IDBI Bank Fixed Deposit
Last Updated : April 5, 2017, 4:11 p.m.
About IDBI Bank
Fixed deposits are one of the most reliable modes of investments. The assurity of fixed returns at attractive rate of interest is the basic factor that makes it the most credible form of investment. Moreover, there are several fixed deposit schemes offered by different banks and IDBI Bank is one of them. It deals in fixed deposits, targeting the diverse needs of the customers. One can opt from the different range of plans as per his/her requirements. The list of fixed deposit plans is mentioned below:
- IDBI Bank Freedom Deposit
- IDBI Bank Godhuli Retail Term Deposit
- IDBI Bank Suvidha Tax Saving Fixed Deposit
- IDBI Bank Floating Rate Term Deposit
IDBI Fixed Deposit Interest Rates
A. For amount less than 2 crore ( w.e.f. February 17, 2020 )
| Tenure | General | Senior Citizen |
|---|---|---|
| 7 days-14 days | 3.50%p.a. | 4.00%p.a. |
| 15days-30days | 4.50%p.a. | 5.00%p.a. |
| 31days-45 days | 4.75%p.a. | 5.25%p.a. |
| 46days-60 days | 5.50%p.a. | 6.00%p.a. |
| 61days-90 days | 5.50%p.a. | 6.00%p.a. |
| 91days -6 months | 5.50%p.a. | 6.00%p.a. |
| 6 months 1 day - 270 days | 5.75%p.a. | 6.25%p.a. |
| 271 Days- < 1 year | 5.90%p.a. | 6.40%p.a. |
| 1 year | 6.30%p.a. | 6.80%p.a. |
| Above 1 year - less than 2 years | 6.25% p.a. | 6.75%p.a. |
| 2 years- less than 5 years | 6.25%p.a. | 6.75%p.a. |
| 5 years – 10 years | 6.25%p.a. | 6.75%p.a. |
| More than 10 years - 20 years | 6.00%p.a. | 6.50%p.a. |
IDBI Fixed Deposit Plans
1. IDBI Bank Freedom Deposit
IDBI Freedom Deposit, formerly IDBI Suvidha Deposit can be booked with a minimum amount of Rs.10,000. It comes with an option of quarterly compounded interest, under which the interest earned is added to the principal amount and higher interest is paid by the bank. Senior citizens get the benefit of additional interest for the investment lasting more than 1year.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹10,000 |
| Minimum Tenure | 15 days |
| Interest Payment Frequency | As specified |
| Auto-Renewal Facility | Available |
| Nomination Facility | Available |
| Premature Withdrawal | Allowed |
| Sweep-in- Savings | Allowed |
| Loan/Overdraft | Available upto 90% |
2. IDBI Bank Godhuli Retail Term Deposit
This product is available for the individuals of or above 55 years of age, but less than 60 years. This scheme ensures that on attaining the age of 60 years the individual gets interest on the fixed deposit at the rate applicable for senior citizens. You need not break your deposit to avail the benefits of higher interest.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹10,000 |
| Maximum Investment Amount | Less than ₹1 crore |
| Minimum Tenure | 1 year |
| Maximum Tenure | 20 years |
| Auto-Renewal Facility | Not available |
| Premature Withdrawal | Allowed |
| Loan/Overdraft | Available |
3. IDBI Bank Suvidha Tax Saving Fixed Deposit
The plan provides dual benefits of tax exemption under Section 80C of Income Tax Act and higher returns on the investment. The interest rate for regular deposits is 6.00%p.a. and 6.50%p.a for senior citizens. The plan is open for all individuals and HUFs.
| Particulars | Details |
|---|---|
| Maximum Investment Amount | ₹1,50,000 |
| Minimum Tenure | 5 years |
| Lock-in- period | 5 years |
| Premature Withdrawal | Not allowed |
4. IDBI Bank Floating Rate Term Deposit
As the name suggests, the interest on the fixed deposit booked under this scheme is not same for the entire tenure. That is, the rate of interest keeps on changing after every 3 months.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹10,000 |
| Maximum Investment Amount | Less than ₹1 crore |
| Minimum Tenure | 1 year |
| Lock-in-Period | 1 year |
| Interest Payment Frequency | Quarterly |
| Nomination Facility | Available |
| Premature Withdrawal | No premature withdrawal upto 1 year |
| TDS | Applicable |
| Auto-Renewal Facility | Available for deposit with tenure above 1 year |
Eligibility For Floating Rate Term Deposit:
Any Individual singly Or jointly, minor (himself/herself or through his/her guardian), Karta of HUF can apply for the Floating Rate Fixed Deposit.
Documentation Required
| ID Proof | Address Proof |
|---|---|
| Passport | Passport |
| PAN Card | Telephone Bill |
| Driving License | Electricity Bill |
| Voter ID | ID Card Issued by Post Office |
| Government ID Card | Bank Statement with Cheque |
| Senior Citizen ID Card | Any other ID proof or address proof document can be submitted subject to bank's satisfaction |
IDBI Bank Fixed Deposit Calculator
The calculator helps you calculate in advance the maturity value of your investment. You can accordingly plan, the amount of deposit and the time period for which you want to invest.
The maturity amount payable changes with the amount of deposit, tenure of investment and the rate of interest on that tenure. Use the calculator by inserting the applicable rate of interest on the particular scheme and tenure to get the accurate results.
How to Apply
The application process is very easy. The process is simplified to save customer’s time and efforts. The customer can contact on the phone banking number or visit the nearest IDBI branch office. The representatives will guide and help you in booking the fixed deposit.
Features and Benefits of IDBI Fixed Deposits
- Easy accessibility
- No penalty charged on premature withdrawal
- Additional interest of 0.50% paid to senior citizens
- Free nomination facility
IDBI Fixed Deposit Application Form
The applicant needs to fill the application form available at the IDBI branch office. The individual needs to provide his/her personal details and the details of the joint holder if, opening a joint account. The details regarding the scheme and maturity are to be filled in. You can file in the nomination at the time of registration by filling the nominee details.
IDBI Bank Customer Care
The customer care executives are always there to assist you. You can call on 24X7 toll free helpline number to clear your doubts. Feel free to dial the following numbers:
- 1800-200-1947
- 1800-22-1070