A subsidiary of Life Insurance Corporation, IDBI Bank is a full service banking institution serving customers from all segments. It has over 1890 branches across India, and a network of more than 3300 ATMs across the country. The bank has a rich history dating back to 1964, when it was established as Industrial Development Bank of India – a development finance institution to boost industrial development in the country. However, the organization has since broadened its horizon and expanded its services. Amongst the wide range of offerings of the bank are fixed deposits. These allow the bank’s customers to enjoy a fixed income on their deposits with the bank. This page will give you all the information you need regarding IDBI fixed deposit interest rates.
IDBI Fixed Deposit Interest Rates 2022
IDBI Bank revised its fixed deposit interest rates for various deposit amounts in late August 2022. Mentioned below are the IDBI fixed deposit interest rates for resident and NRO term deposits of up to Rs. two crores.
|Period||Per Annum Interest Rates (w.e.f. 22nd August 2022)|
|Regular Citizens||Senior Citizens|
|0 - 6 days||N.A.||N.A.|
|7 – 14 days||2.70||3.20|
|15 – 30 days||2.70||3.20|
|31 – 45 days||3.35||3.85|
|46 – 60 days||3.75||4.25|
|61 – 90 days||4.00||4.50|
|91 days – 6 months||4.30||4.80|
|6 months 1 day to 270 days||4.75||5.25|
|271 days up to < 1 year||4.80||5.30|
|> 1 year to < 18 months||5.60||6.35|
|18 months to < 30 months||5.65||6.40|
|30 months to < 3 years||5.70||6.45|
|3 years to < 5years||5.75||6.50|
|> 5 years to 7 years||5.80||6.55|
|> 7 years to 10 years||5.80||6.55|
|> 10 years to 20 years||4.80||5.30|
Here are the IDBI Bank fixed deposit interest rates for NRE [non-resident (external)] deposits of less than Rs. two crores. No interest is payable in case an NRE deposit is closed within one year of deposit.
|Period||Per Annum Interest Rates (w.e.f. 22nd August 2022)|
|1 year to < 18 months||6.10|
|18 months to < 30 months||6.15|
|30 months to < 3 years||6.20|
|3 years to < 5Years||5.75|
|> 5 years - 7 years||5.80|
|> 7 years - 10 years||5.80|
The 10 years to 20 years maturity period is only applicable with effect from 1st January 2021 for deposits from the following beneficiaries:
1) Awards from Motor Accident Tribunal / Other Judicial / Courts / Statutory Bodies
2) Specific cases of margin money for bank guarantees.
For bulk deposits of over Rs. two crores, please contact the nearest IDBI Bank branch.
Also Read : Shriram Finance FD Interest Rates
Features and Benefits of IDBI Bank Fixed Deposits
- The tenure for NRO term deposits ranges from 7 days to 10 years.
- The tenure for NRE term deposits with IDBI Bank ranges from 1 year to 10 years.
- Senior citizens enjoy up to 0.75 percent additional fixed deposit interest rates over and above the rates applicable on deposits by regular citizens.
- As per the RBI guidelines, seven days in the minimum duration for a term deposit and no interest rate is applicable on deposits for shorter durations.
IDBI Bank 500-day “Amrit Mahotsav FD” Scheme
Amrit Mahotsav FD is a special scheme by IDBI Bank. The FD scheme for a duration of 1100 days was recently discontinued by the bank. However, you can still open fixed tenure deposits under Amrit Mahotsav for a period of 500 days. Mentioned below are the interest rates for callable and non-callable deposits under this scheme.
|Period||Customers||Per Annum Rate of Interest (w.e.f. 22nd August 2022)|
(>Rs 15 Lakh)
|Resident Senior Citizens||6.60||6.70|
While additional interest rates of 0.50 percent are available for senior citizens, retired senior citizens can enjoy up to 1 percent additional interest rates under the IDBI Bank “Amrit Mahotsav FD” Scheme of 500 days. Moreover, premature withdrawal or closure of non-callable deposits under this scheme is not permitted. However, IDBI Bank has the right for premature closure of non-callable fixed deposits used as collateral for loans and overdraft accounts and have failed to pay interest sufficiently.
Also Read : Mahindra Finance FD Interest Rates
IDBI Bank Suvidha Tax Saving Fixed Deposits
You can also enjoy tax benefits on your IDBI Bank fixed deposits. This is called IDBI Bank Suvidha Tax Saving scheme. The minimum deposit period to avail tax benefit on your IDBI Bank fixed deposit is five years. The FD interest rate for regular citizens under Suvidha Tax Saving scheme is 5.80 percent. However, senior citizens enjoy additional 0.75 percent interest rates on their tax saving fixed deposit. Hence, anyone above the age of 60 years can earn 6.55 percent interest under this scheme. You can deposit up to Rs. 150000 in a financial year to enjoy tax saving on your fixed deposits.
Premature Closure of IDBI Bank Fixed Deposits
IDBI Bank allows its customers to prematurely close their fixed term deposits. However, in that case, the interest rate applicable will be the rate of interest applicable on the amount the duration for which the deposit was held with the bank. Let us understand this with an example. Suppose a depositor opened a fixed deposit account for five years but prematurely closed the account after one year. In this case, the applicable interest rate will be the interest rate applicable on a term deposit of one year duration at the time of deposit. Moreover, the bank levies a penalty of one percent on the applicable rate of interest for deposits closed prematurely. These premature withdrawals include sweep-ins as well as partial withdrawals.
Loan Against IDBI Bank Fixed Deposits
You can easily take a loan against your IDBI Bank fixed deposit. The bank offers loans for up to 90 percent of the FD amount. The rate of interest applicable on such loans is typically one to two percent higher than the interest rate offered by the bank on the fixed deposit. Moreover, the tenure of the loan is limited to the duration of the IDBI Bank fixed deposit.
Frequently Asked Questions about IDBI Bank Fixed Deposits and Interest Rates
Q. What is the minimum deposit amount required for IDBI Bank Suvidha fixed deposit ?
A. The minimum deposit amount for this FD scheme is Rs. 10000 and the deposit duration ranges from seven days to 20 years. Senior citizens can enjoy additional interest rates of 0.50 percent under this scheme.
Q. When is the interest rate paid out in IDBI Bank Suvidha fixed deposit scheme ?
A. This FD scheme is ideal for people seeking income at regular intervals as one can choose to receive the interest amount on a monthly, quarterly and annual basis. Please note that monthly interest payout is calculated as per the monthly discounted rate, while the annual interest payout compounds at quarterly rests. In addition to that, the FD renews automatically so depositors do not lose the higher interest rate even for a single day.
Q. Who can open an IDBI Bank fixed deposit account ?
A. Resident individuals, members of a Hindu Undivided Family (HUF), NRIs, firms and minors can easily open a fixed deposit account with IDBI Bank.
Q. What is the maximum IDBI FD interest rate 2022 for regular and senior citizens ?
A. For deposits of up to Rs. two crores, the maximum interest rates for regular and senior citizens are 5.80 percent and 6.55 percent, respectively. You can visit the nearest IDBI branch to know about the interest rates on deposits of over Rs. two crores.
Q. What are the documents required for opening an IDBI Bank fixed deposit account ?
A. Here are the documents required to open an IDBI Bank FD:
- Application form
- One photo identity proof: Voter ID, PAN Card, Driving License, Aadhaar Card, etc.
- One address proof: Telephone Bill, Electricity Bill, Aadhaar Card, etc.
- Passport size photo
- PAN Card
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