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 From: November 12, 2023 )
NRO for deposit less than Rs. 2 Crore
| Maturity Slab | Interest Rate (% p.a.) |
|---|---|
| 07-14 days | 3.00 |
| 15-30 days | 3.00 |
| 31-45 days | 3.25 |
| 46- 60 days | 4.00 |
| 61-90 days | 4.00 |
| 91-6 months | 4.50 |
| 6 months 1 day to 270 days | 5.75 |
| 271 days up to < 1 year | 6.25 |
| 1 year | 6.80 |
| >1 Year to 2 Years(except 444 Days) | 6.80 |
| > 2 Years to < 3 Years | 7.00 |
| 3 years to < 5years | 6.50 |
| 5 years | 6.50 |
| > 5 years to 7 years | 6.25 |
| >7 years to 10 years | 6.25 |
“Festive Offer Extension of ‘Utsav FD’ for 375 Days and 444 Days up to December 31, 2023)
| Special Buckets NRE/NRO |
Scheme validity | Rate of Interest (%) | |
|---|---|---|---|
| Callable | |||
| 375 Days | Up to December 31, 2023 | 7.10 | |
| 444 Days | Up to December 31, 2023 | 7.25 | |
“IDBI Special Non-callable option FD” scheme for maturity period ranging from 1 Yr to 7 Years ,including 444 Days (w.e.f. November 12, 2023)
The interest rate structure of non-callable variants in different brackets:
| Maturity Buckets | NRE/ NRO | |
|---|---|---|
| 1 Year | 7.15 | |
| >1 Year to 2 Years (excluding 444 days) |
6.95 | |
| 444 Days | 7.30 | |
| >2 Years to <3 Years | 7.10 | |
| 3 Years to 5 Years | 6.60 | |
| >5 Years to 7 Years | 6.35 | |
Terms and Conditions for non-callable FD-
- For Non-Callable Deposits- “Pre-mature withdrawal / Closure not permitted”.
- Minimum Deposit amount Rs 1,00,00,001 and maximum amount is less than Rs 2 Crore.
- The premature withdrawal may be permitted in exceptional circumstance such as in the event of any direction from any judiciary /statutory and / or regulatory authorities or in case of deceased claim settlement.
- All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.
Non Resident (External)(< Rs. 2 Crore) - NRE Deposit Rates (Effective From: November 12, 2023)
| Maturity Slab | Interest Rate (% p.a.) |
|---|---|
| 1 year | 6.80 |
| > 1 Year to 2 Yrs (except 444 Days) | 6.80 |
| > 2 Years to < 3 Years | 7.00 |
| 3 years to < 5years | 6.50 |
| 5 years | 6.50 |
| > 5 years to 7 years | 6.25 |
| >7 years to 10 years | 6.25 |
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 From: December 01, 2023)
| MATURITY SLAB | USD | GBP | EUR | JPY |
| 91 days – 6 Months | 5.55% | 5.00% | 0.57% | 0.00% |
| 6 Months 1 day < 1 Year | 5.60% | 5.05% | 2.06% | 0.00% |
| 1 Year < 2 Years | 5.65% | 5.10% | 3.70% | 0.25% |
| 2 Years < 3 Years | 5.00% | 4.80% | 2.70% | 0.25% |
| 3 Years Only | 4.60% | 4.25% | 2.50% | 0.05% |
Foreign Currency Non Resident (Bank) - FCNR (B) deposit rates ( % p.a.) (Effective From: December 01, 2023)
| USD upto $ 2 Mio | GBP | EUR | AUD | CAD | JPY* | SGD | HKD | CHF | |
| 1 yr to less than 2 yrs | 5.65% | 5.10% | 3.70% | 4.10% | 4.85% | 0.25% | 3.35% | 1.00% | 1.00% |
| 2 yrs to less than 3yrs | 5.00% | 4.80% | 2.70% | 4.10% | 4.55% | 0.25% | 3.30% | 1.00% | 0.21% |
| 3 yrs to less than 4 yrs | 4.60% | 4.25% | 2.50% | 4.05% | 4.20% | 0.05% | 2.00% | 1.00% | 0.00% |
| 4 yrs to less than 5 yrs | 4.40% | 3.75% | 2.50% | 4.10% | 4.00% | 0.05% | 1.00% | 1.00% | 0.00% |
| 5 years only | 4.40% | 3.75% | 2.50% | 4.15% | 3.85% | 0.05% | 1.00% | 1.00% | 0.00% |
| Maturity Slab | For Deposit amount more than USD 2 million and up to USD 5 million |
For Deposit amount more than USD 5 million |
|---|---|---|
| 1 yr to less than 2 yrs | 5.65% | 6.10% |
| 2 yrs to less than 3 yrs | 5.00% | 5.10% |
| 3 yrs to less than 4 yrs | 4.60% | 4.70% |
| 4 yrs to less than 5 yrs | 4.40% | 4.50% |
| 5 years only | 4.40% | 4.50% |
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- (Rebranding of Recurring Deposit) (Effective From: November 12, 2023)
| Tenor | Interest Rate (% p.a.) |
|---|---|
| 1 Year | 6.80 |
| >1 year to 2 Years | 6.80 |
| >2 Years to < 3 Years | 7.00 |
| 3 Years to < 5 Years | 6.50 |
| 5 years | 6.50 |
| > 5 years - 7 years | 6.25 |
| >7 years - 10 years | 6.25 |
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.