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List of fixed deposit rates across all banks in India
Fixed deposits are preferred investment avenue, given their simplicity and guarantee in terms of returns. A lump sum is parked for a pre-determined period for a guaranteed interest rate which will be calculated on a monthly or quarterly basis. The money cannot be withdrawn during the term which is called the lock-in period. If withdrawn due to pressing or unforeseen conditions, penalties are applicable. The maturity amount will be paid only after the term expires. The investor has the option of renewing the fixed deposit.
The deposits so received are used by the banks to lend to various customers. Fixed deposit term can range between 7 days to 10 years. Incase, the account holder is a minor then the term may be extended beyond the 10 year horizon to protect the best interest of the minor. These are typically considered on a case-to-case basis in banks. These basic features may vary from bank to bank, this is the mandate typically set by RBI and most banks’ policies are designed around the RBI mandate.
Fixed deposits to the extent of Rs. 1.5 Lakh with a lock-in of 5 years are eligible for tax benefit under section 80C of Income Tax Act, 1961. The minimum investment in fixed deposits is Rs. 100, there is no maximum limit that a bank stipulates for fixed deposits.
About IDBI Bank Fixed Deposit Rate
IDBI Bank offers a host of products which are customized to match the needs of its vast clientele. They offer competitive rates and have a good brand recall. IDBI Bank’s fixed deposits were earlier termed as Suvidha Fixed deposit, it is now rechristened as Freedom Deposit. IDBI Bank offers fixed deposits which have always reflected the core principles of safety, credibility, attractive rates of interest and assured liquidity. Freedom deposit provides the highest interest rates in the industry, thereby ensuring that the investor gains the benefit of higher returns on investment.
The key advantages of availing freedom deposit from IDBI Bank are –
There are various options that are available to suit the requirements of various customers –
This is a tax saving scheme, wherein, the resident individuals and HUFs can avail this scheme and save their money on tax. Interest will be compounded on a quarterly basis, thereby optimizing on the interest earning capacity. Nomination facility available on all types of fixed deposit schemes offered by IDBI Bank including the tax saving fixed deposit. Interest on the deposit is liable to tax / TDS at 10.3%, the bank will deduct the tax on interest earned at the source. There is availability of auto renewal facility, on expiration of the period, in the case of tax saving fixed deposit, the period or tenure is 5 years, the matured amount will be auto renewed for the same tenure. Tax benefits on deposit under section 80C of Income Tax Act, 1961 can be availed to the extent of Rs. 1.5 Lakh deposited for a term of 5 years.
Senior citizens who are aged between 55 years and less than 60 can avail this fixed deposit scheme from IDBI Bank. The minimum amount for the deposit is Rs.10,000 and the maximum tenure is up to 20 years. The maximum amount can be deposited on this scheme is Rs.1 Crore. The advantage of the scheme is that the senior citizens can withdraw the amount before maturity and no penalty is levied.
The interest rates offered by IDBI Bank on fixed deposits are competitive and attractive. The rates applicable are as mentioned below –
1. Who is eligible to open a term deposit account with IDBI Bank?
Resident Indians, private or public limited company, Hindu undivided family, trust and partnership firm can open term deposit account with IDBI Bank.
2. What is the highest interest rate offered by IDBI Bank?
The maximum interest rate offered by IDBI Bank is 7.05% p.a for individuals, senior citizens are eligible for an additional 0.5% over and above the interest rate. Thus, the maximum interest rate offered by IDBI bank for senior citizens is 7.55% p.a.
3. What is the minimum amount allowed for opening a fixed deposit account?
Fixed deposit account can be opened with a minimum of Rs. 10,000.
4. What is the minimum and maximum tenure allowed on fixed deposits?
The tenure can range between 15 days and 20 years.
IDBI Bank (Industrial Development Bank of India) was founded in the year 1964 by a Government mandate. The purpose of the bank’s establishment was to provide financial facilities for the development of Indian industry. The bank is owned by Government of India. The bank is one of the upcoming public sector banks in India and is treated on par with State Bank of India (SBI), however, IDBI Bank does not have the brand recall and pan India presence as is the case of SBI. The current Government holding is 85.96% stake in IDBI Bank. The bank operates with 1899 branches with one overseas branch in Dubai.
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