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Easy Guide For IDBI Bank Deposits

Get higher returns on your savings with the IDBI fixed deposits. Choose from the wide range of fixed deposits and enjoy higher interest rates on your savings. The deposits provide high security and better returns. IDBI Bank offers different type of deposit schemes to their IDBI Account holders. Choose the deposit of your choice, select a tenure that exactly meets your needs and open the deposit. Choose long-term deposits to meet future needs of your child education or a short term deposit to meet immediate needs. Applying for any of the fixed deposit is simple and easy.

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IDBI Fixed Deposits 

IDBI fixed deposits provide multiple advantages such as anytime access to the deposits, flexible tenure that can as short as 15 days or as long as 20 years, flexible deposit value that can be as low as 10,000, high interest rates with special interest rates for senior citizens, and auto renewal facility avoiding the hassle of renewing the deposit upon maturation. Other advantages that help customers meet the unexpected needs are the sweep in a facility and the overdraft feature. IDBI also provides IDBI Debit Cards and IDBI Credit Cards for hassle free banking to their customers.

Types of Deposits

The different types of IDBI deposits are freedom deposit, recurring deposit, and the suvidha tax saving fixed deposit.

The freedom deposit provides attractive interest rates and gives customers the flexibility to choose the tenure of choice. Access the deposit anytime and liquidate it anytime without the payment of any penalty. The tenure for the deposit ranges from 15 days to 20 years for deposits valued Rs.10000. Senior citizens are provided with additional benefits such as an additional 0.5% interest rate on deposits with a tenure of 1 year and above. Customers can obtain the interest monthly, quarterly or annually as per the needs or they can compound it to the principal and obtain a higher value at the end of the tenure. You can check your deposit account at any time with IDBI Net Banking. The deposit can be linked to the savings account and the funds associated with the fixed deposit can be broken into small equal amounts that are transferred to the savings account to meet your immediate needs. Another advantage of the sweep in savings feature is that the customer loses interest only on the amount that is credited to the savings account. The overdraft feature lets you obtain a loan of about 90% of the deposit value without breaking the fixed deposit. You can also check deposit types of Karnataka Bank Deposits and Kotak Mahindra Bank Deposits.

IDBI Bank Suvidha tax saving fixed deposit is perfect for those who can lock their savings for a period of five years. The maximum amount of deposit that can be made is 1.5 lakhs. The interest rate on this type of deposits is 6.00% and 6.5% for senior citizens. The advantage of having the tax saving deposit is the customer can easily apply for a loan with minimum documentation and faster approvals.If you are looking for any type of loans then  this bank provides IDBI Bank Loans at low interest rates.

The IDBI recurring deposit is a perfect way to have regular income out of your earning. The deposit can be made monthly. The tenure for the deposit ranges from one year to 10 years. The deposit amount can be as less as Rs.100 to about 1 crore every month. Standing instructions can be provided to deduct the amount every month from the savings account.

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Deposits Interest Rates

The interest rates on fixed deposits range from 4.25 % to 6.65% depending on the tenure. For a short tenure of 15 days to 30 days the interest rate is about 4.25% and for a tenure close to one year the interest rate is 6.65 percent. For long tenure of 10 years, the interest rate is 6%. You can compare the loan interest rates of IDBI with YES Bank Deposits, Allahabad Bank Deposits and BOB Deposits.

FAQ’s Related to IDBI Deposits

  1. What are the different periods for obtaining interest on fixed deposits?
View Answer
The interest on fixed deposits can be obtained monthly, quarterly or annually.

2. What is the special interest rate available for senior citizens on fixed deposits?

View Answer
Senior citizens are given additional 0.5% of interest compared to regular customers on fixed deposits.

3. What are the documents to be provided at the time of opening the fixed         deposit?

View Answer
At the time of opening the fixed deposit, the customer has to provide two photographs along with the deposit opening form and the amount for which the deposit is to be made. The form can be obtained from the bank branch.

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