IDBI Bank home Loan offer easiest loan reimbursement options and lower EMIs at the attractive interest rate. Check eligibility for Home Loan now. in this article, we have introduced you to IDBI Bank Home Loan Interest Rate and Fixed deposit interest rate, Senior Citizen interest rate for fixed deposit.
As per RBI rules, Savings bank will be calculated on the daily balances maintained in your account, at a rate of interest decided by the bank from time to time (existing rate is 4.00% p.a).
The IDBI Bank Pays Interest rate on deposit amount as per various deposit scheme. The interest rate is revised from time to time and made known to the public. The Revised interest rate applies only on renewal and fresh deposits while existing deposit continues to get the interested rate at the contracted rate.
Interest Payment – Customers can get the interest payment on the deposit amount quarterly on the last day of each quarter.
Interest Reset – Every 3 months, coinciding with calendar quarters – 1st April, 1st July, 1st October, 1st January every year.
Minor’s Account – a minor’s cannot open alone FRTD, as the maturity amount cannot be determined at the time of opening the FRTD, minor’s account can be opened jointly with his/her guardian only.
Tax Deduction at Source – TDS applicable if the interest payable / Paid on deposit exceed Rs. 10,000/ per year, per customer, per branch.
Premature Withdrawal :-
(a) The IDBI Bank minimum lock in period is one year before one year you can’t withdrawal.
(b) After one year, the rate applicable, within the event of premature withdrawal, would be the common benchmark rate of the immediate preceding quarter with the mark up of applicable preceding tenor e.g. If the investor books deposit for two years and requests for a pre closure after one year and 110 days the applicable rate would be the common benchmark of the preceding quarter of the last quarter the deposit had remained with the Bank (as applicable for the occasional quarter) and the mark up of 1 year.
(c) The IDBI Bank Calculation of Interest rate shall be as per extant guidance’s for term deposit carrying fixed rate.
IDBI Interest Rate for Senior Citizen
Senior Citizen will be paid interest rate at 50 basis point higher that applicable FRTD rate.
Change from Fixed to floating rate in IDBI
Proposed to be permitted by conclusion of the current Term Deposit under settled rate and installment at the initially contracted rate. No Premature penalty to be collected given rebooking tenure under the FRTD scheme is at any rate equivalent to the original residual time of the Term Deposit contracted at settled rate of interest. No change of floating to fixed rate permissible.
Disclaimer – The mark-up would be revised at the Bank’s discretion. The revised mark-up would be applicable only for fresh and renewal of existing deposits.
*****No interest shall be paid if Recurring Deposit (RD) is stopped before three months. If RD is stopped before one year however kept for no less than 3 months with the Bank then Interest rate applicable for Savings Bank shall be paid. In the event of premature conclusion of Recurring Deposit by Sr. citizen, the extra 50bps appropriate to Sr. citizen shall be made accessible given the RD has been with the bank for finish 12 months from the date of the first portion.
Rate Conversion Offer in IDBI Bank
IDBI Bank has rolled out the facility of rate conversion from interest rate connected to Benchmark Prime Lending Rate (BPLR)/Base Rate (BR) to the predominant interest rate linked to Marginal Cost of Lending Rate (MCLR). The details elements of such offer are as under:
Change of existing BPLR/Base Rate connected ROI cases to MCLR based valuing wherein compelling rate of interest will be kept unchanged.
In case of such conversion offer, the rate of interest to be arrived by including suitable spread over MCLR material at the season of practicing such choice.
No charges will be exacted for such rate conversion.
In case of the current customer(s) with present rate of interest not as much as the prevailing MCLR of one year will be moved to minimum of prevailing one year MCLR.
Conversion of existing BPLR/Base Rate linked ROI cases to MCLR based pricing where the compelling rate of interest descends subsequently of repairing of spread on MCLR as chose to our greatest advantage rate structure.
In case of such conversion, the customer can profit a superior interest rate in perspective of the spread MCLR based structure.
Conversion expenses to be required @ 0.10%(subject to change) in addition to relevant charges on the exceptional credit sum.
Such sort of conversion facility is confined just to the standard records with reputation of regular payments.
For further help
It would be ideal if you contact your closest Branch/Retail Asset focus or Call: