IDBI Bank Fixed Deposit (FD) Rates 2024

All of us need to learn money management, and the first lesson in this regard is saving money. Parking money in Fixed-Deposit (FD) accounts is a healthy saving habit and is considered a good option to build a rainy-day fund. Since FDs are not dependent on market trends, they are a safe investment choice for many.

IDBI Bank offers a few fixed deposit schemes so that they can cater to the needs of people with different requirement standards. Here is all the information you need to know about the IDBI Bank FDs.

Fixed Deposit Interest Rates 2024 of IDBI Bank

The table below shows the interest rates applicable to deposits below Rs.3 crore effective from 15 August 2024.

*Interest rates are subject to change from time to time.
**The maturity period is eligible only for deposits for awards from motor accident tribunal, courts, other judicial or statutory bodies and in the case of specific cases of margin money for bank guarantees.

Different Types of IDBI Bank FD Schemes

• Suvidha Fixed Deposit:

Suvidha Fixed Deposit is a regular fixed deposit scheme that offers an attractive fixed interest rate on the deposit amount with easy liquidity. The minimum deposit tenure is seven days, and the maximum tenure is 20 years. The minimum deposit amount is Rs.10,000.

• Systematic Savings Plan-Plus (SSP+):

A systematic Savings Plan (SSP) helps you to do savings for a future goal. You can start this account with any fixed amount from Rs.500 to less than Rs.2 crore every month. The amount decided by you will be deducted from your savings account every month. The period of deposit is from 1 year to 10 years.

• Floating Rate Term Deposit (FRTD):

This is a variant of the Suvidha Fixed Deposit account where the interest earned is not fixed over the tenure. It varies with a reference rate, which is reset periodically. The account allows you to make the most of the interest rate changes without closing an existing deposit account and re-opening another one. The scheme is suitable for investors who are not very risk-averse and who are conscious of the possible interest rate inflation. The rates are aligned with the Treasury Bill rates of the bank that are auctioned every fortnight at the RBI’s website and with the markup that may change once every calendar year.

IDBI Bank FD Special Features and Benefits

• The minimum deposit tenure is seven days, and the maximum deposit tenure is 20 years.
• The minimum deposit amount to open an FD account is Rs.10,000.
• Both fixed and floating interest rates are available.
• Monthly, quarterly and annual income plans are available for those customers who are looking for regular income.
• Auto-renewal facilities are available.
• Get an overdraft facility on the deposit.
• Nomination facilities are available.
• Premature withdrawal is allowed at the cost of a penalty.
• Senior citizens are eligible for an additional interest rate of 0.50% over and above the regular rate.
• Customers can choose to reinvest the interest earned and get quarterly compounding benefits.

Basic Eligibility Criteria for IDBI Bank FD

• Resident individuals
• Two or more individuals jointly
• Minors with guardians only
• HUF

Documents Required to Open IDBI Bank FD

• Proof of Identity
  • Passport
  • PAN card
  • Voter ID
  • Driver’s license
  • Aadhaar card
• Proof of Address
  • Passport
  • Aadhaar card
  • Bank statement with a cheque
• Proof of Date of Birth
  • Service discharge certificate
  • PAN card
  • Aadhaar card
  • Voter ID

Tax Benefits on IDBI Bank Fixed Deposit

IDBI Bank offers the ‘Suvidha Tax Saving Fixed Deposit Scheme’, where deposits receive income tax benefits under Section 80C of the Income Tax Act, 1961. Individuals and Hindu Undivided Families (HUFs) are eligible to open this account. The deposit made in this account will have a lock-in period of five years.

The interest you earn from any of the FD/RD accounts with the bank will be subject to tax deducted at source (TDS) if it exceeds Rs.40,000 (Rs.50,000 for senior citizens) per financial year. You can submit Form 15G/15H, as applicable, to request the bank not to deduct tax at source if your annual income is below the basic exemption limit.

FD Interest Rate Calculator

Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.