Urban Money

IDBI FD (Fixed Deposit) Calculator

  • 5 K
  • 1 Cr
Years
  • 1
  • 25
%
  • 1
  • 15

Future Value

Investments To Returns Ratio:

Amount Invested

Wealth Gained

Future Value

One of the top banks in India, IDBI Bank provides business and retail customers with various financial products and investment options. The bank also offers customers a variety of fixed deposit alternatives where they can keep their money for a predetermined period. IDBI Bank provides competitive interest rates on their FDs, and the best part is you get the option to calculate your returns through the IDBI FD calculator. You can rely on the IDBI Bank FD calculator to assess several FD amounts and rates to establish which FD scheme will fit you the best.

Using the IDBI fixed deposit calculator could be beneficial because figuring out the maturity amount on your fixed deposit investment could be a daunting task. You don't need to be concerned about various variables because it provides accurate results in a split second.

What is an IDBI Bank Fix Deposit Calculator?

IDBI FD calculator is a self-help planning financial tool which caters to the rapid calculation of the total amount due at maturity.

Additionally, you get to know the interest you'll get after the investment tenure is up. You will be given an anticipated maturity amount for your investment once you have entered all the necessary information. The following list contains the data needed for this calculator:

  • The amount you'd like to put aside
  • Estimated interest rate
  • The tenure of the investment.

To arrive at the values below:

  • Amount of Maturity Value
  • Interest Rate Value

How to use the IDBI FD Calculator?

The IDBI FD calculator comes in handy. You don’t need to be an expert in computing values through the IDBI Bank FD calculator. To use the calculator, you must enter specific values in the given text area and let the tool compute the required values.

To calculate the values in a fraction of a second, you must have a few beforehand, including investment amount, offered interest rate, and investment tenure. Based on these values, the IDBI fixed deposit calculator will provide the calculated values on the screen. With these values, you can decide whether the amount you have planned to deposit will be enough to meet your financial goal or whether you should count on a higher or more extended deposit period.

To make the most out of the IDBI FD calculator, you should try approaching the calculator in the following ways:

Investment Amount Approach

When you count on the investment amount approach, you should enter the deposit amount you think of keeping aside through fixed deposits. This approach will be helpful for you when you have clarity about the savings they will make through these specified deposits. In such an investment, you are already familiar with the offered interest rate, and you get the opportunity to plan your portfolio accordingly.

Target Amount Approach

The name pretty much makes it clear. This type of approach focuses more on the maturity amount. If you know your short- or long-term goal and the maturity amount you are looking forward to, then you must pin your hopes on the target amount approach. This is highly suitable for investors who want to compare the end amount secured from the FD and other investment alternatives. 

How Does an IDBI FD Calculator Work?

An IDBI FD calculator works on a simple mathematical formula. When you enter a specific value in the given fields, the calculation is done through this formula in the backend, and you are provided with the required values.

The IDBI FD Calculators employ the following formula for the computation of maturity amount:

A = P ( 1 + r/n) ^ n * t

Where,

  • A denotes the total amount you will receive at maturity
  • P represent the principal investment amount towards the FD
  • R is the offered interest rate
  • N denotes the no. of times the offered interest component is compounded (N= 4; represents interest being compounded quarterly, N= 2; half-yearly and N=12; monthly) 
  •  t represents the investment tenure

Let’s understand how the IDBI FD calculator works through an example.

Suppose Person A invested Rs. 5,00,000 in the IDBI Fixed Deposit for an investment tenure of 10 years. The bank offered an interest rate of 5.4% per annum. The interest will be compounded quarterly. To determine the maturity amount, enter the values in the discussed formula:

A = 5,00,000 (1 + 5.4%)^ 1 * 10

Person A will receive a maturity amount of Rupees 8,54,909. The total interest component earned accounts for Rupees 3,54,909. 

Benefits of using an IDBI Fixed Deposit Calculator.

When you count on the IDBI Fix Deposit calculator, you unlock doors to numerous other benefits. Here is what you can expect from the IDBI bank FD calculator:

  • Simplicity

The IDBI FD calculator is an easy-to-use financial tool that everyone can use.

You don't have to be an expert in computing value through the calculator. The presence of an easy-to-use interface ensures that every individual can use it without any hassle. All you have to do is provide the required details, and you can compare the maturity amount in split seconds.

  • Financial Planning

As an investor, you access the much-needed financial clarity through the IDBI fixed deposit calculator. Based on this understanding, you can strategise your investment portfolio. FD calculator provides accurate values that cater to better financial planning and allocation of savings.

  • Enhanced Accuracy

Computing values through mathematical formulas manually can be time-consuming, yet you can end up with erroneous values. That’s where the IDBI bank FD calculator comes into play. The calculator offers accurate values at a lightning-fast speed.

IDBI Bank Fixed Deposit Features  

IDBI Bank Fixed Deposit offers investors the following features:
  • The flexibility of Investment Tenure

IDBI Bank fixed deposit offers a broad range of investment tenures starting from 7 days to 10 years. This lengthy investment tenure ensures that the versatile investment goals of the investors are satisfied outright. With flexible investment tenure, you can deposit an amount in FD for the tenure that fits best as per your investment goals.

  • Flexibility, Safety, and Liquidity

IDBI Bank FD is a risk-free investment choice that provides investors with assured returns. It falls in the category of safe investment options as the returns aren’t affected by external factors like other investment options.

  • Premature Partial Withdrawal

You can count on premature withdrawal to cope with unforeseen financial emergencies. The bank allows depositors to withdraw a specific amount from your FD before maturity. You don’t have to secure a personal loan when you have the option of partial withdrawal.

  • Extra 0.50% Fixed Deposit Interest Rate to Senior Citizens

An additional interest rate of 0.50% is offered to senior citizens who open an FD with IDBI bank. With this increased interest rate, senior citizens can get better interest rates as they have lesser time to cope with their retirement goals.

  • The Automatic Renewal facility

IDBI Bank allows customers to open an FD account with an auto-renewal facility. With auto-renewal, there will be no need to renew the FD once it is matured. It will be renewed automatically for the same investment term upon maturity. Additionally, the investor will get interested in the interest component as it will be accumulated into the principal amount after renewal.

  • Overdraft Facility against IDBI FD: Up to 90% of the FD Amount

IDBI Bank allows depositors to secure a loan against their FD. However, you can secure 90% of the deposited amount at the maximum. If you want to access liquidity without breaking your FD, a loan against FD will be the foremost option.

IDBI Bank Fix Deposit Interest Rates 

IDBI Bank fixed deposit is the foremost financial instrument for putting aside some money and coping with long-term financial goals. If you are looking forward to investing your money in a risk-free instrument that can offer you good returns, the IDBI bank FD is the best way.

We have compiled IDBI bank fixed deposit rates specific to investment tenure in tabular format to make it easy.

Interest Rates for Domestic FDs for Amount less than 2 Crore

Investment Tenure FD Interest Rates Per Annum
For Regular Citizens For Senior Citizens
0 to 6 - days Not Applicable Not Applicable 
07 to 14 - days 2.7 3.2
15  to 30 - days 2.7 3.2
31 to 45 - days 3.35 3.85
46 to 60 - days 3.75 4.25
61 to 90 - days 4 4.5
91 days to 6 months 4.3 4.8
6 months, one day to 270 days 4.75 5.25
271 days to less than a year 4.8 5.3
One year 5.6 6.1
Above one year to less than 18 months 5.6 6.35 (Conditions Applied)
18 months to less than 30 months 5.65 6.4 (Conditions Applied)
30 months to less than three years 5.7 6.45 (Conditions Applied)
Three years to less than Five years 5.75 6.5 (Conditions Applied)
Five years 5.8 6.55 (Conditions Applied)
More than Five years to Seven years 5.8 6.55 (Conditions Applied)
More than Seven years to Ten years 5.8 6.55 (Conditions Applied)
More Ten years to 20 years 4.8 5.3 

Comparison of IDBI Fixed Deposits with other Banks

Various banks and financial institutions offer multiple fixed deposit schemes. Some of them are enlisted below. To make an informed decision, you must compare other banks' FD interest rates. 

Additionally, you will know why IDBI bank fixed deposits are better than others and can help you generate a fortune. 

Name of Bank For Senior Citizens (per annum) For General Citizens (per annum)
ICICI Bank FD 3.25% to 5.75% 2.75% to 5.75%
State Bank of India FD 3.40% to 6.30% 2.90% to 5.50%
Kotak Mahindra Bank FD 3.00% to 6.40% 2.50% to 5.90%
IDBI Bank FD 3.20% to 6.50% 2.70% to 5.75%
HDFC Bank FD 3.25% to 6.50% 2.75% to 5.75%
Punjab National Bank FD 3.50% to 6.10% 3.00% to 5.60%
RBL Bank FD 3.75% to 7.15% 3.25% to 6.65%
Axis Bank FD 2.50% to 6.50% 2.50% to 5.75%
Canara Bank FD 2.90% to 6.25% 2.90% to 5.75%
IDFC First Bank FD 4.00% to 7.00% 3.50% to 6.50%
Bank of Baroda FD 3.30% to 6.35% 2.80% to 5.35%
Punjab and Sind Bank FD 3.50% to 5.90% 3.00% to 5.40%
Bank of India FD 3.35% to 5.95% 2.85% to 5.20%

Frequently Asked Questions (FAQs)

What is the current FD rate of IDBI?

The current FD rate of IDBI falls in the range of 4% to 7.15%.

What is the interest of 1 lakh in IDBI Bank?

IDBI Bank offers an interest rate of 5.60% on an amount of 1 lakh.

Which FD is better in IDBI Bank?

IDBI fixed deposits with an investment tenure of 5 to 10 years are better options. FDs with such investment tenure help you to secure higher returns.

Can I take a loan against a fixed deposit in IDBI bank?

Yes, you can secure a loan against your IDBI loan. However, the maximum loan amount is limited to 90% of the FD deposit. You can get FD loans at more compatible rates than other lending products.

Can I withdraw my FD before maturity in IDBI?

Yes, you can make a partial withdrawal from your IDBI fixed deposit. It is better than securing a personal loan. However, the IDBI bank may levy some penalties based on the deposit tenure.