IDBI Bank Domestic Term Deposits FD

What is IDBI Bank Domestic Term Deposits FD?

IDBI Bank Domestic Term Deposits FD is a fixed deposit scheme offered by IDBI Bank to its customers in India. The scheme allows customers to deposit a fixed sum of money for a predetermined period and earn a fixed interest rate on the deposit amount. The deposits are insured up to Rs 1 lakh by India's Deposit Insurance and Credit Guarantee Corporation (DICGC).

Eligibility Criteria for IDBI Bank Domestic Term Deposit FD

The applicant is required to meet the following eligibility criteria to apply for IDBI Bank Domestic Term Deposit FD.

• Individuals, Hindu Undivided Families (HUFs), sole proprietorship firms, partnership firms, companies, trusts and society are eligible to open FD with IDBI Bank.

• Minimum deposit amount for opening an FD account with IDBI Bank is Rs. 5,000.

• Maximum deposit amount for IDBI Bank Domestic Term Deposits FD is Rs. 15 crores.
• NRIs and PIOs cannot open FD accounts with IDBI Bank.

Documents Required to Open an IDBI Bank Domestic Term Deposits FD

The applicants must produce the following documents to apply conveniently for the IDBI Bank domestic term deposit.

1. Identity Proof: Aadhar Card, PAN Card, Driving License, Voter ID, Passport, etc.

2. Address Proof: Aadhar Card, Ration Card, Voter ID, Utility Bills, Bank Statement, etc.

3. Bank Account Statement

4. Cheque for an initial deposit

5. Signed Application Form for opening the Term Deposit.

Key Attractions for the IDBI Bank Domestic Term Deposits FD

The IDBI Bank domestic term deposit FD offers the following benefits to its investors.

1. Attractive Interest Rates: IDBI Bank Domestic Term Deposits offer competitive interest rates so customers can get the most out of their deposits.
2. Flexible Tenure: Customers can choose a tenure ranging from 7 days to 10 years as required.
3. Safety of Capital: IDBI Bank Domestic Term Deposits are backed by the Government of India, thereby ensuring the safety of capital.
4. Low Risk: These deposits are considered low-risk investments as principal and interest rates are guaranteed.
5. No Tax Deduction: There is no tax deduction at source for interest earned on these deposits.
6. Nomination Facility: Customers can nominate someone to receive their deposits in case of an untimely demise.

Features & Benefits

The IDBI Bank offers the following benefits and features to its depositors.

• Highly competitive interest rates so that you can earn more on your deposits.

• Flexible tenure options range from 7 days to 10 years.

• Attractive rates for senior citizens.

• A nomination facility is available.

• Interest payment options such as quarterly, half-yearly and cumulative.

• Loan facilities are available against deposits.

• Option to avail of overdraft facility against deposits.

• Easy transfer of funds through NEFT/RTGS.

• Safe and secure investment option with higher returns.

• Minimum investment amount of Rs. 5,000.

• The maximum amount of deposit allowed is Rs.1 crore.

• Easy liquidity as premature withdrawal is allowed.

• Tax benefits are available under Section 80C of the Income Tax Act.

• Option to avail loans against deposits.

• Option to open joint accounts with family members.

How to Apply for IDBI Bank Domestic Term Deposits FD?

Interested applicants must Implement the following steps to establish an IDBI Bank Domestic Term Deposit FD.

Step 1: Visit the official website of IDBI Bank.

Step 2: Select ‘Retail Banking’ from the homepage and click the ‘Fixed Deposit’ option.

Step 3: You can view the details of the various Fixed Deposit schemes IDBI Bank offers.

Step 4: Choose the scheme that best meets your needs and clicks ‘Apply Now’.

Step 5: Fill out the online application form with all the required information, such as,

address and contact details, deposit amount, etc.

Step 6: Submit the application form along with the required documents.

Step 7: Your application will be processed, and the deposit created.