IDBI Bank Fixed Deposit

IDBI Bank Fixed Deposit IDBI Bank becomes fifth most valuable private bank, shares surge by 100%

Set up in 1964, IDBI Bank is a moderately more current monetary establishment in India contrasted with its rivals. Extra security Corporation of India holds a larger part stake in the bank as of now. It works around 1,900 branches and roughly 3,700 ATMs across India.

Ledger holders working bank account in IDBI frequently move to better instruments of speculation. For example, IDBI fixed store plans are protected and for the most part, give preferable returns over a standard bank account.

 IDBI Bank Fixed Deposit Features 

Apart from the better interest on the funds deposited, here are the several advantages of investing in IDBI Bank fixed deposit –

  • Loan against FD facility up to 90% available.
  • The extra interest of 0.50% for senior citizen investors.
  • An Auto-renewal system is available for investments.
  • Several schemes to suit individualistic needs.
  • Attractive and competitive rates of interest.

IDBI Bank Fixed Deposit Rates

Investors can earn between 3.50% and 6.45% interest with an IDBI fixed deposit ranging from 7 days to 365 days. Senior citizens, on the other hand, are liable to receive an interest ranging between 4.00% and 6.95% per annum in the same period.

For tenures ranging between 10 and 20 years, the interest rate payable is 6.00% for non-senior citizens and 6.50% for senior citizen investors.

Tenure non-senior citizen and NRO FD (%) Senior Citizen FD (%)
7-14 days 3.50% 4.00%
15-30 days 4.50% 5.00%
3-6 months 5.60% 6.10%
6-9 months 5.75% 6.25%
1-2 years 6.40% 6.90%
10-20 years 6.00% 6.50%

Types of IDBI Bank Fixed Deposit Schemes

Investors can choose from the following IDBI fixed deposit scheme.

  • IDBI Freedom Deposit – Offering an adaptable residency for venture, this present plan’s base development residency is 15 days. The most extreme residency is 20 years. The venture can’t be lower than Rs. 10,000.
  • IDBI Floating Rate Term Deposit – The financing cost material for this store conspire isn’t consistent. The residency is between 1 year and 20 years. Ventures can go from Rs. 10,000 to Rs. 1 Crore.
  • IDBI Suvidha Tax Saving Deposit – Permits charge allowances on ventures of up to Rs. 1.5 Lakh. This IDBI Bank FD has a compulsory lock-in residency of 5 years. Untimely withdrawal and advance against FD are inaccessible on these plans.

Documents required to open Fixed Deposit Account in IDBI Bank

  • 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.

IDBI Bank Fixed Deposit Rates – Premature Withdrawal

Premature withdrawal is inaccessible until the IDBI fixed deposit finishes one year. Following one year, the expulsion of the deposit before development brings about an allowance of 1% on the contracted financing cost. This office is inaccessible for Suvidha Tax Saving Deposit.

Loan against Fixed Deposit IDBI Bank

Borrowing against your IDBI Bank fixed deposit is allowed for up to 90% of the outstanding amount. The rate of interest on such a loan ranges between 4.50% and 7.45%, which is much lower than most other loan options in the market today.

To know more about the IDBI Bank Fixed Deposit Interest Rates and details about FD accounts at other banks, please visit Truthsawer.

IDBI Bank Fixed Deposit – Frequently Asked Questions

What is the maximum interest that an investor can earn from an IDBI FD?

IDBI Bank FD offer regular investors up to 6.45% on their deposits. For senior citizens, the maximum rate is 6.95% per annum.

Are senior citizens liable to receive additional interest on their FD investments?

Yes. Investors aged over 60 years are eligible for an extra interest income of 0.50% per year on an IDBI fixed deposit.

What is the tenure range for IDBI FD investments?

Depending on the FD scheme selected and the preference of the investor, the maturity period for investment can be between 7 days and 20 years.

Is it possible to operate IDBI FD account without PAN details?

Investing in FDs without PAN details is possible, but not recommended. Doing so results in the following implications.

  • TDS will be applicable at a rate of 20%, as opposed to 10% under normal circumstances.
  • The income Tax department does not credit TDS.
  • A TDS certificate is not generated.
  • Form 15G/15H becomes invalid

Does IDBI offer FD investment facilities online?

IDBI online FD facilities are available. Investors can apply for investment online. The final step involves interaction with bank representatives.

What is the charge applicable for early withdrawals in IDBI Bank FDs?

When investors remove their investments from the account before it reaches maturity, IDBI Bank charges a penalty for the premature withdrawal in the form of a 1% interest reduction on the FD.

Who is eligible to invest in IDBI Bank FDs?

Residents, HUF members, firms, NRIs and minors are eligible for IDBI fixed deposit in the bank.

Can additional money be deposited in the FD account?

No. Fixed deposit accounts do not allow investors to deposit additional sums after the investment period starts.

Can investors change the tenure for FD investment?

No. Changing or altering the maturity period for an existing FD account is not possible. Investors can, instead, start another investment in its place with the preferred tenure.

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