IDBI Bank FD Rates in 2023

Fixed deposits are a go-to investment tool for people all around the world. And while they’ve been here for a while, these deposits have now evolved into a flexible product and a popular way to save money. Almost all the banks across India offer fixed deposit schemes, and IDBI Bank is no exception. With over 3,600 ATMs, 1,892 branches, 50+ e-lounges, and 1,407 centers, it has built quite a reputation for itself. The bank also offers attractive FD rates, drawing more and more customers to its service.  

Curious to find out the latest IDBI Bank FD rates? Scroll down to get all the information. 

IDBI Bank Fixed Deposit Rates 2023

IDBI ( Industrial Development Bank of India) provides a fixed deposit scheme known as the Suvidha Fixed Deposit Scheme. The interest rates of the scheme range from 2.70% to 5.60% with a tenure going as high as 20 years. Senior citizens receive an additional interest rate. 

IDBI Bank Domestic FD Interest Rates – Below ₹2 Crore

Take a look at the table below to learn the latest IDBI Bank FD rates that are applicable for FDs made for less than 2 crores.

NOTE: The IDBI FD rates above are effective as of 12th April 2023. These rates are subject to change depending on the government or bank’s policies. 

IDBI Bank Fixed Deposit Rates – Suvidha Tax Saving

As per Section 80C, your investments are exempt from tax deductions if you opt for a tax-saving FD scheme. IDBI fixed deposit rates for this scheme are mentioned below. 

NOTE: The IDBI FD rates above are effective as of 12th April 2023. These rates are subject to change depending on the government or bank’s policies. 

IDBI Bank NRI Fixed Deposit Rates

IDBI Bank FD rates for NRIs differ from that of domestic fixed deposits. This investment option allows Non-Resident Indians to invest in Indian rupees and benefit from higher rates of interest applicable on FDs in India.

IDBI FD Interest Rates – NRE (Non Resident External)

NOTE: The IDBI Bank NRE FD rates above are effective as of 12th April 2023. These rates are subject to change depending on the government or bank’s policies. 

IDBI FD Interest Rates – NRO (Non-Resident Ordinary Account)

NOTE: The IDBI Bank NRO FD rates above are effective as of 20th April 2023. These rates are subject to change depending on the government or bank’s policies. 

IDBI Fixed Deposit Rates FCNR (B)

IDBI Bank FCNR (B) Deposit is a scheme that allows NRIs and PIOs to open term deposits in foreign currencies such as USD, GBP, EUR, AUD, CAD, HKD, SGD, CHF, and JPY. Some of the features and benefits of IDBI Bank FCNR (B) Deposit are:-

• The minimum deposit amount is USD 1,000 or its equivalent in other currencies.
• The tenure ranges from 1 year to 5 years.
• The interest rates vary depending on the currency and the tenure. For example, the interest rate for USD deposits for 5 years is 4.35% per annum, and for GBP deposits for 5 years is 4.27% per annum.
• The interest income from FCNR (B) deposits is exempt from income tax in India.
• The deposit amount and the interest earned can be freely repatriated abroad.
• The deposit can be used as collateral for availing loans in India.

Rates shown are applicable from 1st May 2023.

IDBI Fixed Deposits – Benefits and Features

IDBI Fixed Deposits are a type of savings scheme offered by IDBI Bank that allows you to earn interest on your money for a fixed period of time. Some of the benefits and features of IDBI Fixed Deposits are:-

• Depending on your needs, you can choose a tenure ranging from 7 days to 20 years.
• You can get attractive interest rates ranging from 2.70% to 5.80% per annum for general customers and 3.20% to 6.55% per annum for senior citizens.
• You can avail a loan facility of up to 90% of the deposit amount in case of emergencies.
• Under Section 80C of the Income Tax Act, you can get tax benefits by investing in Suvidha Tax Saving Fixed Deposit for at least 5 years.
• You can opt for an auto-renewal facility, various deposit options, and different interest payment options at your convenience.

Eligibility Criteria for Opening an IDBI Fixed Deposit

To open a fixed deposit, one has to meet certain eligibility criteria. The eligibility for IDBI Bank is as follows:-

• Charitable institutions
• Hindu Undivided Family
• Educational institutions
• Joint account holders
• Individuals
• Firms
• Residents
• NRIs
• Partnerships
• Sole proprietorships
• Senior citizens
• Minors

Documents Required for an IDBI Bank Fixed Deposit

These are the essential documents that one must submit to open a fixed deposit account at IDBI bank. 

• Permanent Account Number (PAN) Card
• Passport-size photographs
• Proof of age
• Proof of address
• Proof of identity
• Application form

Types of IDBI Bank FD Schemes

One of the key factors that set IDBI Bank apart from other banks is its FD schemes. Each scheme offers attractive rates accompanied by other great features. The details of which are as given below. 

1. Suvidha Fixed Deposit

IDBI Bank’s regular fixed deposit scheme is known as Suvidha Fixed Deposit. It allows reinvesting of the interest component to the deposit amount. Its features include:-

• The minimum deposit is ₹10,000
• The FD’s tenure is 15 days to 20 years
• Senior citizens get an additional 0.5% interest rate
• Auto-renewal is available
• Multiple Payout options such as monthly, quarterly and yearly are available
• Overdrafts of up to 90% against FDs is possible

2. Suvidha Tax Saving Fixed Deposit

With ​​IDBI Bank Suvidha Tax Saving Fixed Deposit, one can get better Fixed Deposit interest rates as well as a tax exemption under Section 80C of the Income Tax Act. Its features include:-

• Depositors can choose to invest up to ₹1.5 lakhs for 5 years.
• Receive a door to door and complete banking experience.
• Depositors can apply for Personal Loans, Home Loans Education Loans and Loans against Securities.

3. Floating Rate Fixed Deposit

In this type of FD, the interest rate is not fixed for the complete deposit tenor of the deposit. Over the tenure, the interest rate is reset periodically. Its features include:-

This scheme offers a variable interest rate linked to the IDBI Bank’s MCLR (Marginal Cost of Funds Based Lending Rate). The interest rate is reset every quarter, and the depositor can choose a tenure ranging from 1 year to 10 years. The minimum deposit amount is INR 10,000, and the maximum is INR 2 crore.

4. IDBI Systematic Savings Plan (SSP)

This scheme combines recurring and fixed deposits. The depositor can choose a monthly instalment amount and a tenure ranging from 1 to 10 years. The interest rate is applicable as per the prevailing FD rates for the chosen tenure. The depositor can also avail of a loan or overdraft facility against the deposit.

5. Amrit Mahotsav FD

This scheme is a special offer launched by IDBI Bank to commemorate the 75th anniversary of India’s Independence. It offers an attractive interest rate of 7.15% p.a. for regular citizens and 7.65% p.a. for senior citizens for a tenure of 444 days. The minimum deposit amount is Rs. 10,000, and the maximum is Rs. 2 crore.

6. Naman Senior Citizen Fixed Deposit

This scheme offers an additional interest rate of 0.50% p.a. over the regular FD rates for senior citizens. The minimum deposit amount is INR 10,000, and the maximum is INR 2 crore. The tenure ranges from 15 days to 20 years.

How to open an IDBI Bank FD deposit account?

To benefit from attractive IDBI Bank FD rates, you need to open a fixed deposit account. There are two ways for it:-

  – Online

  – Offline

How to Open an IDBI Bank FD Account Online?

• Go to the official IDBI Bank website and sign in to the net banking portal by entering your username and password. 
• After signing in, click on the “Request” button
• Now click on the option that says “Opening a fixed deposit”
• Select the type of FD you wish to open, followed by selecting an interest payout method.
• Then enter the amount you want to invest
• Pick a tenure range and maturity timeline
• Verify all your details and click on Submit. 
• You will receive a confirmation message as soon as your deposit is booked
• Fill out a nomination bank and submit it to your nearest IDBI Bank branch

How to Open an IDBI Bank FD Account Offline?

If the online method does not work for you, we suggest opting for the offline method.

• Visit your nearest IDBI bank branch
• Talk to an expert at the bank and ask about the procedure for opening an FD account
• You will get an FD form. Fill it up with all the essential ls and take the expert’s help if necessary
• details and take the expert’s help if necessary
• Submit the documents and finally, deposit the money
• Once deposited, you will receive an FD receipt. Keep it safe. 

Closing IDBI Bank Fixed Deposit Account – The Complete Process

The need to make a fixed deposit may come up at any time. You may need to close it before maturity or after a fixed period. The procedure for both methods involves following some steps. 

Close Your IDBI Bank FD Account on Maturity

To close your fixed deposit account at IDBI bank on maturity, follow these steps:-

•  You will have to submit the FD certificate to the branch. 
• You will also have to attach the FD closure application form
• Once submitted, the amount from your FD account will be transferred to your savings account

If you use online banking, you will not require any of the above steps. The FD amount will automatically get transferred to your savings account on the date of your maturity. You will simply receive an SMS notification for the same. 

Close Your IDBI Bank FD Account Before Maturity

Closing your fixed deposit account at IDBI Bank prematurely involves these steps:-

• Go to your nearest IDBI Bank branch
• Ask for FD premature withdrawal form from the counter
• Read the form carefully and enter all the essential details
• Verify the details on the form and submit it
• Once your request is processed, the FD amount will be credited to your IDBI savings account. 

To Conclude

We hope you now have all the information on IDBI Bank Fixed Deposit. From the eligibility and documentation to closure and the latest FD rates, we have covered everything. In case you have any more questions, we suggest getting in touch with a bank executive. We have also answered some frequently asked questions for your convenience. So, make sure you take a look at them.

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Frequently Asked Questions (FAQs)