The Industrial Development Bank of India(IDBI), is a private sector full-service universal bank that was founded in 1964 and offers a variety of financial services under savings’ scheme. You can open aRecurring Deposit (RD) account from IDBI bank with a minimum deposit of ₹100. The IDBI bank offers RD interest rates starting from 6.50% to 7.50% p.a. for general and senior citizens.
You can increase your savings whenever it's convenient for you with the IDBI Systematic Savings Plan. Explore this page to discover more about IDBI Bank RD Interest, including features, perks, and other information.
The Income Tax Act of 1961 makes recurring deposits, including IDBI, taxable. Annual income from RD investments includes a 10% TDS on earned interest. Complete Form 15G or Form 15H to avoid paying TDS on RD profit. Interest earned should exceed Rs. 40,000 annually.
IDBI Bank RD Interest Rates
IDBI Bank RDs’ offers competitive rates, serving a wide range of financial goals, whether you're planning for the future or seeking long-term financial stability. The following are the interest rates given by IDBI Bank based on the customer's specified tenure for the general public and senior citizens.
| Tenure | general public (%p.a.) | senior citizens (%p.a.) |
|---|---|---|
| 1 year | 6.80% | 7.30% |
| More than 1 year to less than 15 months | 6.80% | 7.30% |
| 15 months to less than 24 months | 6.80% | 7.30% |
| 24 months to less than 36 years | 7.00% | 7.50% |
| 36 years to less than 60 years | 6.50% | 7.00% |
| More than 5 years to 7 years | 6.50% | 7.00% |
| More than 7 years to 10 years | 6.50% | 7.00% |
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Note: These interest rates mentioned above are subject to change according to the bank’s discretion.Don't know your credit score? You can find out for free!
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RD Interest Calculator
Enter the monthly RD investment, interest rate (p.a.) and tenure information to get the maturity amount for your RD.
| RD Maturity Date | : |
| Total Invested Amount | : ₹1,000 |
| Total Interest Earned | : ₹532 |
| Total Maturity Amount | : ₹12,532 |
Use the quick and simple RD calculator to find your maturity amount in a matter of seconds. All of the following data must be entered into the RD maturity calculator by following the guidelines below.
Step 1: Input your RD investment amount.
Step 2: Add the bank's interest rate.
Step 3: Specify the RD tenure in years or months.
Step 4: View the calculator's displayed maturity amount.
RD Interest Rates of Top Banks
Here is a comprehensive list of RD interest rates from top banks:
| Bank Recurring Deposit | RD Interest Rates (p.a) General Public |
RD Interest Rates (p.a) Senior Citizens |
|---|---|---|
| IDBI Bank RD | 6.25% to 7.00% | 6.75% to 7.50% |
| Canara Bank RD | 6.15% to 7.25% | 6.65% to 7.75% |
| Union Bank of India RD | 5.75% to 6.50% | 6.25% to 7.00% |
| Punjab National Bank RD | 6.00% to 7.25% | 6.50% to 7.75% |
| Indian Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Federal Bank RD | 5.75% to 7.50% | 6.25% to 8.00% |
| Kotak Mahindra Bank RD | 6.00% to 7.40% | 6.50% to 7.90% |
| Bank of Maharashtra RD | 5.50% to 6.25% | 6.00% to 6.75% |
| IndusInd Bank RD | 7.00% to 7.75% | 7.50% to 8.25% |
| HDFC RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Saraswat Bank RD | 7.00% to 7.50% | 7.50% to 8.00% |
| South Indian Bank RD | 5.00% to 7.40% | 5.50% to 7.90% |
| SBI RD | 6.50% to 7.00% | 7.25% to 7.50% |
| Bank of India RD | 4.50% to 6.00% | 5.00% to 6.50% |
| Axis Bank RD | 5.80% to 7.40% | 6.25% to 7.85% |
| Bank of Baroda RD | 5.75% to 7.25% | 6.25% to 7.75% |
| ICICI RD | 4.75% to 7.20% | 5.25% to 7.75% |
| City Union Bank RD | 6.25% to 7.00% | 6.50% to 7.50% |
| Dhanalakshmi Bank RD | 6.50% to 7.25% | 6.50% to 7.75% |
| Bandhan Bank RD | 4.50% to 7.85% | 5.25% to 8.35% |
| Indian Overseas Bank RD | 5.75% to 7.30% | 6.25% to 7.80% |
| Yes Bank RD | 6.10% to 7.75% | 6.60% to 8.25% |
| Jammu and Kashmir Bank RD | 5.75% to 7.10% | 6.25% to 7.60% |
| DBS Bank RD | 6.00% to 7.50% | 6.50% to 8.00% |
| TMB RD | 6.75% to 7.75% | 7.00% to 8.25% |
| Karur Vysya Bank RD | 6.25% to 7.50% | 6.25% to 8.00% |
| Karnataka Bank RD | 5.80% to 7.40% | 6.20% to 7.90% |
| Post Office RD | 0.065 | 0.065 |
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Note: The interest rates are subject to change. Do visit the official website for updated rates.Did you know that besides banks, you can also invest in Post Office RD and calculate the return with a post office RD calculator.
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Calculate IDBI Bank RD Interest
The maturity amount of your IDBI Bank Recurring Deposit account can also be manually determined. Compound interest is used to determine the interest on the repeating deposit.
A = P(1+r/n) ^ nt
In this case,
- ‘A’ = final amount received
- ‘P’ = principal
- ‘r’ = annual interest rate/100
- ‘n’ = number of times interest has been compounded
- ‘t’ = tenure
How to Open IDBI Bank RD Account Online
- The standard procedure is to locate and visit your nearest branch during business hours. Talk to a salesperson about starting an RD account. They will walk you through the process and gather the essential paperwork.
- You can manage your RD account online using their net banking platform if you already have a savings account at IDBI Bank. Check the bank's website or mobile app for information on online RD management for existing account holders.
Benefits of IDBI Bank RD Interest Rates
Understanding IDBI Bank's Recurring Deposit (RD) interest rates is critical for making educated decisions, maximizing returns, financial planning, risk management, and optimizing savings for senior citizens. It assists in selecting the appropriate tenure and deposit amount, aligning with risk tolerance, and maximising returns.
- Perfect for people who want to make smaller monthly contributions but are unable to commit a large initial payment.
- An initial deposit can be comparatively small (₹100) when opening an RD account.
- The collective interest is paid out simultaneously with a lump amount upon maturity.
- Recurring Deposits has a higher interest rate than regular savings accounts.
- Different budgets are accommodated with a flexible tenure range.
- Interest rates for recurring deposits are fixed, guaranteeing a consistent return.
- A few banks allow loans or overdrafts secured by RDs.
- An RD offers a dependable and safe investment option.
Features of IDBI Bank RD Interest Rate
- A 90% loan facility is available from IDBI against your RD account.
- You have the option to designate someone to receive your maturity amount through the nomination facility.
- The deposit's term varies from 6 months to 120 months (10 years).
- TDS deductions are governed by the income tax laws in effect at the time the RD account was opened.
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Eligibility Needed to Open IDBI Bank RD Account
Before we open an RD bank account there are a few criteria we need to have, which are listed below:
- Any resident of India who is a member of a Hindu Undivided Family (HUF). Through NRO and NRE accounts
- NRIs can also choose to open an RD account.
- For youngsters (younger than ten years old) under parental guardianship, the bank also offers an RD plan that allows them to keep an eye on their finances.
Documents Required For IDBI Bank RD Account
There are a few documents an individual should have before they move forward with opening an RD account:
For individual accounts, the required documents are:
- Passport
- PAN card
- Voter ID card
- Driving licence
- Government ID card
- Photo ration card
- Senior citizen ID card
As address proof, you can submit :
- Passport
- Electricity bill
- Telephone bill
- Bank statement with cheque
- ID issued by the post office or certificate
Premature Withdrawal of IDBI Bank RD Account
If the depositor chooses to withdraw the deposited amount prior to the fixed tenure, there will be a small penalty based on the applicable interest rate and the RD scheme selected. Additionally, IDBI does not offer a provision for partial withdrawals.
Types of IDBI Bank RD Schemes
If you are willing to take an RD account then read below to find out the types of RD schemes available:
IDBI Systematic Savings Plan (SSP)
An adaptable savings option made to accommodate personal preferences. With SSP, you can begin setting aside a specific monthly amount, based on your financial objectives, ranging from ₹100 to slightly less than ₹2 crore. The plan offers tenures ranging from one to ten years and accommodates pre-planned objectives. SSP also enables the recipient to be nominated, giving the depositor additional peace of mind.
SSP Plus (Systematic savings plan)
This plan provides full benefits such as principal and interest protection, insurance coverage, and reward points. SSP Plus offers flexibility and matches financial goals, with a tenure of 3 to 10 years, a minimum deposit of Rs. 5000, maximum deposits of up to Rs. 2 crores, personal accident insurance, loans against deposits, and the possibility for premature closure.
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FAQs on IDBI Bank RD Rates
The RD interest rate in IDBI Bank varies based on the specific scheme and prevailing market conditions.
Yes, IDBI Bank provides a free RD calculator tool on its website for easy calculation of returns.
How is interest on recurring deposits determined?
Simple interest for RDs is usually calculated at the end of each quarter.
The interest rate in IDBI Bank for recurring deposits is subject to change and depends on various factors
Bank RDs can be a good option for individuals seeking a secure and steady return on their savings.
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