IDBI Bank FD Rates 2023

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IDBI is short for Industrial Development Bank of India, a major Indian bank. It offers a wide range of services, which include IDBI Bank FD schemes. As an investor, the IDBI Bank fixed deposit is a smart option to consider because it is loaded with features.

For one, the IDBI Bank fixed deposit interest rates are some of the most competitive and can inject stability to your portfolio. There are two IDBI Bank fixed deposit schemes, namely the IDBI Bank Freedom Deposit and the Suvidha Tax Saving Deposit.

With the IDBI Bank Freedom Deposit you can earn good returns as it offers higher interest rates. The Suvidha Tax Saving Deposit offers features like joint FD account, tax saving option along with nomination facility.

Read on to know more about the various IDBI Bank FD types, their features, and to know all about the IDBI Bank fixed deposit rates.

IDBI Bank FD Interest Rates for Senior Citizens & Non-Senior Citizens

Your earnings with an IDBI Bank FD will depend on the type you choose. In any case, the IDBI Bank FD interest rates are periodically updated and made public. While current deposits continue to earn interest at the agreed-upon rate, revised IDBI Bank FD rates are only relevant to new and renewal accounts.

The IDBI Bank FD rates for Resident and NRO term deposits under ₹2 Crores are listed below:

Tenor Options	Non-Senior Citizen FD Rates p.a.	Senior Citizen FD Rates p.a.
7 days - 14 days	3.00%	3.50%
15 days - 30 days	3.00%	3.50%
31 days - 45 days	3.35%	3.85%
46 days - 60 days	4.25%	4.75%
61 days - 90 days	4.25%	4.75%
91 days - 6 months	4.50%	5.00%
6 months 1 day to 270 days	5.25%	5.75%
271 days to up to less than 1 year	5.50%	6.00%
1 year	6.75%	7.25%
Above 1 year to less than 2 years	6.75%	7.50%
2 years to 3 years	6.50%	7.25%
3 years up to 5 years	6.25%	7.00%
5 years	6.25%	7.00%
Above 5 years to 7 years	6.25%	7.00%
Above 7 years up to 10 years	6.25%	7.00%
Above 10 years up to 20 years	4.80%	5.30%

IDBI Bank FD Calculator

Aside from these benefits, another notable feature is the IDBI Bank fixed deposit calculator. This is a digital tool you can use to calculate your FD earnings before investing. The IDBI FD calculator is free, and you can use it whenever you need it. All you have to do is enter the desired FD amount and other parameters such as the tenor and expected return. The IDBI Bank FD calculator will calculate your returns instantly.

Deposit Amount

₹

Tenure

Months

Interest Rate

Interest Payout

Your Total Maturity Amount is

Total Investment

Total Interest Earned

For IDBI Bank Tax Saving Fixed Deposits

Tenor	Regular Investors’ Rate p.a.	Senior Investors’ Rate p.a.
5 years	6.25%	7.00%

Benefits and Features of the IDBI Bank Fixed Deposit

The IDBI Bank FD rates for senior citizens is higher, making it a lucrative option
Investors get access to simple and quick liquidity solutions with IDBI
Individuals can invest in an FD with a tenor ranging from 7 days to 20 years
Investors can opt for flexible interest payout options
Investors can opt for the auto-renewal facility
Investors get a loan of up to 90% of your deposit value

Types of IDBI Bank Fixed Deposit Schemes

1. Suvidha Tax Saving Fixed Deposit

This scheme, as the name implies, is intended to assist resident citizens and HUFs in saving tax while earning good returns on fixed deposits. There is a nomination option available and the interest is compounded quarterly. Here, the interest earnings on the fixed deposit are taxable, and you can opt for auto-renewal.

You can benefit from higher IDBI Bank fixed deposit interest rates thanks to this initiative. You can also avail a loan of up to 90% against the deposit. Best of all, the IDBI Bank FD rates for senior citizens is higher, and you can get an additional 0.50% on the base rate.

This variant also allows you to avail the auto-renewal facility. To be eligible, you must be:

A citizen permanently residing in India
HUFs
Private or public businesses
Trusts
Partnership firms

3. IDBI Naman Fixed Deposit for Senior Citizen Investors

This is the IDBI Bank senior citizen scheme, and investors receive an enhanced interest rate of 0.25% over and above the current extra rate of 0.50% per year (total mark-up 0.75%).

Tenors that are eligible range from more than a year to 10 years
Validity of the Scheme: Extending until 31 March 2023.
These IDBI Bank senior citizen FD rates will be available on new deposits as well as those renewed throughout the plan term.

Do note that terms and features for this IDBI Bank senior citizen scheme are the same as for other FD instruments on offer.

4. IDBI Amrit Mahotsav Fixed Deposit Scheme

This specific fixed deposit has special tenor options of 555 and 700 Days respectively, and is effective from December 26, 2022. It is another option with special IDBI Bank FD rates for senior citizens.

Special Tenor	General/NRE/NRO Investors	Senior Citizen Investors
555 Days	7.00% p.a.	7.50% p.a.
700 Days	7.10% p.a.	7.60% p.a.

Eligibility Criteria for an IDBI Fixed Deposit

The following categories of individuals and organisations are eligible to invest in fixed deposit investments with IDBI Bank:

All citizens residing in India
Joint account holders and individual account holders.
Minors
NRIs holding NRE and NRO accounts
HUF, or Hindu Undivided Family
Senior citizens
Business in Partnerships and sole proprietorships
Firms

Documentation Needed to Book an IDBI FD

To apply for an IDBI Bank FD, you must present valid identification and evidence of residence. Additionally, proof of age is required for minors and older citizens.

An overview of all required papers is provided below:

Form of application
Photo identification, such as a voter ID, PAN card, Aadhaar card, driving licence, and so on
Address proof papers, such as utility bills, driver's licence, Aadhaar cards, and others
Age verification is required (birth certificate, PAN card, matriculation certificate and more)
Passport-size recent photographs
PAN Card

How to apply for the IDBI Fixed Deposit Scheme

There are several ways to open an FD account with IDBI Bank, such as online banking, or through mobile apps. You can even visit your nearest branch of IDBI Bank for offline application.

1. IDBI Bank mobile application

Sign in to your IDBI Bank App once you've downloaded it
Next step is to select 'Opening a Fixed Deposit' from the menu
Click ‘Submit’ once you have checked the information
When the deposit is successfully booked, a confirmation notification will be delivered

2. Online Application Mode

Log in to your Net Banking account at IDBI Bank
Click the ‘Opening a Fixed Deposit’ option under the ‘Request’ tab
Fill in all deposit details and maturation instructions
Click ‘Submit’ once you have checked the information

Once the deposit is successfully booked, you will receive a confirmation

Fixed Deposit Details for Other Banks

Fixed Deposit Rates for Other Banks
SBI FD Interest Rates	ICICI Bank FD Rates	Canara Bank FD Rates
Axis Bank FD Rates	PNB FD Interest Rates	Union Bank FD Rates
HDFC FD Interest Rates	Indusind Bank FD Rates	Bank of Baroda Fixed Deposit Interest Rate
Bandhan Bank FD Rates	Indian Bank FD Rates	Federal Bank FD Rates
Kotak Bank FD Rates	Bank of India FD Rates	Karnataka Bank FD Interest Rates
IDFC First Bank FD Rates	RBL FD Rates	UCO Bank FD Rates
Central Bank FD Interest Rate	Punjab and Sind Bank FD Rates	DCB Bank FD Rates
Bank of Maharashtra FD Rates	KVB FD Interest Rates	Utkarsh Small Finance Bank FD Rates
IOB FD Interest Rates	Ujjivan Bank FD Rates	Saraswat Bank FD Rates
AU Bank FD Rates	YES Bank FD Rates	-

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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Monthly Interest on FD

Yes, you can open a joint FD account with IDBI Bank under the Suvidha Tax Saving Fixed Deposit Scheme.

The minimum amount required to open an FD account with the IDBI Bank is ₹10,000.

Yes. Senior citizens are entitled to 0.50% higher interest rates on most FD schemes with the IDBI Bank.

Yes, the IDBI Bank offers a premature withdrawal facility on its fixed deposits. However, you will have to pay a penalty for a premature withdrawal.

Yes, you can avail a loan against your FD with the IDBI Bank.

The FD tenor range for the IDBI Bank fixed deposits is anywhere between 7 days to 20 years.

Anyone who is an Indian national, a resident of India, a senior, a minor, an educational establishment, a HUF, or a company is qualified to establish an IDBI FD.

Yes, you can open an IDBI FD account online either through Net banking or the mobile app.

The highest IDBI Bank FD interest rate stands at 7.60% p.a under the IDBI Amrit Mohatsav Fixed Deposit Scheme.