IDBI Bank’s ‘Suvidha Fixed Deposit’ is now ' Freedom Deposit' has always stood for safety, credibility, attractive rates of interest and assured liquidity. What’s more, the interest rates on Freedom deposit are amongst the highest in the industry so you get the benefit of higher rate of return on your savings.
IDBI Bank Freedom Deposit Advantage
These deposits have been further packed with the following advantages.
- Anytime access to your fixed deposits
- You can choose from tenure ranging from 07 days to 20 years for minimum deposits starting from Rs. 10,000
- Attractive interest rate
- Senior Citizens get an extra benefit on the interest rate (0.5% extra) on fixed deposit
- Penalty applicable on pre mature withdrawal
- Avail of overdrafts against your deposits at competitive rates.
- Auto renewal facility
- Various Deposit Options to suit your needs
IDBI Bank Freedom Deposit Features
Please go through the options given below to find out the one that suits your requirements the most.
- Monthly, Quarterly and Annual Income Plans For those who seek regular incomes - A great option for people who require interest income at regular intervals. The interest income will be credited automatically into your savings account at the interval (Monthly/Quarterly/Annual) specified by you. Monthly interest payout is calculated at monthly discounted rate and Annual interest payout is calculated at Simple interest rate. The deposit is automatically renewed on maturity so that you don't lose interest for a single day. What more you can book your Fixed Deposit with only Rs.10,000.
- Quarterly Compounding ‘Freedom Deposit’ Ideal for those who want a higher rate of return combined with a low risk ‘Freedom Deposit’- This option re-invests the interest earned on your deposit, every quarter resulting in a higher rate of return for you. For example, the interest rate for a 2 years + 1 day deposit is 5.80% p.a. but the effective yield is higher at 6.11% p.a. on account of re-investment of the interest earned. Also, there is automatic renewal of 'Freedom Deposit' on maturity; hence you don't lose interest for a single day. What's more you can book your Fixed Deposit with only Rs. 10,000.
- Sweep In Savings'- Earn Fixed Deposit interest rate on your savings account. This option offers you the flexibility of a savings account combined with the safety and higher rate of interest on Fixed Deposit. Open a savings account and you can link multiple Fixed Deposits to your savings account. If there are no funds in the savings account the same can be broken from the Fixed Deposit through a debit card or a cheque. Moreover, the Fixed Deposit booked last will be broken first so that you lose the least amount of interest.
- Overdraft against ‘Freedom Deposit’- Tide over your urgent cash requirements without breaking your ‘Freedom Deposit’ This option allows you to continue earning the higher rate of interest on an ‘Freedom Deposit’ and at the same time, you meet your monetary requirements. An overdraft of upto 90% of the Freedom Deposit /Multiple Freedom Deposit held with the bank, will be setup in the account. The overdraft can be availed against a Freedom Deposit amount of Rs.10,000 or higher at competitive rates. Moreover, the overdraft is first given on the Freedom Deposit earning least interest so that your interest payout is minimized.
- Senior Citizens Freedom Deposits'- Earn higher rates If you are a senior citizen, you have the advantage of earning higher interest on your regular income plans and reinvestment plans. Our interest rates for senior citizens are higher by 0.50% pa. for deposit from 1 year and above. You can choose your Fixed Deposit tenure ranging from 15 days to 20 years for minimum deposits starting from Rs. 10,000.
How to Apply
Applying for a Freedom Deposit is absolutely simple. Just call Phone Banking numbers or visit your Nearest Branch. Our representative will contact you at the earliest.