IDBI Bank Fixed Deposit Rates and Calculator

IDBI Bank is my favorite bank, established in 1964, today its a fast growing Bank in India. Being a Govt. Sector Bank, the IDBI offer fast and superior services that make them looks like a Private Bank.  They are growing at rapid speed and listed among the top 10 bank largest development Bank in the entire world. They have total 3,200 ATM along with 1,800 branches all over the world.

IDBI Fixed Deposit

As I said, being my favorite bank, the IDBI is well equipped with online banking facility that allow to open Fixed Deposit account at one click.  The only thing that require to open a FD is to have an account in IDBI.  They have very attractive interest rates of Fixed Deposit that starts from 31 days to more than 10 years. More and more customers are opening FD in IDBI account as they are their interest rates are usually bit higher than the other banks. They have option to open a fixed deposit for 15 days but practically it is not working.  If opening a fixed deposit using online banking then minimum duration is 6 month.

Eligibility

Anyone have the Saving or Current account in IDBI bank can avail the fixed deposit scheme. Make sure to keep your account active and do transaction in every 3 month of time.

Types of FD in IDBI?

There are total 03 types of fixed deposit scheme in IDBI bank which are as follows :

  • Regular Fixed Deposit
  • Floating Rate Fixed Deposit
  • Tax Saving Fixed Deposit

Minimum and Maximum Deposit Limit?

If you want to open a FD then you can start with a minimum of INR 1,000 and there is no maximum limit.  Make sure to submit the KYC that include your PAN number.

Is FD Account taxable?

It’s a tricky question – If your fixed amount interest is over Rs 10,000 then you will have to pay TAX as TDS.  The current rate of TDS on interest  (beyond 10,000) is 10%.  However if you are not into tax bracket then you can always submit the Form 15G to inform bank to not to deduct TDS on FD.

Kindly use the fixed deposit calculator to find out how much IDBI bank will provide returns on your investement.

How to open FD account?

This is simple – there are 2 ways to do that. First you can go to the branch and fill up the fixed deposit form and submit to the branch officer. While the second option is more easier – Login to IDBI Bank account http://www.idbi.com/ and follow these simple steps:

  • Login into IDBI Bank
  • Click on ‘Request’ located on Top Navigation.
  • Select ‘Opening of New Deposit Account’ from the given list.
  • Fill up the online form and click on Submit.

IDBI Fixed Deposit Rates

All given FD rates are updated in March 2016.

Duration

IDBI Bank Interest Rate

For General For Senior Citizen
31 Days to 45 Days 5.00 5.00
46 Days to 60 Days 5.75 5.75
61 Days to 90 Days 6.00 6.00
91 Days to 180 Days 6.75 6.75
181 Days to 270 Days 6.75 6.75
271 Days to 1 Years 7.00 7.00
1 Years to 2 Years 7.15 7.65
2 Years to 5 Years 7.15 7.65
5 Years to 10 Years 7.00 7.50
10 Years and above 7.00 7.50

Updated in Dec 2016