Idbi Bank Fixed Deposit Interest Rates (as on 2024)

IDBI Bank FD Interest Rates (Below Rs.2 Crores) w.e.f. 12.11.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
07-14 days3.003.50
15-30 days3.003.50
31-45 days3.253.75
46- 60 days4.004.50
61-90 days4.004.50
91-6 months4.505.00
6 months 1 day to 270 days5.756.25
271 days to less than 1 year6.256.75
1 year - 2 years (except 375 days & 444 Days)6.807.30
>2 years to 5 years7.007.50
>5 years to 10 years6.256.75
>10 years - 20 years4.805.30

IDBI Bank Amrit Mahotsav FD Interest Rates of 375 days and 444 Days w.e.f. 12.11.2023

TenorInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
375 Days7.107.60
444 Days7.257.75

IDBI Bank FD Interest Rates (from Rs.2 Crore to Rs.5 Crore) w.e.f. 01.12.2023

TenorsInterest Rate p.a.(%)
7-14 days5.11
15-30 days5.16
31-45 days5.31
46- 60 days6.26
61-90 days6.26
91-6 months6.36
6 months 1 day to 250 days6.46
251 days to 270 days6.61
271 days upto less than 1 year6.71
1 year6.86
> 1 year - 2 years6.86
> 2 years to 3 years6.61
> 3 years to to 5 years6.51
> 5 years - 7 years6.51
> 7 years - 10 years6.51

IDBI Bank Suvidha Tax Saving FD Interest Rates w.e.f. 12.11.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
5 years & above6.507.00

IDBI Bank Recurring Deposit Interest Rates w.e.f. 12.11.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
6 months4.505.00
6 months 1 day to 270 days5.756.25
271 days to less than 1 year6.256.75
1 year - 2 years (except 375 days & 444 Days)6.807.30
>2 years to 5 years7.007.50
>5 years to 10 years6.256.75
>10 years - 20 years4.805.30

No interest shall be paid, in case Recurring Deposit (RD) is discontinued before 3 months.

If Recurring Deposit (RD) is discontinued before 1 year but kept for at least 3 months with IDBI Bank then Interest rate of Savings Bank will be paid to the customer.

In case of premature closure of Recurring Deposit by Senior Citizen, the additional 0.50% applicable to Senior Citizen will be provided, if the Recurring Deposit (RD) has been kept with the bank for complete 12 months from the date of the 1st installment.

IDBI Bank Fixed Deposit

IDBI Bank has a range of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits. IDBI Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open a IDBI Bank FD either online through its website or by visiting its nearby branch.

Features & Benefits: IDBI Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest IDBI Bank branch.
  • Minimum Amount of FD: Rs 100 and then in multiples of Rs 1 thereafter.
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.
  • NRE, NRO and FCNR deposit facility is available.

IDBI Bank FD Calculator

Fixed Deposit Calculator

 
 
                       
 
 
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Eligibility for IDBI Bank Fixed Deposit

Any of the following persons is eligible to invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for IDBI Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Types of IDBI Bank Fixed Deposit

  1. IDBI Bank Freedom Deposit: This is the most demanding FD scheme of IDBI bank. It provides high and assured liquidity. Customer can choose tenure ranging from 15 days to 20 years for minimum deposits starting from Rs. 10,000.

  2. IDBI Bank Suvidha Tax Saving Fixed Deposit: It gives the dual benefits of tax exemption u/s 80C of the Income Tax Act and higher returns on investments with interest rates at 6.00% p.a. for regular deposits and 6.50% p.a. for Senior Citizens w.e.f. May 05, 2017. Any individual or HUF can invest up to Rs. 1.5 lakhs for at least 5 years in IDBI Bank Suvidha Tax - Saving Fixed Deposit.

  3. IDBI Bank Recurring Deposit: One can start saving a fixed amount from 100 to less than 1 crore every month with his regular incomes from 1 year to 10 years. The amount so decided by him will be deducted every month from his savings account directly.

  4. IDBI Bank Godhuli Retail Term Deposit: The product is available to Resident Individuals aged between 55 years and above but less than 60 years. With Godhuli Retail Term Deposit scheme depositor's fixed deposit will automatically start earning Senior-Citizen rates, when he/ she attain the age of 60 years. It's minimum tenor is of 1 year & maximum tenor is of 20 years. Minimum amount of FD is Rs. 10,000 and maximum is below Rs. 1 crore.

  5. IDBI Bank Floating Rate Term Deposit (FRTD): This scheme allows you to take advantage of Interest Rate movements. In this FD scheme, the interest rate is not fixed for the entire tenor of the deposit, but moves in tandem with a reference rate, which is quarterly reset. No premature withdrawal is allowed in it up to one year.

NRI Fixed Deposit accounts offered by IDBI Bank

IDBI Bank offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by IDBI Bank:

NRI Account TypeDetails
NRE Account (Non Resident External Account) Account is maintained in Indian currency
NRO Account (Non Resident Ordinary Account)This either be funded by conventional payment or through traveller's cheques
FCNR Account (Foreign Currency Non Resident Account)It is maintained in foreign currency
RFC Account (Resident Foreign Currency Account)In this, customer to maintain the account in foreign currency even after returning to India permanently

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Interest payable on Premature Withdrawal of Term Deposits

No penalty for premature withdrawal on Retail Term Deposit opened / renewed with effect from 1st Jan 2011.

Penalty for Premature Closure of Bulk Deposits

For Deposit of Rs. 1 crore to Rs. 5 crores: No penalty for premature withdrawal. However, in case of premature withdrawal, the interest rate of the revised bucket or original bucket, whichever is lower will be applicable.

Premature Withdrawal for Floating Rate Term Deposit (FRTD)

a) Minimum Lock-in period: one year; No premature withdrawal up to one year.
b) After one year, the rate applicable, in the event of premature withdrawal, would be the average benchmark rate of the immediate preceding quarter with the mark up of applicable preceding tenor e.g. If the depositor books deposit for 2 years and requests for a pre closure after 1 year and 110 days the applicable rate would be the average benchmark of the preceding quarter of the last quarter the deposit had remained with the Bank (as applicable for the relevant quarter) plus the mark up of 1 year.

IDBI Bank Fixed Deposit FAQ

  1. What is the minimum and maximum amount for which a Retail Term Deposit can be made with IDBI Bank?

    The minimum amount is Rs.10,000 and the maximum amount under Retail Term Deposit is Rs.99,99,999.

  2. What is the minimum and maximum tenor for which Retail Term Deposit can be kept with IDBI Bank?

    The minimum and maximum tenor for general/Senior citizen is 15 days and 20 years, respectively.

  3. Is the Term Deposit exempt from Tax or any tax rebate available under any Term Deposit Option?

    Normal Term deposits are not exempt from tax and Interest on Term Deposits is subject to Tax Deduction at Source as per extant Tax laws.

  4. Does the Bank offer any special interest rate for Senior Citizen on its Term Deposits?

    Yes, an additional markup for Senior Citizen Interest rates is 0.50% for deposits from 1 year and above.

  5. In which scheme do I need to deposit to get Income Tax rebate under Sec 80C?

    You can make investment under Baroda Tax Savings Term Deposit to get Income Tax rebate under Sec 80C of Income Tax Act

  6. Is TDS deducted for FD accounts?

    Yes, TDS is applicable as per rules and the customer will get TDS Certificate at the end of each financial year. A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

  7. Can I deposit additional amount in my FD account?

    No, you cannot deposit any additional amount in your existing FD account.

  8. What is the tenure range for IDBI Bank Fixed Deposit?

    It is from 7 days to 10 years.

  9. Can I change the tenure of my existing FD?

    No, you are not allowed to change the tenure of FD.

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

IDBI Bank FD News Feb 2024

  • November 12, 2023: IDBI Bank hase revised its FD interest rates w.e.f. 12.11.2023

  • June 14, 2023: IDBI Bank hase revised its FD interest rates w.e.f. 14.06.2023

  • May 5, 2021: The Cabinet Committee on Economic Affairs has given its approval for strategic disinvestment along with transfer of management control in IDBI Bank

  • May 3, 2021: IDBI Bank posts first full-year profits in 5 years at Rs 1359 crore in FY21

  • January 30, 2020: IDBI Bank to raise Rs 1500 crore via bonds

  • January 15, 2020: Suresh Kishinchand Khatanhar takes charge as deputy MD of IDBI Bank
Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites