IDBI Bank FD Interest Rates 2022 | IDBI Bank New Fixed Deposit Rates

IDBI Bank FD Interest Rates July 2022 | Check Out New IDBI Fixed Deposit Rates 2022 | IDBI FD Interest Rates for Senior Citizens | Calculate FD Interest Rates for IDBI Bank

For FDs with terms ranging from seven days to twenty years, IDBI Bank offers interest rates of 2.70 to 5.75 percent per year for the general public and 3.20 to 6.50 percent per year for elderly citizens. For five-year terms, the interest rate on IDBI Bank Tax Saving FDs is 6.50 percent for senior citizen depositors and 5.75 percent for the general public. Additionally, the bank provides NRIs with a variety of fixed deposit products, including NRO, NRE, RFC, and FCNR fixed deposits. In addition to US Dollars (USD), British Pounds (GBP), Euros (EUR), Australian Dollars (AUD), Canadian Dollars (CAD), Japanese Yen (JPY), Singapore Dollars (SGD), Hong Kong Dollars (HKD), and Swiss Francs, IDBI Bank also accepts FCNR fixed deposits in these other currencies (CHF). RFC fixed deposits are accepted by the bank in USD, GBP, EUR, and JPY.

IDBI Bank FD Interest Rates Highlights

IDBI Bank FD Interest Rates (p.a.) Highlights 2022
Highest slab rate	5.75% (for 5 years to 10 years)
For 1 year	5.35%
For 2 years	5.40%
For 3 years	5.60%
For 4 years	5.60%
For 5 years	5.75%
Tax-Saving FD	5.75%

The interest rates are updated as of 15 July 2022

IDBI Bank Net Banking

IDBI Bank FD Rates 2022

Fixed Deposit Rates of Domestic/NRO Deposits of less than Rs. 2 crores w.e.f. from July 14, 2022

Tenure	Interest Rates (% p.a.)
Regular Citizens	Senior Citizens
0 – 6 days	NA	NA
07 – 14 days	2.70	3.20
15 – 30 days	2.70	3.20
31 – 45 days	3.00	3.50
46 – 60 days	3.25	3.75
61 – 90 days	3.40	3.90
91 days – 6 months	4.00	4.50
6 months 1 day – 270 days	4.50	5.00
271 days – less than 1 year	4.50	5.00
1 year	5.35	5.85
Above 1 year – less than 18 months	5.35	6.10*
18 months – less than 30 months	5.40	6.15*
30 months – less than 3 years	5.50	6.25*
3 years – less than 5 years	5.60	6.35*
5 years	5.75	6.50*
Above 5 years – 7 years	5.75	6.50*
Above 7 years – 10 years	5.75	6.50*
Above 10 years – 20 years	4.80	5.30

Note 1. Senior citizens can take advantage of an additional 0.75 percent interest rate over standard deposit rates through the IDBI Senior Citizen Deposit (Scheme Validity: April 20, 2022, to September 30, 2022)Additional senior citizen rates are not applicable to NRO deposits

IDBI Bank Account Opening

IDBI Tax Saver Deposit w.e.f. June 15, 2022

Tenure	Regular Citizens	Senior Citizens
5 years (Suvidha Tax Saving Fixed Deposits)	5.75%	6.50%

NRE Fixed Deposit Interest Rates of deposits less than Rs 2 crores w.e.f. July 14, 2022

Tenure	Regular Citizens (% p.a.)
1 year – less than 18 months	5.85
18 months – less than 30 months	5.90
30 months – less than 3 years	6.00
3 years – less than 5 years	5.60
5 years	5.75
Above 5 years – 7 years	5.75
Above 7 years – 10 years	5.75

Interest Rates on FCNR (B) deposits w.e.f. July 14, 2022

Tenure	Interest Rates (% p.a.)
USD	GBP	EUR	AUD	CAD	JPY	SGD	HKD	CHF
1 year – less than 2 years	3.02	1.98	0.04	2.10	2.58	0.00	1.96	1.62	0.00
2 years – less than 3 years	3.17	2.58	1.00	2.50	3.11	0.00	2.47	2.02	0.00
3 years – less than 4 years	3.42	2.88	1.32	2.75	3.36	0.00	2.77	2.27	0.00
4 years – less than 5 years	3.52	2.99	1.42	2.85	3.46	0.00	2.92	2.37	0.00
5 years only	3.62	3.05	1.52	2.95	3.56	0.00	3.01	2.47	0.00

Interest Rates on RFC deposits w.e.f. July 1, 2022

Tenure	Interest Rates (% p.a.)
USD	GBP	EUR	JPY
91 days – 6 months	1.92	0.10	0.00	0.00
6 months 1 day – less than 1 year	2.07	0.43	0.00	0.00
1 year – less than 2 years	2.77	1.98	0.04	0.00
2 years – less than 3 years	3.17	2.58	1.00	0.00
3 years	3.42	2.88	1.32	0.00

IDBI Bank FD Scheme Types

Suvidha Fixed Deposit (Regular Fixed Deposit with Reinvestment of Interest Component)

• The interest component may be reinvested into the deposit amount under this scheme.
• Rs. 10,000 is the minimum deposit amount.
• seven days to twenty years is the tenure
• Senior citizens receive an extra 0.50 percent interest rate.
• There is a facility for automatic renewal.
• There are options for monthly, quarterly, and annual payouts.
• Overdrafts of up to 90% are available to depositors against their fixed deposits.
• This program provides Sweep In Savings, which allows a savings account to be linked to a number of FDs.

IDBI Bank Timings 2022

Suvidha Tax Saving Fixed Deposit

• A depositor’s maximum annual investment for five years is Rs. 1.5 lakh.
• A door-to-door full banking experience is provided by the bank.
• Duration: 5 years.

Floating Rate Fixed Deposit

• Minimum and maximum deposit amounts are 10,000 rupees and 1,000 rupees in multiples, respectively.
• Term: One to Twenty Years
• Overdrafts of up to 90% are available to depositors against their floating-rate fixed deposits.
• There is a facility for nomination.
• Seniors receive an additional 0.50 percent interest rate.
• Lock-in time: one year
• The ability to auto-renew is only accessible for contracts longer than one year.
• For up to a year, premature withdrawal is not permitted.
• There is a quarterly payout option.

NRE Fixed Deposits

• Rs. 10,000 is the minimum deposit amount.
• tenure: one to ten years.
• Depositors have the choice of a cumulative interest option or a monthly/quarterly interest payout option.
• If the FD is closed prematurely in less than a year, no interest will be paid.
• There is a loan against deposit option.
• On maturity, the FD is eligible for automatic renewal.

Fixed NRO Deposits

• Duration: 15 days to 10 years.
• Depositors have the choice of a cumulative interest option or a monthly/quarterly interest payout option.
• There is a loan against deposit option.
• On maturity, a fixed deposit can be automatically renewed.

Foreign Currency Non-Resident (FCNR) Scheme

• US Dollars (USD), British Pound Sterling (GBP), Euro, Australian Dollar (AUD), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Swiss Franc (CHF), and Japanese Yen are the nine currencies in which depositors can hold their deposits
• Minimum deposit amount: USD 1,000 or its equivalent in other currencies
• 1 to 5 years of tenure.
• Both the principal and the interest are entirely refundable.
• No penalty for closing too soon.
• If a deposit is closed before one year, no interest will be paid.
• There is a loan against deposit option.
• Depositors have the choice of a cumulative interest option or a half-yearly interest payment option.
• There is a facility for automatic renewal.

Premature Fixed Deposit Withdrawal

The penal rate of one percent will be subtracted from the appropriate rate before interest is paid. The negotiated rate or the interest rate in effect for the duration of the fixed deposit’s time with the bank, whichever is lower, would be the relevant rate. This also covers sweep-in withdrawals and partial withdrawals.

For up to a year, premature withdrawals from floating rate fixed deposits are not permitted.

Interest on NRO and FCNR FDs shall be due at the contracted rate or, if lower, the interest rate in effect during the time the FD was held by the bank.

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Calculation of FDs at IDBI Bank

It is highly recommended for people considering investing in an IDBI FD scheme to use resources like the FD Calculator, which makes selecting which FD to invest one’s assets in easier.   

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