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Fincash » FD Interest Rates » IDBI FD Rates

IDBI Bank Fixed Deposit Rates 2024

Updated on July 9, 2024 , 19003 views

IDBI Bank, a public sector bank, has been present in the Industry for the last 40 years and is Offering high-quality financial services and products to a large number of customers. The Fixed Deposit (FD) offered by IDBI Bank is one of the good ways to save money or make a lucrative investment that will pay guaranteed returns.

IDBI-Bank

A customer is required to make a deposit once into their fixed deposit account at the time of opening the account with the bank. One looking to open an FD account with IDBI bank, here are the following FD rates with its tenure offered by the bank.

IDBI Fixed Deposit Interest Rates 2024

Here's a list of IDBI FD Interest Rates for deposits less than INR 2 crore.

w.e.f. 1.11.2022

Tenure Regular Deposit (p.a%) Senior Citizen (p.a%)
0-6 Days NA NA
07-14 days 3.00 3.50
15-30 days 3.00 3.50
31-45 days 3.35 3.85
46- 60 days 4.25 4.75
61-90 days 4.25 4.75
91-6 months 4.50 5.00
6 months 1 day to 270 days 5.25 5.75
271 days up to< 1 year 5.50 6.00
1 year 6.25 6.75
> 1 Year to 554 Days 6.25 7.00#
556 days to 2 years 6.25 7.00#
> 2 Years to < 3 Years 6.25 7.00#
3 years to < 5years 6.10 6.85#
5 years 6.10 6.85#
> 5 years to 7 years 6.10 6.85#
>7 years to 10 years 6.10 6.85#
>10 years to 20 years$ 4.80 5.30

$ Maturity bucket is eligible only for deposits from following beneficiaries (with effect from January 1st, 2021). #Rates on IDBI Naman Senior Citizen Deposit (total mark-up 0.75% over Card Rate). Figures mentioned in the above table are subject to change without prior information.

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Suvidha Tax Saving Fixed Deposit (5 Years)

w.e.f. October 11, 2022

Tenure Normal Retail Rate Senior Citizens
5 Year 6.10% 6.85%#

#For more details contact IDBI bank.

Features of Fixed Deposit

Mentioned below are some of the key features offered on FDs by IDBI Bank:

  • The FD offers the advantage to enjoy higher interest rate on the deposit
  • Offers attractive interest rate on your deposit
  • Loan Facility upto 90 percent is available on the deposit
  • Extra interest of 0.50 percent payable to the senior citizens
  • Auto renewal facility availability

How to Apply for Fixed Deposit Scheme?

Applying for a IDBI's Freedom Deposit is absolutely simple. Just Call phone banking numbers, the bank representative will contact you at the earliest. Or visit your the nearest branch.

Are you Looking for an Alternative to Banks Savings Account?

Investors who are thinking of parking their money for the short term, you can also consider liquid Mutual Funds. Liquid Funds are an ideal alternative to FDs as they invest in low-risk debt and money market securities.

Here are some features of liquid funds you should know:

  1. Liquid Funds invest in short-term investment instruments like commercial papers, certificates of deposit, treasury bills etc
  2. With Liquid Mutual Funds one gets the flexibility to invest or withdraw whenever one wants to without any penalty or exit load
  3. When investing in Mutual Funds, some fund houses also offer ATM card to withdraw money. This further adds on to your convenience
  4. Some of the Best Liquid Funds offer much better interest rate than that of Savings Account

Liquid Funds Vs Savings Account

Based on certain parameters, we can figure out the difference between liquid funds and savings account. Let’s figure out those parameters.

Factors Liquid Funds Savings Account
Rate of Return 7-8% 4%
Tax Implications Short-term Capital gains tax is levied based on investors' applicable income tax slab Tax Rate Interest rate earned are taxable as per investors' applicable Income tax slab
Ease of Operation No need to go to a bank to get cash. If there is same amount that needs to be paid, it can be done online Money gets deposited to the bank account first
Suitable for Who want to invest their surplus to earn higher return than saving account Who want to just park their surplus amount

Top 5 Liquid Funds to Invest 2024

FundNAVNet Assets (Cr)1 MO (%)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2023 (%)
Indiabulls Liquid Fund Growth ₹2,360.83
↑ 0.52
₹2170.61.73.77.35.656.8
Principal Cash Management Fund Growth ₹2,155.27
↑ 0.45
₹5,6510.61.73.67.35.85.17
PGIM India Insta Cash Fund Growth ₹317.872
↑ 0.07
₹3950.61.73.67.35.85.27
JM Liquid Fund Growth ₹66.69
↑ 0.01
₹1,9670.61.73.67.25.85.17
Axis Liquid Fund Growth ₹2,718.03
↑ 0.56
₹36,5180.61.73.77.35.85.27.1
Invesco India Liquid Fund Growth ₹3,355.92
↑ 0.71
₹11,3310.61.73.77.35.85.17
Aditya Birla Sun Life Liquid Fund Growth ₹393.498
↑ 0.08
₹44,3310.61.73.77.35.85.27.1
ICICI Prudential Liquid Fund Growth ₹361.579
↑ 0.08
₹46,4230.61.73.77.35.85.27
Nippon India Liquid Fund  Growth ₹5,961.53
↑ 1.23
₹33,6040.61.73.77.35.75.27
Tata Liquid Fund Growth ₹3,846.14
↑ 0.83
₹21,0120.61.73.67.35.75.27
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 11 Jul 24

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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