IDBI Fixed Deposit Rate

0 Reviews

Write Review

IDBI Bank Fixed Deposit Rate

IDBI Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) is considered to be one of the safest instruments for saving and investing. It is a popular investment among the general populace in India as it is safe and free from volatility and is a reliable investment which provides a higher rate of interest than a regular savings account. Though the rewards are proportionately low as well when compared to investing in the stock market, for example, they are free from volatility and fluctuation.

Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8% (or more) depending on the tenure and amount, among other factors. If you have some extra money that you wish to invest, opening an FD is a simple and safe option, with minimal documentation required.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before the tenure is over. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened. In cases of emergency, you can opt to break your FD account or avail an overdraft against your FD.

Apart from banks, NBFCs and corporates too offer fixed deposits.

IDBI Bank deposit rates

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. IDBI Bank Interest Rates typically ranges from 4%-9% per annum.

IDBI Fixed Deposit accounts come with a good degree of flexibility; there is no penalty for premature withdrawal. Tenure ranges from as low as 15 days to 20 years. In case of any emergency requirement of funds, you can opt for an overdraft against your deposit instead of breaking your deposit.

IDBI Bank FD rates

Following is an overview of IDBI Bank Term Deposit Rates and IDBI Bank Short-Term Fixed Deposit Interest Rates.

IDBI bank interest rates on fixed deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with IDBI Bank directly.)

Resident Term Deposit / NRO for deposit upto less than Rs. 1 Crore

Tenure Interest Rate (% p.a.)
15 - 30days 4.75
31 - 45 days 5.50
46 - 60 days 6.25
61 - 90 days 6.50
91 - 6 months 7.00
6 months 1 day to 270 days 7.00
271 days to < 1year 7.25
1years to < 2years 7.30
2 years to < 3 years 7.25
3 years to < 5 years 7.25
5 years 7.25
> 5years - 7years 7.25
>7 years - 10 years 7.25
>10 years - 20 years 7.00

Non Resident Ordinary - NRO Deposit rates

Tenure Interest Rate (% p.a.)
15 - 30days 4.75
31 - 45 days 5.50
46 - 60 days 6.25
61 - 90 days 6.50
91 - 6 months 7.00
6 months 1 days to 270 days 7.00
271 days to < 1year 7.25
1 year to < 2years 7.30
2 years to < 3 years 7.25
3 years to < 5 years 7.25
5 years 7.25
> 5years - 7years 7.25
>7 years - 10 years 7.25

Non Resident (External) - NRE Deposit Rates

Tenure Interest Rate (% p.a.)
1 year to < 2years 7.30
2 years to < 3 years 7.25
3 years to < 5 years 7.25
5 years 7.25
> 5years - 7years 7.25
>7 years - 10 years 7.25

IDBI Bank FD Interest Rates for Senior Citizens

IDBI Bank offers special Senior Citizen FD Rates which is 0.50% p.a. over the rates as applicable for a regular FD on deposits of 1 year and above

IDBI Bank Senior Citizen FD Rates (for deposit up to less than Rs. 1 Crore)

Tenure Interest Rate (p.a. %)
15 - 30days 4.75
31 - 45 days 5.50
46 - 60 days 6.25
61 - 90 days 6.50
91 - 6 months 7.00
6 months 1 day to 270 days 7.00
271 days to < 1year 7.25
1years to < 2years 7.80
2 years to < 3 years 7.75
3 years to < 5 years 7.75
5 years 7.75
> 5years - 7years 7.75
>7 years - 10 years 7.75
>10 years - 20 years 7.50

How to Calculate IDBI Bank Fixed Deposit Interest

You can use the IDBI Bank online FD calculator to calculate your annual interest income and the maturity amount. You can also use online resources to calculate the interest accrued on your IDBI Bank FD. There are several online sites that allow you to instantly calculate the interest earned.

In order to use the calculator, all you have to do is enter the principal FD amount, tenure and rate of interest – the calculator will do the number crunching and present you with a breakup of the interest earned and the maturity amount. You can enter as many combinations as you want, and the calculator will give you instant and accurate results.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula:

Calculate IDBI FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

IDBI Bank FD Premature Withdrawal Penalty

Breaking a fixed deposit before the maturity date might be necessary in case of an emergency like medical treatment that requires immediate payment. In such cases, breaking the FD prematurely can give you ready access to your savings. This is possible and the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. This is subject to the terms agreed upon at the time of placing the deposit. For such premature withdrawals, the bank does not levy any penalty. However, it is best to check the latest terms and conditions with the bank directly.

IDBI Bank FD – FAQS

What is the eligibility for opening an FD account with IDBI Bank?

All resident individuals including minors and Hindu undivided families are eligible to open an FD account with IDBI Bank.

What is the minimum and maximum tenure for which FD can be booked with IDBI?

FD can be booked for a time period of 15 days to as long as 20 years.

What is the minimum amount required to book an FD with IDBI?

The minimum amount required would be Rs.

What are the documents required while opening a Fixed Deposit account with IDBI?

You will need to fill an Account Opening Form (AOF) with photograph/s and submit the supporting documents: Identity proof, Address proof, Age proof and signature proof. The bank, at its own discretion might ask you for any additional documents.

Customer Reviews