IDBI bank offers quite luring interest rates especially for the period of 6 months-1 years for a general investor under once crore of investment, the maximum interest rate being 7.25 Percent. For the increase in the period of investment, the interest rate is almost constant to 6.25 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 fallback security in which the bank keeps the margin for losses which might occur due to falling repo rates.
Table for IDBI Bank FD rates on resident & NRO deposits Feb 2019:
|Time Period||Interest Rate For Amount Below 1 Crore ( % p.a.)||Interest Rate For Amount Above 1 Crore (% p.a.)
|7 Days to 14 Days||5.75%||4.00%|
|15 Days to 30 Days||5.75%||5.75%|
|31 Days to 45 Days||5.75%||5.75%|
|46 Days to 60 Days||6.25%||6.25%|
|61 Days to 90 Days||6.25%||6.25%|
|91 Days to 180 Days||6.25%||6.25%|
|181 Days to 270 days||6.50%||6.50%|
|271 Days to 1 year||6.50%||6.50%|
|1 Year to 2 Years||7.20%||7.20%|
|2 Years to 3 Years||7.05%||7.05%|
|3 Years to 5 Years||6.85%||6.85%|
|5 Years to 10 Years||6.25%||6.25%|
|Above 10 Years||6.00%||6.00%|
Suvidha tax saving fixed deposits:
Table updated: 4 February 2019
From Table, IDBI bank provides the best interest rates in fixed deposits for the period one to five years. For 1-2 Years deposits, IDBI bank provides 7.25% 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 the Suvidha tax saving scheme before the maturity period.
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Check it out from the official website of IDBI bank @ http://www.idbi.com/interest-rates.asp