IDBI bank offers quite luring interest rates especially for the period of 6 months-1 year for a general investor under once crore of investment, the maximum interest rate being 6.90 percent. For the increase in period of investment, the interest rate is almost constant to 6.75 percent.
Although there is a considerable decline in the interest rate for over 5 years investment considering falling of repo rates. This is kind of a fallback security in which the bank keeps margin for losses which might occur due to falling repo rates.
The interest rate as seen from the table is 6.90 percent for 5 years owing to the same reason. The maximum tenure for investment is 20 years. Below interest rates are effective from 30 December, 2016.
Table for IDBI Bank FD rates on resident & NRO deposits:
|Time Period||Interest Rate For Amount Below 1 Crore ( % p.a.)||Interest Rate For Amount Above 1 Crore (% p.a.)|
|7 – 14 Days||4.25||4.00|
|15 – 30 Days||4.25||4.75|
|31 – 45 Days||5.00||4.75|
|46 – 60 Days||5.50||5.25|
|61 – 90 Days||5.75||5.00|
|91 Days – 180 Days||6.50||6.00|
|181 Days – 270 days||6.50||6.25|
|271 Days – 1 year||6.75||6.25|
|1 Year – 2 Years||6.90||6.25|
|2 Years – 3 Years||6.90||6.25|
|3 Years – 5 Years||6.90||6.25|
|5 Years – 10 Years||6.75||6.00|
|Above 10 Years||6.75||6.00|
Suvidha tax saving fixed deposits:
Table updated: 4 January, 2017
From Table, IDBI bank provides best interest rates in fixed deposits for the period one to five years. For 1-2 Years deposits, IDBI bank provides 6.90% interest rates. But above five years deposits, It provides little less fixed deposit interest Rates.
- IDBI bank provides .50% higher Fixed deposit interest rates for senior citizens for above 1 year deposits only.
- You can’t close deposits under suvidha tax saving scheme before maturity period.
Check it out from official website of IDBI bank @ http://www.idbi.com/interest-rates.asp