IDBI Bank Recurring Deposit Features & Interest Rate – 2016
IDBI Bank is a Government of India owned development bank that provides financial service for both personal and commercial banking. It was launched by the Indian Government to provide credit and financial help for the industrial development in India.
Formerly known as Industrial Development Bank of India, IDBI Bank is currently the 10th largest development bank in the world. With over 1602 branches including one overseas branch in Dubai, 1013 centers including 2 overseas centers in Singapore and Beijing and over 2912 ATMs, IDBI Bank stands tall among the 27 commercial banks owned by the Government of India.
IDBI Bank offers all kinds of personal banking solutions including Recurring Deposit to add a boost for your savings at your complete convenience. Offering interest rates at par with Fixed Deposit accounts, IDBI Recurring Deposit schemes are highly fruitful and risk-free.
Features & Benefits of IDBI Bank Recurring Deposit Account:
Below are the salient features of RD scheme offered by IDBI Bank:
- Open a RD account for a minimum period of 1 year (i.e. 12 months) to a maximum of 10 years (120 months).
- You can opt for saving any fixed amount starting from Rs. 100 to less than Rs. 1 Crore every month.
- Whatever amount you fix will be debited from your savings account automatically every month and credited to your RD account
- There is no tax deducted at source (No TDS) for the interest earned from your RD account. Also there are no charges for executing your standing instructions.
- Senior citizens can enjoy an additional 0.50% interest rate compared to other individuals.
- Pre-plan and save money through recurring deposit for future goals.
- Regular savings for a certain period of time without halts.
IDBI Bank RD Interest Rates 2016
IDBI Bank Recurring Deposit up to less than Rs. 1 Crore (w.e.f. 16 November )
|Maturity Slab||Interest Rate|
|1yrs to < 2yrs||7.75|
|2 yrs to < 3 yrs||7.50|
|3 yrs to < 5 yrs||7.50|
|> 5yrs – 7yrs||7.50|
|>7 yrs – 10 yrs||7.50|
Senior Citizen Interest Rates for IDBI Recurring Deposit up to less than Rs. 1 Crore (w.e.f. 16 November, 2015 )
|Maturity Slab||Sr. Citizen Interest Rate (p.a. %)|
|1yrs to < 2yrs||8.25|
|2 yrs to < 3 yrs||8.00|
|3 yrs to < 5 yrs||8.00|
|> 5yrs – 7yrs||8.00|
|>7 yrs – 10 yrs||8.00|
Table updated: 15 January, 2016