All you need to know about IDBI fixed deposit
IDBI is offering a wide range of fixed deposit schemes that can offer a good rate of interest. Not only that, IDBI fixed deposit has various other benefits too. You can make your IDBI fixed deposit account online without any hassle. The online process needs less paperwork and time to open a fixed deposit account.
IDBI fixed deposit:
There are many fixed deposit options available on the IDBI official website. You can compare all those IDBI fixed deposit rate options and choose the appropriate one as per your need and financial goal. Senior citizen of India has a limited source of income, so, IDBI is providing higher IDBI fixed deposit rates for senior citizens and pensioners of India. Senior citizens or pensioners will be eligible for the higher IDBI fixed deposit rates if they provide all the necessary age proof documents to the bank.
Recently, IDBI has revised the interest rates on fixed deposit accounts by increasing the rate across all tenures. At the present financial market, IDBI is offering up to 6.55 % interest rate per annum on fixed deposit accounts. But, senior citizens and pensioners can get up to 7.05% per annum. There are some common advantages that come up with an IDBI fixed deposit account. The advantages are listed below:
- IDBI fixed deposit offer different interest payout options such as monthly, quarterly, etc
- IDBI fixed deposit offer competitive industry rates
- IDBI fixed deposit offer higher IDBI fixed deposit interest rates for senior citizens
- IDBI fixed deposit offer flexible tenure options
IDBI fixed deposit interest rates
IDBI fixed deposit allows an individual to deposit a sum of money for a fixed period of time. You can make your fixed deposit account for 1 month, 6 month, 1 year or 5 years depending on your needs and requirements. You can choose an IDBI fixed deposit account if you are looking for a high interest rate. Fixed deposit offers higher interest rates than other saving accounts.
The IDBI fixed deposit interest rates for regular and senior citizens are mentioned below:
- Deposit amount is less than 1 Crore.
|Tenure||Regular Interest Rate per annum||Senior Citizen Interest Rate per annum|
|IDBI fixed deposit interest rates for 15 days to 45 days||5.75%||5.75%|
|IDBI fixed deposit interest rates for 46 days to 6 months||6.25%||6.25%|
|IDBI fixed deposit interest rates for 6 months 1 day to less than 1 year||6.50%||6.50%|
|IDBI fixed deposit interest rates for 1 year||6.75%||7.25%|
|IDBI fixed deposit interest rates for above 1 year to less than 5 years||6.50%||7.00%|
|IDBI fixed deposit interest rates for 5 years||6.75%||7.25%|
|IDBI fixed deposit interest rates for above 5 years to 20 years||6.00%||7.00%|
- Deposit amount is ranging from 1 Crore to 5 Crore.
|Tenure||Interest rate per annum|
|IDBI fixed deposit interest rates for 7 days to 14 days||4.00%|
|IDBI fixed deposit interest rates for 15 days to 45 days||5.75%|
|IDBI fixed deposit interest rates for 46 days to 6 months||6.25%|
|IDBI fixed deposit interest rates for 6 months 1 day to less than 1 year||6.50%|
|IDBI fixed deposit interest rates for 1 year||6.75%|
|IDBI fixed deposit interest rates for more than 1 year to less than 5 years||6.25%|
|IDBI fixed deposit interest rates for 5 years||6.50%|
|IDBI fixed deposit interest rates for above 5 years to 20 years||5.75%|
Types of IDBI Fixed Deposits
There are many types of IDBI FD or fixed deposit accounts available in India. Investor can choose any fixed deposit option from the wide range of investment options available based on their personal and financial needs. IDBI Bank Fixed Deposits are a great investment option for every individual in India as it comes with a huge number of benefits. Applicants can get high interest rates on term deposit as many banks are offering high interest rate on term deposits that can guarantee a fixed interest income. In a fixed deposit account, an applicant can invest a certain amount of money for a fixed tenure of time to earn a particular rate of interest. The interest rate on fixed deposit is generally higher than other saving accounts.
- IDBI Normal/Standard Fixed Deposits
Standard Fixed Deposit is one of the most common fixed deposit accounts. It is also one of the most basic and uncomplicated forms of investment. A fixed sum of money is deposited for a certain pre-determined period of time and a certain interest rate is provided on the same.
- Fixed tenure
- Standard interest rates
- Easy investment
- IDBI Cumulative Fixed Deposits
When it comes to IDBI cumulative fixed deposits, the interest earned on this will not be available or paid to the policyholder at regular intervals. Instead, interest will be paid only upon completion of the fixed deposit tenure along with the principal amount.
- Interest paid with principal at the time of maturity
- Not ideal for those without a regular income like pensioners etc.
- Interest is compounded on a weekly, bi-weekly, monthly, quarterly, half-yearly or yearly basis
- This leads to higher gains, making it a more profitable form of investment
- IDBI Special Fixed Deposits
These types of fixed deposits come with certain special benefits or perks when compared to the ordinary fixed investment plan. They usually offer higher rates of interest. One can also generally take a loan on these types of fixed deposits.
- Higher rate of interest
- Special offers
- Additional benefits
- IDBI Tax Saver Fixed Deposits
These types of fixed deposit accounts are usually for a longer tenure that ranges between 3 to 5 years, or more. Therefore, they come with a lock-in period and one cannot break these deposits or withdraw them prematurely, unless in the event of death of the account holder. The main advantage of these deposits is that one can claim tax exemption under Section 80C of the Income Tax Act.
- Cannot be broken until completion of tenure
- The interest gained on these deposits are taxable
- IDBI Flexi Fixed Deposits
A flexi fixed deposit is a type of fixed deposit account where the savings account is linked with the term deposit.
- Provides flexibility
- Best of both worlds
- IDBI Non-Cumulative Fixed Deposits
In the case of non-cumulative fixed deposit, the bank pays the account holder the interest earned on the principal amount at regular frequencies.
- Good option for pensioners
- Extra income
- Account holder can choose at what interval dividend should be paid
- Usually one tends to earn lesser on the whole in this scheme when compared to cumulative fixed deposit scheme
Features of IDBI Fixed Deposit Account
- The main feature of IDBI fixed deposit account is that you can earn a very high interest rate compared to the other saving accounts. An individual can earn up to 6.55% per annum interest rate on his surplus funds or extra money.
- The applicant can deposit the amount only once.
- The applicant needs to open a separate account if he wants to make another fixed deposit.
- After opening the fixed deposit account, the depositor will get a fixed deposit receipt from the bank.
- The depositor has to produce the fixed deposit receipt at the time of maturity.
- After the maturity he can renew the fixed deposit account for further period.
- The interest on fixed deposit account gets credited to the applicant’s savings account as per the traditional scheme. The credited amount will be specified by the depositor on a monthly or quarterly basis.
- If you want to reinvest your fixed deposit account then the interest will be compounded to the principal amount on a quarterly basis.
- As per the income tax act, 1961, the applicable tax is deducted at source from the interest on fixed deposit.
IDBI Fixed deposit calculator:
IDBI fixed deposit interest rates calculator can help you to calculate the interest amount that you can get from your bank for a fixed deposit account for a fixed tenure of time. There are many banks that are offering fixed deposit facility for customers. But, before investing in a fixed deposit account you have to make sure that you will get the maximum interest rate from banks. You can calculate your interest amount using the IDBI fixed deposit interest rates calculator. It is very easy to use. And the main benefit of an IDBI fixed deposit calculator is that the service is totally free. You can apply for a fixed deposit for a fixed period of time such as 7 days, one month, 6 months, and 1 year to 5 years as per your need. You will get the maximum interest rate available. But before going for an investment you should always compare the rates because different banks have different interest rates on fixed deposit.
To use IDBI fixed deposit interest calculator, user needs to input certain fields such as:
- The Deposit amount – the amount you want to invest in a particular deposit scheme
- Deposit tenure – the period for which you want to invest the amount
- Deposit interest rate – the rate of interest that is offered by the chosen bank or institution
After entering all these details you just need to click on the calculate button. You will get the maturity amount instantly on your screen.
Documents required for an IDBI fixed deposit account.
- Fixed deposit application Form
- 2 recent colour photograph of the depositor.
- Applicant’s Identity proof as well as Address proof for KYC Norms
- Applicant’s PAN Card copy
- Signed Form 60 or 61
- Applicant’s Aadhaar Card copy
Fixed deposit is a kind of safe investment that can help an applicant to grow his money without any risk that is associated with the present financial market. Applicant can grow his money without exposing them to volatility. Most of the banks in India are offering fixed deposit facility to customers. But, the interest rate on your fixed deposit account will depend on several factors such as the tenure of the deposit and the amount that you want to deposit. IDBI Bank can offer you a good interest rate if you deposit a good amount of money for a long tenure.