Fixed Deposits (FDs) remain a popular investment choice in India, offering a safe haven for your savings with assured returns. IDBI Bank, a well-established institution, provides a range of FD options to cater to various investor needs. In this blog, we’ll delve into IDBI Bank FD interest rates for 2024, highlighting their features, types, and pros and cons.
Introduction: Fixed Deposits (FDs) are a secure investment option preferred by many risk-averse investors. IDBI Bank’s FD schemes are designed to offer attractive interest rates with flexible tenure options. This blog provides an in-depth look at IDBI Bank FD interest rates for 2024, helping you make an informed decision about where to park your hard-earned money.
IDBI Bank FD Interest Rates 2024
Here's a detailed table showing IDBI Bank FD interest rates for various tenures in 2024:
Domestic Term Deposits Less than Rs. 2 Crore:
| Tenure | Regular FD Rates (p.a) | Senior Citizens FD Rates |
|-------------------------------------- |----------------------------------|
| 07-30days | 3.00% | 3.50% |
| 31-45days | 3.25% | 3.75% |
| 46-60days | 4.25% | 4.75% |
| 61-90days | 4.50% | 5.00% |
| 91days to 6months | 5.25% | 5.75% |
| 6months 1day to 270days | 5.75% | 6.25% |
| 271days to less than 1year | 6.25% | 6.75% |
| 1 year to 2years
(except 375 and 444days) | 6.80% | 7.30% |
| More than 2years to
less than 3years | 7.00% | 7.50% |
| 3years to 5years | 6.50% | 7.00% |
| More than 5years to 10yr | 6.25% | 6.75% |
| More than 10years to 20yr | 4.80% | 5.30% |
*Note: The IDBI Bank Fixed Deposit rates are subject to change at the bank’s discretion. The rates provided here are effective as of January 17, 2024.*
IDBI Bank Suvidha Tax Saving Fixed Deposit Rates
For a maturity period of 5 years, the interest rate for the general public is 6.50% per annum, while senior citizens enjoy a higher rate of 7.00% per annum.
IDBI Bank Bulk Term Deposit Rates - Non Callable:
| Maturity Slabs | >10 cr- 50 cr | >50 cr- 100 cr | >100 cr- 200 cr | > 200 cr- 500 cr | > 500 cr |
|--------------------------------------------------------------------—----------------------——|
| 91 - 180days | 7.36% | 7.36% | 7.36% | 7.36% | 7.36%
| 181 – 250days | 7.36% | 7.36% | 7.36% | 7.36% | 7.36%
| 251days - 270days | 7.36% | 7.36% | 7.36% | 7.36% | 7.36%
| 271days to < 1year | 7.41% | 7.41% | 7.41% | 7.41% | 7.41%
| 1year | 7.56% | 7.56% | 7.56% | 7.56% | 7.56%
| >1year - 1year 3months | 7.56% | 7.56% | 7.56% | 7.56% | 7.56%
| >1year 3months - 2years | 7.26% | 7.26% | 7.26% | 7.26% | 7.26%
*Note: The interest rates are effective from January 1, 2024.*
IDBI Bank NRE FD Rates:
| Maturity Slab | Interest Rate for General Public (per annum) |
|--------------------------------|----------------------------------------------|
| 1 year | 6.80%
| > 1year to 2years
(except 375 and 444days) | 6.80%
| > 2years to < 3years | 7.00%
| 3years to < 5years | 6.50%
| 5years | 6.50%
| > 5years to 5years | 6.25%
| > 7years to 10years | 6.25%
*Note: The IDBI Bank NRE Deposit interest rates are subject to change at the bank’s discretion. The rates provided are effective as of November 12, 2023.*
IDBI Bank NRO FD Rates
| Maturity Slab | Interest Rate (per annum) |
|------------------------ |--------------------------- |
| 07-14 days | 3.00% |
| 15-30 days | 3.00% |
| 31-45 days | 3.25% |
| 46-60 days | 4.25% |
| 61-90 days | 4.50% |
| 91 days to 6 months | 5.25% |
| 6 months 1 day to 270 days | 5.75% |
| 271 days to < 1 year | 6.25% |
| 1 year | 6.80% |
| > 1 year to 2 years
(except 375 and 444 days) | 6.80% |
| > 2 years to < 3 years | 7.00% |
| 3 years to < 5 years | 6.50% |
| 5 years | 6.50% |
| > 5 years to 7 years | 6.25% |
| > 7 years to 10 years | 6.25% |
*Note: The IDBI Bank NRO Deposit interest rates are subject to change at the bank’s discretion. The rates provided are effective as of January 17, 2024.*
IDBI Bank FCNR (B) FD Rates:
| Tenure | USD | GBP | EUR | AUD | CAD | JPY | SGD | HKD | CHF |
| 1 year to < 2 years | 5.65% | 5.10% | 3.70% | 4.10% | 4.85% | 0.25% | 3.35% | 1.00% | 1.00% |
| 2 years to < 3 years | 5.00% | 4.80% | 2.70% | 4.10% | 4.55% | 0.25% | 3.30% | 1.00% | 0.21% |
| 3 years to < 4 years | 4.60% | 4.25% | 2.50% | 4.05% | 4.20% | 0.05% | 2.00% | 1.00% | 0.00% |
| 4 years to < 5 years | 4.40% | 3.75% | 2.50% | 4.10% | 4.00% | 0.05% | 1.00% | 1.00% | 0.00% |
| 5 years only | 4.40% | 3.75% | 2.50% | 4.15% | 3.85% | 0.05% | 1.00% | 1.00% | 0.00% |
*Note: The rates provided are effective as of January 1, 2024.*
Advantages of IDBI Bank FD interest rates:
1. Guaranteed Returns: IDBI Bank FDs provide fixed returns, ensuring the safety of your investment.
2. Flexible Tenures: Choose from a variety of tenures ranging from 7 days to 10 years.
3. Senior Citizen Benefits: Higher interest rates for senior citizens.
4. Loan Against FD: Avail loans up to 90% of the FD amount.
5. Tax Benefits: Certain FDs come with tax-saving benefits under Section 80C.
Disadvantages of IDBI Bank FD interest rates:
1. Lower Liquidity: Premature withdrawals may attract penalties and reduced interest.
2. Fixed Returns: Unlike mutual funds or stocks, FDs offer fixed returns, which might not beat inflation in the long run.
3. Taxable Interest: Interest earned is fully taxable.
Features of IDBI Bank FD interest rates:
- Minimum Deposit: The minimum deposit amount varies depending on the tenure and type of FD.
- Nomination Facility: Available to secure the interest of your dependents.
- Automatic Renewal: Option for automatic renewal upon maturity.
- Premature Withdrawal: Allowed but with applicable penalties.
Types of IDBI Bank FDs:
1. Regular Fixed Deposit: Standard FD with flexible tenure options and assured returns.
2. Tax Saving FD: Offers tax benefits under Section 80C with a lock-in period of 5 years.
3. Reinvestment Plan: Interest is compounded quarterly and reinvested along with the principal.
4. Senior Citizen FD: Higher interest rates specifically for senior citizens.
Conclusion:
IDBI Bank FD schemes are an excellent choice for conservative investors seeking stability and guaranteed returns. While they offer several benefits, it's important to consider the potential downsides like lower liquidity and taxable interest. Diversifying your investment portfolio to include a mix of asset classes can help balance the risks and returns.
Investing in Fixed Deposits (FDs) can be a secure and profitable option due to their guaranteed fixed interest rates. However, if you seek a stable fixed income platform offering more than double the returns of FDs, consider exploring Tap today!
FAQs On IDBI bank fd interest rates:
1. What is the minimum amount required to open an IDBI Bank FD?
The minimum amount required varies depending on the tenure and type of FD. Please check with IDBI Bank for specific details.
2. Can I withdraw my FD before maturity?
Yes, premature withdrawal is allowed but may incur penalties and reduced interest rates.
3. Are IDBI Bank FDs taxable?
Yes, the interest earned on IDBI Bank FDs is fully taxable.
4. Do senior citizens get any extra benefits?
Yes, senior citizens typically receive higher interest rates on their FDs.
5. What is the maximum tenure for an IDBI Bank FD?
The maximum tenure for an IDBI Bank FD is 10 years.
