Latest IDBI Bank FD Interest Rate April 2023
IDBI Bank FD interest rates range between 3% and 6.75% for the general public and 3.5% and 7.25% p.a. for senior citizens. For the Amrit Mahotsav Scheme that comes with a tenure of 444 days, the interest rate is 7.15% for the general public and 7.65% for senior citizens. The deposit tenure ranges from 7 days to 20 years for normal FD schemes offered by IDBI Bank. IDBI Bank also offers tax-saving fixed deposit schemes which have a lock-in period of 5 years with an interest rate of 6.50% for general customers and a 7% interest rate for senior citizens.
There are several FD schemes offered by IDBI Bank which include IDBI Bank Suvidha Fixed Deposit Advantage, Floating Rate Fixed Deposit Scheme, NRO Term Deposit Scheme, Amrit Mahotsav FD scheme, etc.
IDBI Bank FD Interest Rates 2023 Highlights
| Interest Rate | 3% – 6.75% (for general depositors)* 3.5% – 7.25% (for senior citizens)* |
| Tenure | 7 days -20 years |
| Minimum Deposit | ₹10,000 |
| Maximum Deposit | No Upper Limit |
| Lock-in Period | 5 years (for tax saving FD |
How to Calculate IDBI Bank FD Interest Rate?
You can calculate bank FD rates in two ways- the simple interest method and the compound interest method.
1. IDBI FD Interest Rate – Simple Interest Calculation
Simple interest is the interest earned on a principal amount that is invested at a specific and fixed interest rate for fixed investment tenure.
The formula for calculating simple interest is:
Simple interest= (P x Rx T)/100, where
- P = Principal amount invested
- R = Rate of interest (in %)
- T = Tenure
Now, let us say that you have invested ₹5,00,000 for a tenure of 10 years at a 10% p.a. interest rate. Thus, here P = ₹5 lakh, R = 10%, and T = 10 years
Therefore,
Simple interest = (5,00,000 x 10 x 10)/ 100 = ₹5,00,000
Maturity Value = Principal Amount + Simple Interest = ₹5,00,000 + ₹5,00,000 = ₹10,00,000
2. IDBI FD Interest Rate – Compound Interest Calculation
Another process for calculating FD maturity is by calculating the compound interest. Compound interest is the interest earned on the total of the accruing interest and the principal amount. In other words, the interest that you earn gets added to the principal amount and the next interest is calculated on this combined amount. It is a continuous cycle that increases your interest income over time.
Here is the formula for compound interest calculation:
A = P (1+r/n)^nt, where
- A = Maturity amount
- P = Principal amount invested
- r = Rate of interest
- n = number of compounding in a year
- t = number of years
So, let us say that you have invested ₹5,00,000 for 10 years at an interest rate of 10% p.a. compounded quarterly.
Thus, here P = ₹5,00,000, r = 10% or 0.1, n = 4, which is, 1 every quarter and t = 10 years
Thus, Maturity Amount= 5,00,000 (1 + 0.1/4) ^ (4 x 10)
A = Maturity Amount = ₹13,39,300
The interest amount is = ₹13,39,300 – ₹5,00,000 = ₹8,39,300
Rather than going through the hassle of computing the interest rate by yourself, you can also make use of the IDBI Bank FD calculator.
Factors that Can Affect IDBI Bank Fixed Deposit Rate
Here are certain factors that can affect your IDBI FD rates.
1. FD Duration
Longer FD interest rates usually come with a higher interest rate compared to ultra-short term FD rates. For example, IDBI Bank FD rates for tenure 7-14 days would fetch you an interest rate of 3% on your investment whereas for deposits up to 1 year, you would get an interest rate of 6.75%.
2. Age
An investor’s age plays an important role in determining the rate of interest on a fixed deposit. IDBI senior citizen schemes offer higher interest rates compared to the schemes for general investors.
3. Economic Conditions
The monetary and fiscal policy implemented by the central bank can also have an impact on IDBI FD rates. Whenever RBI increases repo rate, generally banks also increase FD rates. However, the percentage of increase is entirely at the discretion of the bank.
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IDBI Bank Interest Rate for General Public
IDBI Bank FD rates for fixed deposits depend on the tenure and deposit amount. On deposits below ₹2 crore, the interest rate ranges from 3% and 6.75% p.a for depositors who are less than 60 years of age. For deposits above ₹2 crore, the IDBI fixed deposit interest rates offered are between 5.01% and 7.41%, depending on the tenure.
Here are the IDBI FD interest rates of 2023 for regular depositors.
| Maturity Slab | Interest on Deposits Below ₹2 Crore | Interest on Deposits Above ₹ 2 Crore |
| 7 – 14 days | 3% | 5.01% – 5.51% |
| 15 – 30 days | 3% | 5.11% – 5.51% |
| 31 – 45 days | 3.35% | 5.31% – 5.51% |
| 46 – 60 days | 4.25% | 6.51% – 6.61% |
| 61 – 90 days | 4.25% | 6.51% – 6.61% |
| 91 days – 6 months | 4.75% | 6.75% – 6.86% |
| 6 months 1 day to 270 days | 5.5% | 6.91% |
| 271 days to less than 1 year | 5.5% | 7.01% |
| 1 year | 6.75% | 7.41% |
| 1 year to 1 year 3 months | 6.75% | 7.41% |
| 444 days* | 7.15% | – |
| More than 1 Year 3 months to 2 years | 6.75% | 7.11% – 7.15% |
| More than 2 years to less than 3 years | 6.5% | 6.91% |
| 3 years to less than 5 years | 6.50% | 6.61% – 6.81% |
| 5 years | 6.50% | |
| 5 years to 7 years | 6.25% | 6.51% – 6.71 % |
| More than 7 years to 10 years | 6.25% | 6.41% – 6.71% |
| More than 10 years to 20 years | 4.8% | – |
Note that rates are subject to change without prior notice
IDBI Bank Interest Rate for Senior Citizens
The interest rates for senior citizens are higher than that of general customers. The table below shows the tenure-wise break-up of FD rates in the IDBI senior citizen scheme:
| Maturity Slab | Interest on Deposits Below ₹2 Crore |
| 7 – 14 days | 3.5% |
| 15 – 30 days | 3.5% |
| 31 – 45 days | 3.85% |
| 46 – 60 days | 4.75% |
| 61 – 90 days | 4.75% |
| 91 days – 6 months | 5.25% |
| 6 months 1 day to 270 days | 6% |
| 271 days to less than 1 year | 6% |
| 1 year | 7.25% |
| More than 1 Year to 2 years (except 444 days) | 7.25% |
| 444 days | 7.65% |
| More than 2 years to less than 3 years | 7% |
| More than 3 years to less than 5 years | 7% |
| 5 years | 7% |
| More than 5 years to 7 years | 6.75% |
| More than 7 years to 10 years | 6.75% |
| More than 10 years to 20 years | 5.3% |
Note that rates are subject to change without prior notice
IDBI Bank FD Interest Rate for NRI
IDBI Bank offers a number of FD schemes for non-resident Indians (NRIs) for managing their earnings and income earned abroad or in India. Any NRI can choose to invest in these schemes and deposit their preferred amount to earn interest. The different types of IDBI fixed deposit accounts for NRIs are:
- NRO Fixed Deposit Account
- NRE Fixed Deposit Account
- RFC Account
- FCNR(B) Account
1. IDBI NRO FD Interest Rate
NRO or Non-resident Ordinary refers to an account which allows NRIs to invest and manage any income that they have received in India while residing outside the country. These FDs allow Indian citizens to deposit income earned from dividends, rent and pension payments. The IDBI Bank FD rates on NRO deposits vary from 3% to 7.15%. Here is a list of the bank’s NRO FD interest rates.
| Maturity Slab | Interest Rate on Deposits of Less than ₹2 Crores |
| 7 – 14 days | 3% |
| 15 – 30 days | 3% |
| 31 – 45 days | 3.35% |
| 46 – 60 days | 4.25% |
| 61-90 days | 4.25% |
| 91 days to 6 months | 4.75% |
| 6 months 1 day to 270 days | 5.5% |
| 271 days up to 1 year | 5.5% |
| 1 year | 6.75% |
| More than 1 year to 2 years | 6.75% |
| 444 days* | 7.15% |
| More than 2 years to less than 3 years | 6.5% |
| 3 years to less than 5 years | 6.25% |
| 5 years | 6.25% |
| More than 5 years to 7 years | 6.25% |
| More than 7 years to 10 years | 6.25% |
Note that rates are subject to change without prior notice
2. IDBI NRE FD Interest Rate
Non-Resident External (NRE) accounts allow NRIs to hold their overseas earnings in India. With an IDBI NRE FD account, one can park his/her foreign income in India, which gets automatically converted to Indian rupees. NRIs can get 6.25% to 6.75% interest from their NRE fixed deposits. The tenure-wise interest rate is given in the table below:
| Maturity Slab | Interest Rate on Deposits of Less than ₹2 Crore |
| 1 year | 6.75% |
| More than 1 year to less than 2 years | 6.75% |
| More than 2 years to less than 3 years | 6.5% |
| 3 years to less than 5 years | 6.25% |
| 5 years | 6.25% |
| More than 5 years to 7 years | 6.25% |
| More than 7 years to 10 years | 6.25% |
3. IDBI Bank FCNR(B) Rates
FCNR or Foreign Currency Non-Resident account is one that NRIs can use to hold their foreign currency deposits in India. IDBI FCNR deposit accounts help NRIs deposit their foreign earnings in a foreign currency. It is then converted into Indian rupees at the prevailing exchange rate.
The IDBI Bank fixed deposit rates for FCNR(B) accounts can go up to 5.3% per annum. However, no interest is paid for premature withdrawal of less than a year. The tenure-wise interest rates of IDBI FDs (FCNR) are tabulated below:
| Maturity Slab | USD | EUR | GBP | JPY | HKD | SGD | CHF | CAD | AUD |
| 1 year to less than 2 years | 5.3% – 5.55% | 3.4% | 4.6% | 0.2% | 2.88% | 4.18% | 0.95% | 4.81% | 4.14% |
| 2 years to less than 3 years | 4.74% – 4.99% | 3.21% | 4.34% | 0.25% | 2.58% | 3.61% | 0.95% | 4.21% | 4.13% |
| 3 years to less than 4 years | 4.4% – 4.65% | 3.11% | 4.2% | 0.38% | 2.48% | 3.35% | 0.95% | 3.89% | 4.21% |
| 4 years to less than 5 years | 4.4% – 4.65% | 3.11% | 4.29% | 0.64% | 2.48% | 3.38% | 0.95% | 3.9% | 4.3% |
| 5 years only | 4.35% – 4.6% | 2.91% | 4.27% | 0.75% | 2.28% | 3.31% | 0.95% | 3.86% | 4.1% |
4. IDBI Bank RFC Interest Rate
IDBI RFC or Resident Foreign Currency account provides an opportunity for resident Indians who have returned from abroad to hold their income in foreign currency in India. You can open an RFC account in various foreign currencies. The minimum tenure is 91 days and the maximum tenure is 3 years. Here is a table showing the tenure-wise interest rate on RFC deposits:
| Maturity Slab | USD | JPY | EUR | GBP |
| 91 days to 6 months | 4.7% | 0% | 0% | 3.16% |
| 6 months 1 day to 1 year | 4.85% | 0% | 0.99% | 3.4% |
| 1 year to 2 years | 5.3% | 0.2% | 3.4% | 4.6% |
| 2 years to 3 years | 4.74% | 0.25% | 3.21% | 4.34% |
| 3 years only | 4.4% | 0.38% | 3.11% | 4.2% |
IDBI Bank vs Other Banks’ FD Interest Rate
Here is a comparison in the table below between the FD interest rates of IDBI Bank and other banks. For the sake of convenience, we have considered deposits below ₹2 crore based on the common threshold in India. The upper limit for the interest rate includes that offered to senior citizens also. Here is the tabulated tenure-wise fixed interest rate offered by different banks:
| Bank Name | Tenure | Interest Rate |
| IDBI Bank | 7 days to 20 years | 3% to 6.75% |
| Bank of Baroda Fixed Deposit | 7 days to 10 years | 3% to 7.05% |
| HDFC Fixed Deposit | 7 days to 10 years | 3% to 7.10% |
| SBI Fixed Deposit | 7 days to 10 years | 3% to 7% |
| Bank of India Fixed Deposit | 1 year to 10 years | 6% to 7.15% |
| Union Bank Fixed Deposit | 7 days to 10 years | 3% to 7.3% |
| Axis Bank Fixed Deposit | 7 days to 10 years | 3.5% to 7.26% |
| ICICI Bank Fixed Deposit | 7 days to 10 years | 3% to 7.1% |
| Canara Bank Fixed Deposit | 7 days to 10 years | 4.00% to 7.75% |
| IndusInd Fixed Deposit | 7 days to 5 years 1 month and above | 3.5% to 7.75% |
| Kotak Bank Fixed Deposit | 7 days to 10 years | 2.75% to 7.2% |
| Sundaram Finance Fixed Deposit | 12 months to 36 months | 7.45% to 8.25% |
| Punjab National Bank Fixed Deposit | 7 days to 10 years | 3.5% to 7.25% |
| Standard Chartered Bank Fixed Deposit | 7 days to 5 years | 2.75% to 7.35% |
| Indian Bank Fixed Deposit | 7 days to 5 years and above | 2.8%c to 6.7% |
| Yes Bank Fixed Deposit | 7 days to 10 years | 3.25% to 7.5% |
| IDFC First Bank Fixed Deposit | 7 days to 10 years | 3.5% to 7.75% |
| Bandhan Bank Fixed Deposit | 7 days to 10 years | 3% to 8% |
| Bank of Maharashtra Fixed Deposit | 7 days to 5 years and above | 2.75% to 6.25% |
| RBL Bank Fixed Deposit | 7 days to 20 years | 3.5% to 7.8% |
| CitiBank Fixed Deposit | 7 days to 10 years | 3.5% to 7.26% |
| Post Office Fixed Deposit | 1 year to 5 years | 6.8 % to 7.5% |
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Features and Benefits of IDBI Bank Fixed Deposit
Here are some of the features and benefits of IDBI fixed deposit schemes:
- The minimum deposit tenure is 7 days for general domestic FD schemes
- The maximum tenure of this deposit is 20 years
- The minimum deposit amount required is ₹10,000
- There is generally no upper limit on these FDs
- Senior citizens are eligible for higher interest rate over the normal interest rate
- You can avail overdraft facility against your deposits at competitive rates
- There are various deposit options and schemes to suit your needs
- You will get quarterly compounding on your fixed deposit. This means that the interest you earn on your deposit will be reinvested every quarter
- A penalty will be applicable on premature withdrawal of the amount invested as a fixed deposit
Different Types of IDBI FD Schemes
IDBI Bank offers several fixed deposit schemes for Indian residents and NRIs. Each of these schemes is designed to serve specific customer requirements and intentions. The types of FD schemes offered by IDBI Bank are:
- IDBI Bank Suvidha Fixed Deposit
- Suvidha Tax Saving Fixed Deposit
- NRO Term Deposit Scheme
- NRE Term Deposit Scheme
- RFC Term Deposit Scheme
- FCNR(B) Term Deposit Scheme
- “Amrit Mahotsav FD” Scheme
1. IDBI Bank Suvidha Fixed Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: ₹10 crore
- Tenure: 7 days to 20 years
- Interest Rate: 3% to 7.41%
- Eligibility Criteria:
2. Suvidha Tax Saving Fixed Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit:₹1.5 lakh
- Tenure: 5 years
- Interest Rate: 6.25% to 6.75%
- Eligibility Criteria: Any Individual or Hindu Undivided Family (HUF)
3. NRO Term Deposit Scheme
- Minimum Deposit:
- Maximum Deposit: Less than ₹2 crore
- Tenure: 7 days to 10 years
- Interest Rate: 3% to 6.75%
- Eligibility Criteria: One has to be a Non-Resident Individual
4. NRE Term Deposit Scheme
- Minimum Deposit:
- Maximum Deposit: Below ₹2 crore
- Tenure: 1 year to 10 years
- Interest Rate: 6.25% to 6.75%
- Eligibility Criteria: One has to be a Non-Resident Individual
5. RFC Term Deposit Scheme
- Minimum Deposit:
- Maximum Deposit: No upper limit specified
- Tenure: 91 days to 3 years
- Interest Rate: 0.2% to 5.3% (For JPY, no interest is applicable for deposits up to 1 year)
- Eligibility Criteria: Non-Resident Individuals
6. FCNR(B) Term Deposit Scheme
- Minimum Deposit:
- Maximum Deposit: No upper limit
- Tenure: 1 year to 5 years
- Interest Rate: 0.95% to 5.55%
- Eligibility Criteria: Has to be a Non-Resident Individual
7. “Amrit Mahotsav FD” Scheme
- Minimum Deposit: ₹10,000
- Maximum Deposit:₹10 crore
- Tenure: 444 days
- Interest Rate: 7.15% to 7.65%
- Eligibility Criteria: Any resident
How to Invest in IDBI Bank Fixed Deposit?
Follow these steps to invest in an IDBI Bank fixed deposit scheme online:
Step 1: Go to the official IDBI website and log in to the internet banking portal. Provide the username and password.
Step 2: After logging in, select the ‘Request’ option.
Step 3: Click on ‘Opening a Fixed Deposit’.
Step 4: Now, choose the type of deposit to open and the type of interest payout.
Step 5: Enter the amount that you wish to deposit as FD. Choose the tenure range. Give the requisite maturity instructions.
Step 6: Verify the filled-in information and then click on ‘Submit’.
Step 7: You will get a confirmation message from the bank after the deposit is booked.
You can also visit an IDBI Bank branch and fill up the FD application form. Submit the mandatory documents and deposit the amount for FD. Collect the FD receipt after completing the process.
Documents Required to Open IDBI FD
Along with the filled-in and signed Account Opening Form (AOF), you also have to provide KYC documents to open an FD account in IDBI Bank. Here are the documents that you will require for this purpose:
- Identity proof: Aadhaar card, PAN card, voter ID card, Government ID card, driving licence, photo ration card
- Address proof: Telephone bill, passport, electricity bill, ID card issued by a post office or bank statement with cheque
Eligibility to Open IDBI FD
- Age 18 years or above (minors are also eligible provided they are accompanied by a guardian)
- India Resident or NRI (for NRI deposits)
- Individuals belonging to Hindu Undivided Family
Taxation on IDBI Bank FD
The following points will highlight the taxation rules for fixed deposits in India:
- Interest earned from fixed deposits is categorised as “income from other sources”. Such income is subject to taxation as per your income tax slab.
- Banks deduct TDS from fixed deposits every year if the interest earned is more than ₹40,000 every financial year. For senior citizens, this limit is set to ₹50,000.
- If you are withdrawing the fixed deposit amount before the maturity date, then taxation will be imposed on the interest that you earn from such premature withdrawal according to your income tax slab.
- To get an exemption from the higher tax rate, you will have to submit Form 15G/Form 15H.
However, with IDBI Suvidha Tax Saving Fixed Deposit, you can get tax deduction benefits on investments of up to 1.5 lakh under Section 80C of the Income Tax Act.
Loan Against IDBI FD Scheme
IDBI Bank offers an overdraft/loan facility against term deposits. Through this, one can evade the hassle of an expensive personal loan. It comes with a relatively low-interest rate. Thus, you can easily get access to financing to deal with emergencies without having to liquidate your investments.
Here are some of the features of the overdraft facility available with the Suvidha Fixed Deposit Scheme:
- Overcome your urgent cash requirements by availing Suvidha Fixed Deposit overdraft facility
- An overdraft of up to 90% of the fixed deposit with the bank will be set up in the account
- This overdraft facility can be availed against a fixed deposit amount of ₹10,000 or higher
- The overdraft is given on the fixed deposit earning the least interest so that your interest payout is minimised
Final Word
IDBI Bank offers a range of fixed deposit schemes suiting different aims of customers. There are several deposit schemes for domestic customers as well as NRIs. However, before investing in IDBI fixed deposit schemes, always go through the terms and conditions associated with them.
Looking for other-tax saving instruments? You can consider investing in Nifty 50 tax-saver fund with Navi Mutual Fund and claim tax deduction benefits of up to Rs.1.5 lakh today. Download the Navi app, explore funds and start investing.
FAQs
The minimum amount for making an FD in IDBI Bank is ₹10,000 and the maximum amount allowed for a fixed deposit is ₹99,99,999.
There are several interest payment options available under the Term Deposits of IDBI Bank. These include interest payment options on a monthly, quarterly or annual basis.
Yes, you can get tax benefits on FDs under Section 80C of the Income Tax Act. Under this, you can avail tax deductions of up to ₹1.5 lakh from your investment when you are opting for a tax-saving FD like the Suvidha Tax Saving Deposit Scheme.
No. You do not need to go through the formalities of opening a new account if you are an existing account holder of the bank. You just have to furnish the Customer ID and choose the type of deposit and your FD account will be created.
Form 15G and Form 15H are forms that you have to submit to the bank after opening a fixed deposit account to avail the lower TDS rate. Taxpayers who are below 60 years of age or come under a Hindu Undivided Family (HUF) have to fill up Form 15G. Form 15H is for those people who are 60 years old and above.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
