IDBI Bank provides attractive Fixed Deposits which caters to the requirements of all the individuals, ease of withdrawing money with competitive rates and flexible tenure. Various types of fixed deposits provided by IDBI bank are as follows:
Types of IDBI Fixed Deposit
- IDBI Bank Freedom Deposit
- IDBI Bank Godhuli Term Deposit
- Floating Rate Term Deposit
- Recurring Deposit
- Suvidha Tax Saving Term Deposit
IDBI FD Rates 2018
|FD Tenure||Interest Rates (in %)|
|Regular Citizens||Senior Citizens|
|6 months 1 day to 270 days||6.50||6.50|
|271 days to < 1year||6.50||6.50|
|>1 year to 2 years||6.50||7.00|
|>2 years to < 3 years||6.25||6.75|
|3 years to < 5 years||6.25||6.75|
|> 5years – 7years||6.00||6.50|
|>7 years – 10 years||6.00||6.50|
|>10 years – 20 years||6.00||6.50|
Note: Interest rates mentioned above are applicable on deposits less than Rs 1 Crore, with effect from 24th July 2017. The rates are subject to change without prior information.
This is the most preferred deposit scheme of IDBI bank, which comes with very good rates and high liquidity. The following are the main features of the said FD:
- Anytime one can use the fixed deposit
- Deposit tenure starting from 15 days to as long as 20 years which act as a great benefit to any individual
- The minimum amount is Rs 10000/-
- Special interest rates for Senior Citizens of 0.50% extra
- One can withdraw or break the fixed deposit prematurely or before the maturity date without any penalty
- Deposits are renewed automatically
- Various deposit options that suit any individual’s requirements
- Overdraft facilities are available
Other features can also be summarized as below:
Regular Income Flow: One can choose any option between monthly, quarterly, half yearly or yearly interest payment depending upon his or her need. The monthly interest is calculated at a monthly discounted rate whereas annual interest is calculated at a simple interest rate.
Sweep in Savings: One can link more than one savings account with the fixed deposits where one will get the advantage of honoring a cheque whenever there is insufficient balance in the savings account. The fixed deposits will be broken and the funds will be credited to the savings account.
Interest is rate is quarterly compounded: In case of reinvestment deposits, the rate of interest is quarterly compounded resulting to high yields, which will benefit the customer.
Loan facility against fixed deposits: One can get the benefit of taking loan against his or her when needed in emergency upto 90% of the fixed deposits amounting to minimum of Rs 10000/-
- Special rates for Senior Citizens: The Senior Citizens will get 0.50% extra over and above the normal carded rate so that the interest payouts or the income inflow is higher for them.
This is a unique term deposit where the fixed deposits start earning automatically the senior citizens interest rate when any individual reach 60 years of age. Features of IDBI Bank Godhuli Term Deposit:
- Individuals aged above 55 years and less than 60 years can apply for this category of fixed deposits
- Minimum fixed deposit amount has to be Rs 10000/-. And the maximum amount is less than Rs 1 crore
- Minimum Time period is 1 year and the maximum is 20 years
- Godhuli Term Deposits cannot be renewed
- No penalty which is charged upon pre-closure of Godhuli fixed deposits
- Benefits can be maximized by taking loan against the term deposit as well
This fixed deposit scheme has a floating interest rate, which varies time to time. This is the most suitable deposit scheme for individuals who do not wish to invest their money into a risk associated market. The money can be utilized to earn a descent interest rate over the deposited money.
The rates are usually aligned with the Bank’s Treasury Bill Rates which are auctioned at RBI.
Eligibility: Individuals can open the account singly or jointly, Karta of HUF and minor accounts can also be opened
Amount: The minimum amount is Rs 10000/- and in multiples of Rs 1000/- thereafter and the maximum amount is less than Rs 1 crore
A perfect way of saving a fixed amount of money every month and earn a good rate of interest on the amount accumulated. In IDBI one can invest in recurring deposit, where the minimum amount is Rs 100 and the maximum amount is less than Rs 1 crore. The period is minimum 1 year to as high as 10 years.
Under this type of deposit, no tax is deducted. Also for giving standing instructions, the bank does not charge.
For availing tax benefit U/S 80 C, one can the advantage of availing tax benefit by investing in Suvidha Tax Saving Term Deposit by IDBI Bank.
Individuals and Karta of HUF can invest money in this type of deposits
The minimum amount is Rs 150000/- for 5 years
Recurring deposits if broken before 3 months, the bank will not give any interest. However, if the deposit is broken before 1 year, the normal savings rate will be applicable. For Senior Citizens, the rate of 0.50% will be valid only if the deposit is kept for 1 year from the date of 1st deposit. There will be no penalty whatsoever on these premature withdrawals.