IDBI Bank Revises Interest Rates On FD: Check New Rates Here

Industrial Development Bank of India (IDBI) a leading private sector bank has revised interest rates on fixed deposits with effect from 16th August 2021. IDBI Bank offers two types of fixed deposit schemes which are Suvidha Fixed Deposit and Tax Saving Fixed Deposit. Both these deposits allow a minimum deposit amount of Rs 10,000, auto-renewal facility, monthly, quarterly, and annual income plans, 0.50% additional interest rate for senior citizens, overdraft facility, sweep in, and so on. Under the Suvidha Fixed Deposit scheme, one can choose a tenure ranging from 7 days to 10 years whereas in the Tax Saving Fixed Deposit scheme one is required to stay invested for a lock-in period of 5 years to get tax benefits under section 80C. Apart from all these factors here is all you need to know about the most recent interest rates on fixed deposits of the bank.

IDBI Bank Regular Fixed Deposit Interest Rates

IDBI Bank is currently offering a 2.70 percent interest rate on FDs maturing in 7 to 30 days after the latest adjustment. The bank is providing a 2.80% interest rate on term deposits with a maturity period of 31-45 days. IDBI Bank offers interest rates of 3.00 percent and 3.50 percent on deposits maturing in 46 days to 90 days and 91-6 months, respectively. The bank offers 4.30 percent on deposits maturing in 6 months to less than a year.

The bank is offering a 5.05 percent interest rate on FDs with a one-year maturity period. The bank is currently offering 5.15 percent and 5.20 percent interest rates on term deposits maturing in one to two years and two to less than three years. Interest rates for FDs maturing in more than 3 years but less than 5 years will be 5.40 percent. IDBI Bank is giving a 5.25 percent interest rate on deposits maturing in 5 to less than 10 years, and a 4.80 percent interest rate on deposits maturing in 10 to 20 years to the general public.

Maturity Slab	Interest Rates In % For General Customers
0-6 Days	NA
07-14 days	2.70
15-30 days	2.70
31-45 days	2.80
46- 60 days	3.00
61-90 days	3.00
91-6 months	3.50
6 months 1 day to 270 days	4.30
271 days upto< 1 year	4.30
1 year	5.05
> 1 year - 2 years	5.15
>2 years to < 3 years	5.20
3 years to to < 5years	5.40
5 years (Tax Saving FD)	5.25
> 5 years - 7 years	5.25
>7 years - 10 years	5.25
>10 years - 20 years	4.80
Source: Bank Website, Retail Term Deposits (< 2 Cr)

IDBI Bank Fixed Deposit Interest Rates For Senior Citizens

For a deposit amount of less than Rs 2 Cr, senior citizens will continue to get an additional interest rate of 0.50% respectively. Here are the latest interest rates on fixed deposits of IDBI Bank for senior citizens.

Maturity Slab	Interest Rates In % For Senior Citizens
0-6 Days	NA
07-14 days	3.20
15-30 days	3.20
31-45 days	3.30
46- 60 days	3.50
61-90 days	3.50
91-6 months	4.00
6 months 1 day to 270 days	4.80
271 days upto< 1 year	4.80
1 year	5.55
> 1 year - 2 years	5.65
>2 years to < 3 years	5.70
3 years to < 5years	5.90
5 years (Tax Saving FD)	5.75
> 5 years - 7 years	5.75
>7 years - 10 years	5.75
>10 years - 20 years	5.30
Source: Bank Website, Retail Term Deposits (< 2 Cr)

IDBI Bank Bulk Deposit Rates

Here are the bank's updated interest rates, effective April 16, 2021, for Bulk Deposits of Rs. 2 crore and above, up to Rs. 5 crore.

Maturity Slabs	Rate of Interest (% p.a.)
0-6 Days	NA
07-14 days	2.50
15-30 days	2.50
31-45 days	2.75
46- 60 days	2.75
61-90 days	2.90
91-6 months	2.90
6 months 1 day to 270 days	3.00
271 days upto< 1 year	3.10
1 year	3.50
> 1 year - 2 years	3.50
>2 years to < 3 years	3.75
3 years to < 5 years	3.75
5 years	3.75
> 5 years - 7 years	3.75
>7 years - 10 years	3.75
Source: Bank Website