IDBI Bank Pays 6.95% Interest To Senior Citizens On 1-Year FD. Compare Other Rates Here
IDBI Bank FD Rate: IDBI Bank pays interest rates to the tune of 3.5-6.95 per cent to customers on fixed deposits up to Rs 2 crore. These fixed deposits - also known as retail term deposits - are available in 20 maturity options ranging from seven days to 20 years at the private sector lender. IDBI Bank pays slightly higher returns to senior citizen retail depositors compared to other customers. For example, on a fixed deposit up to Rs 2 crore of one year, IDBI Bank pays interest at the rate of 6.95 per cent to senior citizens and 6.45 per cent to other customers, according to its website - idbibank.in. (Also Read: Compare Bank FD Rates Paid By Peers Here)
IDBI Bank pays the following interest rates on retail fixed deposits:
IDBI Bank Fixed Deposit Rates
| Maturity Period | Interest Rate (With Effect From November 11) | |
|---|---|---|
| Public | Senior Citizen | |
| Seven to 14 days | 3.5% | 4% |
| 15 to 30 days | 4.5% | 5% |
| 31 to 45 days | 4.75% | 5.25% |
| 46 to 60 days | 5.5% | 6% |
| 61 to 90 days | 5.5% | 6% |
| 91 days to six months | 5.6% | 6.1% |
| Six months and one day to 270 days | 5.75% | 6.25% |
| 271 days to less than one year | 6% | 6.5% |
| One year | 6.45% | 6.95% |
| Above one year to two years | 6.4% | 6.9% |
| Above two years to less than three years | 6.25% | 6.75% |
| Three years to less than 1,111 days | 6.25% | 6.75% |
| 1,111 days | 6.45% | 6.95% |
| Above 1,111 days to less than five years | 6.25% | 6.75% |
| Three years to less than five years | 6.25% | 6.75% |
| Five years | 6.25% | 6.75% |
| Above five years to seven years | 6.25% | 6.75% |
| Above seven years to 10 years | 6.25% | 6.75% |
| Above 10 years to 20 years | 6% | 6.5% |
| Five years (tax saving FD) | 6.25% | 6.75% |
| (Source: idbibank.in) | ||
(IDBI Bank FD Interest Rates: On fixed deposits of two years, IDBI Bank gives a 6.9 per cent return to senior citizens and 6.4 per cent to other customers, according to its website)
Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax.