A fixed deposit or an FD is an investment instrument that banks and non-banking financial companies (NBFC) offer their customers. It gives a fixed-income option to investors.
Industrial Development Bank of India (IDBI) offers the Fixed Deposit Facility to its customer. It is a development finance institution established in 1964 the under the ownership of the Life Insurance Corporation of India and the Government of India. One of its objectives is to provide financial services the to industrial sector
FDs give a higher interest yield compared to a savings account and IDBI is one of the highest fixed deposit interest providers, amongst other finance institutions. This article gives you details about the Fixed Deposits facility offered by IDBI.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|46- 60 days||4.25%||4.75%|
|91 days - 6 months||4.75%||5.25%|
|6 months 1 day to 270 days||5.5%||6%|
|271 days up to< 1 Year||5.5%||6%|
|> 1 Year to 2 Years (except 444 Days)||6.75%||7.25%|
|Note: All interest rates are updated as of 18th May 2023|
Below are the Types of FDs offered by IDBI bank
Below mentioned persons can open a Fixed Deposit with IDBI
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
1. If you already hold a Savings or Current Account with IDBI, a Fixed Deposit can be opened using the below procedure.
Login to the IDBI Bank Application, Go to the Banking section in the App, Click on the Fixed Deposits option, then click on Open Fixed Deposits. By this, you will get an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling out the form once can submit the details and create an FD.
Login to the IDBI Internet Banking website, and go to the “Home” tab. Click on Accounts >> Fixed Deposit Account. Then Click on the type of Deposit that you need to make (Example: Suvidha Fixed Deposit). By this, you will get an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling out the form once can submit the details and create an FD.
2. If you are a new customer of IDBI and do not hold any account, you can visit the nearest IDBI Bank with the Original PAN & Aadhar as well as the soft copy of the same. The bank official will help you to directly open an FD without having any savings / current account.
3. Also, there is an option to create a savings/ current account with the bank and then open an FD using a Mobile application or Internet Banking Facility.
The Tax applications remain the same irrespective of the bank in which you open the fixed deposit.
The bank is entitled to deduct TDS @ 10% as per Section 194A of the Income-tax Act,1961, if interest income exceeds ₹ 40,000 (₹ 50,000 for resident senior citizens) during the financial year.
However, if your total income is below the taxable limit, you can submit Form 15G (For individuals aged less than 60 years) or Form 15H (For individuals aged more than 60 years) to the bank and request them not to deduct any TDS.
One can invest in Fixed Deposits when interest rates are high or when someone has retired and aims to have a safe investment.
Yes, for such extreme situations, each depositor is insured up to a maximum of ₹ 5 lakh (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.
Offline: Place a request at your nearest IDBI Branch. With this method, the amount will be credited to your account within 24-48 hours.
Online: Log in to the app or website and open the FD that you want to break, click on Premature Withdrawal and the amount will be credited within the same day.
There is no specific rule or criteria for interest rate changes that IDBI follows. The rates are changed anytime considering the repo rate and inflation changes as well as the bank’s operations.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.