IDBI Bank Ltd. operates as a full-service universal bank, serving customers from all segments. The bank caters to millions of users through its wide array of banking products and services. It has established its presence in associated financial sector businesses as well, like investment banking, capital markets and mutual fund business.
IDBI Bank offers a range of deposit options to meet varying client needs. Fixed deposits are widely popular among the masses, considering that it is a safe investment option as compared to investments like stocks and mutual funds. Under FDs, an entity’s money gets deposited for a fixed tenure, without fluctuating interest rates. The bank’s fixed deposit options offer a wide variety in terms of deposit duration and interest rates.
Resident Term Deposit / NRO for deposit up to Rs. 2 crores
| Maturity Slab | Interest Rate (% p.a.) |
|---|---|
| 15-30days | 5.75 |
| 31-45 days | 5.75 |
| 46-60 days | 6.25 |
| 61-90 days | 6.25 |
| 91-6 months | 6.25 |
| 6 months 1 day to 270 days | 6.50 |
| 271 days to < 1year | 6.50 |
| 1 year | 7.25 |
| >1yrs to 2yrs | 7.20 |
| >2 yrs to < 3 yrs | 7.05 |
| 3 yrs to < 1100 days | 6.85 |
| 1100 Days | 7.30 (7.40)@ |
| > 1100 days to < 5 yrs | 6.85 |
| 5 years | 6.85 |
| > 5yrs - 7yrs | 6.25 |
| >7 yrs - 10 yrs | 6.25 |
| >10 yrs - 20 yrs* | 6.00 |
| Maturity Slab | Sr. Citizen Interest Rate (p.a. %) |
|---|---|
| 15-30days | 6.25 |
| 31-45 days | 6.25 |
| 46-60 days | 6.75 |
| 61-90 days | 6.75 |
| 91-6 months | 6.75 |
| 6 months 1 day to 270 days | 7.00 |
| 271 days to < 1year | 7.00 |
| 1 year | 7.75 |
| >1yrs to 2yrs | 7.70 |
| >2 yrs to < 3 yrs | 7.55 |
| 3 yrs to < 1100 days | 7.35 |
| 1100 Days | 7.80 (7.90)@ |
| > 1100 days to < 5 yrs | 7.35 |
| 5 years | 7.35 |
| > 5yrs - 7yrs | 6.75 |
| >7 yrs - 10 yrs | 6.75 |
| >10 yrs - 20 yrs* | 6.50 |
@ Applicable to Non-Callable Deposits (Premature withdrawal not permitted) for amount > Rs.15 lakhs to < Rs. 2 Crores
ANCHOR RATE DETAILS (Applicable to FRTD opened wef November 1, 2018)
| Average of Weighted Avg. Yield of 91 days Treasury Bill Auction undertaken by RBI for Quarter | Anchor Rate (%) | Anchor Rate for Quarter |
|---|---|---|
| Between Jul 1 - Sep 30, 2018 | 6.77 | Between Nov 1 - Dec 31, 2018 |
| Between Oct1 - Dec 31, 2018 | 6.83 | Between Jan 1 - March 31, 2019 |
| Between Jan 1 - March 31, 2019 | 6.47 | Between Apr 1 - June 30, 2019 |
| Average of Weighted Avg. Yield of 364 days Treasury Bill Auction undertaken by RBI for Quarter | Anchor Rate (%) | Anchor Rate for Quarter |
|---|---|---|
| Between January 1 - March 31, 2017 | 6.23 | Between Apr 1 - Jun 30, 2017 |
| Between April 1 - Jun 30, 2017 | 6.40 | Between Jul 1 - Sep 30, 2017 |
| Between Jul 1 - Sep 30, 2017 | 6.26 | Between Oct 1 - Dec 31, 2017 |
| Between Oct 1 - Dec 31, 2017 | 6.27 | Between Jan 1 - Mar 31, 2018 |
| Between Jan 1 - Mar 31, 2018 | 6.57 | Between Apr 1 - Jun 30, 2018 |
| Between Apr 1 - Jun 30, 2018 | 6.80 | Between Jul 1 - Sep 30, 2018 |
| Between Jul 1 - Sep 30, 2018 | 7.38 | Between Oct 1 - Dec 31, 2018 |
| Between Oct 1 - Dec 31, 2018 | 7.31 | Between Jan 1 - March 31, 2019 |
| Between Jan 1 - March 31, 2019 | 6.64 | Between Apr 1 - June 30, 2019 |
Effective Rate (April 01, 2019 to June 30, 2019)
| Tenor | Anchor Rate | Mark -up on the average rate | Effective rate for FRTD | Senior Citizen | Staff | Staff Senior Citizen |
|---|---|---|---|---|---|---|
| (Years) | (%) | (%) | (%) | (%) | (%) | (%) |
| 1 | 6.47 | 0.50 | 6.97 | 7.47 | 7.97 | 7.97 |
| 2 | 6.47 | 0.50 | 6.97 | 7.47 | 7.97 | 7.97 |
| 3 | 6.47 | 0.40 | 6.97 | 7.47 | 7.97 | 7.97 |
| 5 | 6.47 | 0.20 | 6.87 | 7.37 | 7.87 | 7.87 |
| 7 | 6.47 | 0.20 | 6.67 | 7.17 | 7.67 | 7.67 |
| 10 | 6.47 | 0.20 | 6.67 | 7.17 | 7.67 | 7.67 |
| >10 – 20 | 6.47 | 0.10 | 6.57 | 7.07 | 7.57 | 7.57 |
Effective Rate (April 01, 2019 to June 30, 2019) (Rate in % p.a.)
| Tenor (Years) | Anchor Rate | Mark-up(Existing FRTD opened during Aug 01,2014 to Oct 31,2018) | Regular Depositor | Senior Citizen | Mark -up (For Existing FRTD opened prior to Aug 01, 2014) | Regular Depositor | Senior Citizen |
|---|---|---|---|---|---|---|---|
| 1 | 6.64 | 1.00 | 7.64 | 8.14 | 1.00 | 7.64 | 8.14 |
| 2 | 6.64 | 0.75 | 7.39 | 7.89 | 1.10 | 7.64 | 8.14 |
| 3 | 6.64 | 0.75 | 7.39 | 7.89 | 1.25 | 7.74 | 8.39 |
| 5 | 6.64 | 0.75 | 7.39 | 7.89 | 1.25 | 7.89 | 8.39 |
| 5 | 6.64 | 0.75 | 7.39 | 7.89 | 1.35 | 7.99 | 8.49 |
| 10 | 6.64 | 1.00 | 7.64 | 7.89 | 1.40 | 8.04 | 8.54 |
| >10 – 20 | 6.64 | 0.65 | 7.29 | 8.14 | 1.40 | 8.04 | 8.54 |
| Normal Retail Rate | 6.85 |
| Senior Citizens | 7.35 |
| Maturity Slab | Interest Rate (% p.a.) |
|---|---|
| 07 – 14 days | 4.00 |
| 15 – 30 days | 5.75 |
| 31– 45 days | 5.75 |
| 46 –60 days | 6.25 |
| 61-90 days | 6.25 |
| 91-6 months | 6.25 |
| 6 months 1 day to 270 days | 6.50 |
| 271 days to < 1 year | 6.50 |
| >1 year | 7.25 |
| >1 year - 2 years | 7.20 |
| >2 years to < 3 years | 7.05 |
| 3 years to < 5 years | 6.85 |
| 5 years | 6.85 |
| >5 years - 7 years | 6.25 |
| >7 years - 10 years | 6.25 |
| >10 years - 20 years | 6.00 |
Source: IDBI Bank official website
Note: Fixed deposit interest rates are subject to change anytime as per Bank’s discretion.
The features of IDBI Bank FDs are as follows:
To open a Term Deposit Account, an entity is required to submit certain documents. This includes a duly filled and signed Account Opening Form with photos of the applicants and KYC documents. The AOF has to be handed over with the amount for which the deposit is proposed to be made.
What is the interest rate that IDBI Bank offers on senior citizens FDs?
Senior citizens can earn an additional interest of 0.50% over the existing rates.
Can I make alterations to the tenure of my ongoing IDBI Bank Fixed Deposit?
An individual cannot change the tenure of an already active fixed deposit account. However, he or she can close the existing fixed deposit account and open a new one with tenure of his or her choice.
How to open an IDBI Bank Fixed Deposit account without a PAN card?
If PAN is not available, an individual will have to make a declaration in Form 60.
What is the highest interest rate offered on IDBI Bank Fixed Deposit?
An individual can earn interest of up to 7.40% on resident/NRO term deposits of less than Rs. 2 crores.
What are the FD tenure options with IDBI Bank Fixed Deposit?
The minimum and maximum tenure for fixed deposits is 15 days and 20 years, respectively.
What is the minimum amount required to start an IDBI Bank Fixed Deposit account?
The minimum amount required for Retail Term Deposit is Rs.10,000.
What is the eligibility criteria to open an IDBI Bank Fixed Deposit account?
To open a Term Deposit Account, an entity will have to submit certain documents. This includes a duly filled and signed Account Opening Form with photos of the applicants and KYC documents. The AOF has to be handed over with the amount for which the deposit is proposed to be made.
Can I open my IDBI Bank Fixed Deposit without a PAN card?
While it is possible to open a fixed deposit account without a PAN card, there are certain implications to it. The TDS applicable will be recovered at 20% (as against 10% with PAN card). There will be no TDS credit from the Income Tax department, and no TDS certificate shall be issued (As per CBDT circular no: 03/11). Additionally, penal TDS will apply and Form 15G/H and other exemption certificates become invalid. It must be noted that no deposit for a sum equal to or more than Rs. 50,000 shall be booked if the PAN is not provided.
