The Industrial Development Bank of India, or IDBI Bank, was founded in 1964 and is headquartered in Mumbai, Maharashtra. This financial institution has around 1900+ branches and 3300+ ATMs across India. IDBI Bank offers multiple FD schemes with different interest rates, so let’s explore the different IDBI Bank FD Rates with deposit amounts and tenures.
| Minimum Deposit | ₹10,000 |
| Maximum Deposit | No upper limit specified |
| Minimum Tenure | 7 days |
| Maximum Tenure | 20 years |
| Interest Rates | 3% – 7.30% p.a. (including rates for senior citizens) |
| Lock-in Period | 5-year lock-in period for IDBI Tax Saving Deposit Scheme |
| Senior Citizens | 3.50% – 7.30% p.a. (for deposits below ₹2 crores) |
| General Citizens | 3% – 6.80% p.a. (for deposits below ₹2 crores) |
Updated IDBI Bank FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
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Features and Benefits of IDBI Bank Fixed Deposit Interest Rate
Following are some of the key features and benefits of IDBI Bank fixed deposit accounts:
- You can avail of the early withdrawal facility with all IDBI Bank FDs except the tax-saving one.
- Senior citizens get an additional 0.50% interest rate over the general rates on some of the FD schemes provided by IDBI Bank.
- IDBI fixed deposit holders can choose beneficiaries for their FDs.
- According to the bank rules, an overdraft facility is available against fixed deposits.
- You get the facility to deposit an additional amount in your IDBI Bank FD, or you can open a new FD with the extra amount if needed.
- An automatic renewal facility is available.
How to Book IDBI Bank FD?
To book an FD account and avail of different IDBI FD interest rates, you have the option to initiate the process either through online channels or offline methods.
Online
The following are the two ways through which you can open an IDBI Bank fixed deposit account in a hassle-free manner.
1. IDBI Bank Net Banking Portal
- Step 1: Visit the official website of IDBI Bank and log in to your account.
- Step 2: Select the ‘Opening a Fixed Deposit’ option under the ‘Request’ tab.
- Step 3: Provide all the information about the deposit, including its maturity period.
- Step 4: After verification, select ‘Submit’.
You will receive a confirmation message after the successful booking of your deposit.
2. IDBI Bank App
- Step 1: Download and log in to the IDBI Bank App.
- Step 2: Choose ‘Opening a Fixed Deposit Account’ to proceed.
- Step 3: Click ‘Submit’ after verifying your details.
After your account gets successfully booked, you will receive a confirmation notification.
It should be noted that you need to physically provide the nominee details to the bank even if you are booking online.
Offline
Here are the steps you need to follow to your fixed deposit account and avail of IDBI Bank FD interest rate via offline mode.
- Step 1: Visit the nearest IDBI Bank branch.
- Step 2: Fill in the application form by providing the correct details and submit it.
- Step 3: Attach all the necessary documents to your application and submit the deposit amount.
- Step 4: Upon successful processing of documents, you will receive an FD receipt from IDBI Bank.
Documents Required to Book IDBI Bank FD
Here is a list of important documents you need to submit to book an IDBI Bank FD:
- Duly filled fixed deposit application form from IDBI Bank
- PAN Card or Form 60/61.
- Age proof – Birth certificate, PAN Card, matriculation certificate, etc.
- Identity proof – Aadhaar card, PAN card, passport, driving licence, etc.
- Address proof – Aadhar card, telephone bill, electricity bill, etc.
- 2 recent passport-size photographs.
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open IDBI Bank FD
The following are the eligibility criteria you need to fulfil to open an FD account with IDBI Bank:
- Applicant Type: Indian residents, Public or private limited companies, Hindu Undivided Family(HUF), Partnership firms, and Trusts.
- Applicant’s Age: Has to be at least 18 years old.
Types of IDBI Bank Fixed Deposit Schemes
IDBI Bank offers various fixed deposit schemes with different interest rates for different deposit amounts and tenures. The following list discusses 6 important fixed deposit schemes along with their IDBI Bank FD interest rates 2024:
1. Suvidha Fixed Deposit
The Suvidha Fixed Deposit by IDBI Bank offers attractive interest rates, credibility, and safety. It holds one of the highest interest rates in the industry and allows access to funds whenever needed.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit
- Tenure: 7 days to 20 years
- Interest Rate: 3% to 6.80% p.a. (for general citizens) and 3.50% to 7.30% p.a. (for senior citizens)
- Eligibility Criteria: Indian resident
2. Floating Rate Term Deposit
In a floating-rate term deposit, the interest rate is not constant throughout the deposit’s time. It adjusts as per the base rate, which gets updated regularly. This provides the benefit of changing interest rates without closing or changing their deposit arrangement.
- Minimum Deposit: ₹10,000 and thereafter in multiple of ₹10,000
- Maximum Deposit: Below ₹1 crore.
- Tenure: 1 to 10 years
- Interest Rate: Resets quarterly
- Eligibility Criteria: Any Indian resident, minors, or HUFs.
3. Suvidha Tax Saving Fixed Deposit
Investing in IDBI Bank’s Tax-Saving Fixed Deposit gives you double advantages. You can enjoy tax exemption under the Income Tax Act’s section 80C and earn higher returns on your investments.
- Minimum Deposit: No data available
- Maximum Deposit: ₹1.5 lakh
- Tenure: 5 years (lock-in period)
- Interest Rate: 6.50% p.a. for general customers and 7% p.a. for senior citizens
- Eligibility Criteria: Any Indian resident, HUFs, a public or private company, trust or partnership firm.
4. NRE Fixed Deposits
This scheme provides attractive interest rates and helps your money grow. NRIs can deposit their foreign earnings in this Indian FD account, which then gets converted to Indian currency. The interest is paid out on a monthly or quarterly basis.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit specified
- Tenure: 1 to 10 years
- Interest Rate: 6.25% to 6.80% p.a.
- Eligibility Criteria: NRIs
5. NRO Fixed Deposits
IDBI Bank NRO Fixed Deposit scheme allows NRIs to deposit the income that they earn in India. This can include income from various sources like rent, dividends, pensions, etc.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit specified
- Tenure: 7 days to 10 years
- Interest Rate: 3% to 6.80% p.a.
- Eligibility Criteria: NRIs
6. Foreign Currency Non-Resident (FCNR – B) Deposits
With the FCNR Deposit scheme, NRIs can deposit in currencies like USD, EURO, GBP, CAD, AUD, HKD, CHF, SGD, and JPY.
- Minimum Deposit: USD 1,000
- Maximum Deposit: No upper limit specified
- Tenure: 1 to 5 years
- Interest Rate: 4.41% to 5.65% p.a. (for USD 2 million to USD 5 million)
- Eligibility Criteria: NRIs
Investing in fixed deposits provides you with assured returns. To choose the best scheme and tenure, make sure to check the prevailing IDBI Bank FD rates for 2024. It will help you make an informed decision that aligns with your financial goals. IDBI Bank’s FDs are designed to foster the growth of your savings and investments over time.
