IDBI Bank provides a wide range of services, including fixed deposits, savings and current accounts, loans for clients, agri loans for farmers, and much more. The fixed deposit products offered by IDBI Bank are well-known among investors for their dependability and competitive interest rates. Customer satisfaction is a top priority for IDBI Bank, and the IDBI FD calculator is proof of the bank’s dedication to offering cutting-edge, client-focused financial solutions.
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Features of IDBI Bank Fixed Deposit
- You can get to your FD account from anywhere.
- There are numerous deposit alternatives available.
- There is a facility for auto-renewal.
- The available balance in the account may be used as collateral for loans.
- There is a facility for premature withdrawal. However, if you withdraw too soon, there will be a charge.
- Senior citizens are given a higher interest rate.
- The scheme’s duration extends from 7 days to 10 years.
- The required minimum deposit is Rs. 10,000.
Benefits of IDBI Bank Fixed Deposit Interest Calculator
- It specifies the minimum amount that a person must deposit in order to receive the desired returns.
- These calculators can help in determining the important impact that FD interest rates play in determining profitability.
- By carefully considering each element affecting FD returns, the IDBI FD calculator enables depositors to make a planned decision.
- To compare the different tenure and maturity terms, one can also utilise the IDBI Bank FD calculator. By doing this, a depositor can choose the ideal fixed deposit choice.
- Last but not least, these calculators promise to calculate investment returns quickly and precisely. On the other hand, manual computations take time and could produce inaccurate results.
How is IDBI Bank FD Interest Rate Calculated?
- A refers to Maturity amount
- P refers to Principal amount or sum of investment
- R refers to Interest rate per year
- N refers to Number of times the interest applied is compounded
- T refers to Maturity period
What are IDBI Bank FD Interest Rates?
Tenure | Regular customer FD Rate | Senior Citizen FD Rate |
7 – 30 days | 3% | 3.5% |
1 month – 1 month 14 days | 3.25% | 3.75% |
1 month 15 days – 2 months 28 days | 4% | 4.5% |
2 months 29 days – 5 months 27 days | 4.5% | 5% |
5 months 28 days – 11 months 28 days | 5.75% | 6.25% |
11 months 29 days – 1 year 2 months 15 days | 6.8% | 7.3% |
1 year 2 months 16 days – 1 year 2 months 16 days | 7.15% | 7.65% |
1 year 2 months 17 days – 1 year 11 months 29 days | 6.8% | 7.3% |
2 years – 4 years 11 months 28 days | 6.5% | 7% |
4 years 11 months 29 days – 9 years 11 months 27 days | 6.25% | 6.75% |
9 years 11 months 28 days – 19 years 11 months 25 days | 4.8% | 5.3% |
Summing it up
IDBI Bank FD Calculator : FAQs
The 72 rule can be used to calculate when an IDBI Bank Bank FD will double. The number of years it will take for an IDBI Bank FD to double will be determined by dividing 72 by the interest rate. Investors will double their investment in 10.07 years because the maximum IDBI Bank FD interest rate available at the moment is 7.15%. Similar to how senior citizen depositors, whose greatest FD rate is 7.65%, will double their investment in 9.41 years.
You have the option to check the balance of an FD at IDBI Bank offline or online. Log in to the IDBI Bank's internet banking website to use the online method. As an alternative, you can update your passbook in person at the closest IDBI Bank branch to inquire about your FD balance.
If you are under 60 years old, submit Form 15G; if you are above 60, submit Form 15H. Your TDS on interest profits will be reduced or eliminated if you do this.
Searching for an FD calculator on the websites of financial institutions and aggregators is the quickest method to discover one. Customers can find these tools on financial websites run by third parties as well as institutions.
All options for interest payout, with the exception of the monthly (discounted) option, are subject to the appropriate interest rate as shown in the interest table. The interest rate decreased to correspond with the applicable interest rate due at quarterly rests while using the monthly interest payment option.