the time of opening the account with the bank. Depositing additional money is not allowed during the ongoing tenure. There are a plethora of benefits of opening an FD account with IDBI Bank as the IDBI FD rates are comparatively higher than the savings account interest rates.

IDBI FD Interest Rates 2020 

(Last Updated 7th Oct 2020)

TenureFD Interest Rates for General CitizensFD Interest Rates for Senior Citizens
7 days to 14 days2.90%3.40%
15 days to 30 days2.90%3.40%
31 days to 45 days3.00%3.50%
46 days to 60 days3.25%3.75%
61 days to 90 days3.25%3.75%
91 days to 6 months3.90%4.40%
271 days to 364 days4.40%4.90%
6 months 1 day to 270 days4.40%4.90%
1 year5.10%5.60%
1 year 1 day to 2 years5.15%5.65%
2 years 1 day to 2 years 364 days5.15%5.65%
3 years 1 day to 4 years 364 days5.15%5.65%
5 years5.20%5.70%
5 years 1 day to 7 years5.15%5.65%
7 years 1 day to 10 years5.15%5.65%
10 years 1 day to 20 years4.80%5.30%

IDBI Bank FD Interest Rate – Special Features

  • Loan facility of up to 90% is available on the deposits
  • Tenure ranges from 7 days to 20 years.
  • Attractive interest rates
  • Senior citizens can avail 0.50% additional interest rate over the regular rates
  • Auto-renewal facility is available
  • Various deposit options available
  • IDBI provides easy and fast liquidity options to their customers
  • The interest payout options can be chosen either monthly, quarterly or annually based on your preference

Types of IDBI Bank FD Interest Rates

IDBI Bank Freedom Deposit

  • This scheme allows the customers to enjoy higher interest rates on the deposit
  • Loan facility of up to 90% is available against the deposit
  • Senior citizens can avail 0.50% extra interest rates over the regular rates
  • Auto-renewal facility is available
  • Various deposit options available for customers
  • Resident Indians, HUFs, private or public company, trust or partnership firms are eligible

Suvidha Tax Saving Fixed Deposit

  • As the name suggests, this scheme is designed to help the resident individuals and HUFs to save tax and get effective returns on their fixed deposits.
  • Nomination facility is available
  • Interest is compounded on a quarterly basis
  • Interest on the deposit is taxable
  • Auto-renewal facility is available
  • Customers can enjoy tax benefits under section 80C of Income Tax Act, 1961
  • Resident Indians, HUFs, a private or public company, trust or partnership firms are eligible

IDBI Fixed Deposit Term wise Interest Rates

One of the best ways of securing your money and earn a profit is to invest your surplus earnings in IDBI Bank FDs. Depending on the tenures, these FDs are further categorized as short-term, medium-term, and long-term deposits.

Short-term Deposits: For an IDBI FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.50% p.a. to 6.00% p.a. These deposits are known as short term deposits as their tenure is less than 1 year.

Medium-term Deposits: Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.45%

Long-term Deposits: These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.00%.

IDBI Bank FD Calculator

If you want to calculate the interest you would earn on your deposit upon maturity, you can use the IDBI Bank FD calculator available online. All you need to provide the details pertaining to your FD account like the deposit amount, tenure and interest rate.

Deposit Amount: This is the amount deposited by the customer at the time of opening the FD account. IDBI Bank allows a minimum deposit of Rs. 10000 to its customers.

Interest Rate: The rate given by the bank on your fixed deposit. IDBI Bank offers a higher interest rate on fixed deposits with longer tenure and comparatively lower interest rate on deposits with short tenure, say less than 1 year.

Tenure: As mentioned earlier, IDBI offers a low-interest rate for a deposit held for a short period of time and vice versa.

Compounding Frequency of the Interest Rate: This is the frequency at which the interest rate is compounded. Compounding frequency can be monthly, quarterly, half-yearly or annually. The interest rate at IDBI Bank is compounded quarterly.

IDBI Bank FD Interest Rates – FAQs

What is the minimum deposit amount needed to open an FD account in IDBI Bank?

The minimum amount to open an FD account in IDBI Bank is Rs. 10,000.

Can a customer deposit an additional amount after opening the FD account?

No, an additional amount cannot be deposited once the account is opened with a certain deposit amount.

What are the eligibility criteria to open an FD account in IDBI?

Resident Individuals, HUFs, NRIs, firms as well as minors are also eligible for opening an FD account with IDBI Bank.

Can we open IDBI FD account online?

Yes, one can go to the website of IDBI Bank and submit your application and check the IDBI FD Rates.

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