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.
|Interest Rate||3% – 6.75% (for general depositors)*|
3.5% – 7.25% (for senior citizens)*
|Tenure||7 days -20 years|
|Maximum Deposit||No Upper Limit|
|Lock-in Period||5 years (for tax saving FD|
You can calculate bank FD rates in two ways- the simple interest method and the compound interest method.
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
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
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
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
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.
Here are certain factors that can affect your IDBI FD rates.
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%.
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.
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.
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 to 1 year 3 months||6.75%||7.41%|
|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 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%||–|
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%|
|More than 1 Year to 2 years (except 444 days)||7.25%|
|More than 2 years to less than 3 years||7%|
|More than 3 years to less than 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%|
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 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%|
|91 days to 6 months||4.75%|
|6 months 1 day to 270 days||5.5%|
|271 days up to 1 year||5.5%|
|More than 1 year to 2 years||6.75%|
|More than 2 years to less than 3 years||6.5%|
|3 years to less than 5 years||6.25%|
|More than 5 years to 7 years||6.25%|
|More than 7 years to 10 years||6.25%|
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|
|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%|
|More than 5 years to 7 years||6.25%|
|More than 7 years to 10 years||6.25%|
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:
|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%|
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:
|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%|
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%|
Here are some of the features and benefits of IDBI fixed deposit 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:
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.
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:
The following points will highlight the taxation rules for fixed deposits in India:
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.
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:
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.
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.
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
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