Interest Rates

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Interest Rates

Overview

Interest rates on the range of NRI products are listed below:

Senior Citizens are not given the facility of additional interest rate on investment made in any NRI Fixed Deposit (NRE / NRO / RFC / FCNR).

Non Resident Ordinary - NRO Term Deposit rates (Effective: August 22, 2022)

Maturity Slab Interest Rate (% p.a.)
7-14 days 2.70
15-30 days 2.70
31-45 days 3.35
46- 60 days 3.75
61-90 days 4.00
91-6 months 4.30
6 months 1 day to 270 days 4.75
271 days up to < 1 year 4.80
1 year 5.60
>1 year to < 18 Months 5.60
18 Months to 2 years 5.65
>2 years to < 30 Months 5.65
30 Months to < 3 years 5.70
3 years to < 5 years 5.75
5 years 5.80
> 5 years - 7 years 5.80
>7 years - 10 years 5.80

“Amrit Mahotsav FD” scheme of 500 days (w.e.f. August 22, 2022): NRE and NRO deposits

The interest rate structure of special limited period offer of callable and non-callable variants in 500 days is placed below:

Special Buckets Rate of Interest (%)
  Callable Non-Callable
500 Days 6.10 6.20

Terms and Conditions for Non-Callable Option:

  • Deposit Amount : Minimum - Rs.15,00,001 less than Rs. 2 Crore
  • Pre-mature closure is not permitted.
  • Overdraft/ Loan is allowed up to 90% of the outstanding Deposit Amount.
  • Capital Gain and Recurring Deposits are not permitted under this scheme.
  • Sweep-in / Sweep-out facility is not permitted under this scheme.
  • Auto-renewal not allowed under this scheme.

Non Resident (External) - NRE Deposit Rates (Effective: August 22, 2022)

Maturity Slab Interest Rate
(% p.a.)
1 year to < 18 Months 6.10
18 Months to < 30 Months 6.15
30 Months to < 3 years 6.20
3 yrs to < 5Years 5.75
5 years 5.80
> 5 years - 7 years 5.80
>7 years - 10 years 5.80

Note:-

  • The above rates are applicable only on Fresh NRE / NRO deposits and on renewal of maturing deposits for amounts less than Rs. 2 crore. For the interest rate on NRE / NRO deposit for amount Rs 2 Crore and above, kindly refer to “RATES FOR BULK DEPOSITS ( Rs. 2 cr. and Above )” under URL http://www.idbibank.in/interest-rates.aspx
  • No interest will be paid on NRE deposits closed pre-maturely in less than 1 year.

Interest Rate on Savings Accounts (Effective : August 01, 2022)

Account Type Saving Deposits Balance Rate of Interest
NRE & NRO SB Upto Rs. 5.00 Crore 3.00 % p.a
NRE & NRO SB Above Rs. 5.0 Crore to up to Rs 100.00 Crore 3.25% p.a
NRE & NRO SB Above Rs. 100.00 Crore 3.50% p.a.

Resident Foreign Currency – RFC Deposit rates (% p.a.) (Effective September 01, 2022)

MATURITY SLAB USD GBP EUR JPY
91 days – 6 Months 2.68%% 1.31% 0.00% 0.00%
6 Mnths  1 day < 1 yr 2.83% 2.15% 0.00% 0.00%
1 Year  <  2 Years 3.53% 3.69% 1.92% 0.21%
2 Years < 3 Years 3.78% 3.19% 1.42% 0.00%
3 Years Only 3.73% 3.14% 1.37% 0.00%

Foreign Currency Non Resident (Bank) - FCNR (B) deposit rates ( % p.a.) (Effective September 01, 2022)

MATURITY SLAB USD GBP EUR AUD CAD JPY SGD HKD CHF
1 yr to less than 2 yrs 4.28% 3.69% 1.92% 3.85% 4.25% 0.21% 3.59% 2.94% 0.00%
500 Days 4.38% - - - - - - - -
2 yrs to less than 3 yrs 3.78% 3.19% 1.42% 3.35% 3.83% 0.00% 3.16% 2.44% 0.00%
3 yrs to less than 4 yrs 3.73% 3.14% 1.37% 3.30% 3.85% 0.00% 3.17% 2.39% 0.00%
4 yrs to less than 5 yrs 3.68% 3.09% 1.32% 3.25% 3.82% 0.00% 3.15% 2.34% 0.00%
5 years only 3.63% 3.04% 1.27% 3.20% 3.78% 0.00% 3.07% 2.29% 0.00%

Note:-

  • Interest rates on RFC and FCNR(B) deposits are subject to change on the 1st of every month and as per the guidelines issued by the Reserve Bank of India from time to time.
  • Minimum tenure for RFC Term Deposit is 6 months.
  • No interest will be paid on FCNR deposits closed pre-maturely in less than 1 year.
  • FCNR(B) deposit above USD 1 million or equivalent should be placed with prior consultation of Branch or NRI Cell at nri@idbi.co.in

Systematic Savings Plan: (Effective : August 22, 2022)

Tenor Interest Rate (% p.a.)
1 year 5.60
> 1 year < 18 Months 5.65
18 Months to 2 years 5.65
>2 years to < 30 Months 5.65
30 Months to < 3 years 5.70
3 years to < 5 years 5.75
5 years 5.80
> 5 years - 7 years 5.80
>7 years - 10 years 5.80

Interest payable on Premature Withdrawal of Term Deposits

Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit). To illustrate as an example, if a deposit is placed for 5 years and after 1 year the depositor wants to close the deposit prematurely, then the interest rate applied will be the rate which was applicable for one year on the original date of deposit.

With the revision in the premature closure policy, Bank will now levy a penalty of 1%, on the applicable rate for deposits in RTD & RD closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.

Disclaimer: Interest rates on FCNR and RFC deposits are subject to change on the 1st of every month and as per the guidelines issued by the Reserve Bank of India from time to time.