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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.
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% |
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.
Tenor |
Regular Investors’ Rate p.a. |
Senior Investors’ Rate p.a. |
5 years |
6.25% |
7.00% |
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
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
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
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 Rates for Other Banks |
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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.
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