IDBI Bank Fixed Deposit (FD) Interest Rates

You can open an FD account with a minimum deposit of ₹10,000 and the maximum amount is capped at ₹99,99,999.

Yes, IDBI Bank offers an additional interest rate of 0.50% for senior citizens on IDBI fixed deposit interest rates from year 1 and above. This additional interest rate is subject to change at the discretion of the bank.

The interest is compounded on a quarterly rest under the cumulative/reinvestment option in the term deposit of IDBI Bank.

To open a term deposit account with IDBI Bank, you need to submit a duly signed Account Opening Form (AOF) along with photographs of the applicant. You also need to submit KYC documents together with the requisite amount for which the term deposit is to be made. The KYC documents include the following:

• Identity Proof:
• Passport
• Aadhaar Card
• PAN Card
• Driving License
• Voter ID Card
• Photo Ration Card
• Government ID Card
• Senior Citizen ID Card
• Address Proof:
• Electricity Bill
• Telephone Bill
• Passport
• Bank statement with cheque
• Certificate/ID issued by Post Office

No, there is no need for you to go through any more formalities when you already have an existing customer ID with IDBI Bank. All you have to do is provide the customer ID, type of deposit, and cash/cheque to the bank. A bank representative will take care of the rest.

In case your existing customer ID is for a non-senior citizen and you want to open a deposit account as a senior citizen, then you need to go through the formalities mentioned in 'open your account'.

When the amount of interest credited or likely to be credited in a financial year exceeds ₹10,000, TDS becomes payable at 10%.