IDBI Bank Recurring Deposit

⋆ Interest Rate 9.99% ⋆

Check Special Offers During COVID-19

      I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

      Why us?

      Rates as low as 9.99%*
      Loans Up to 30 Lacs
      Same Day Disbursal
      Doorstep Service
      Unbiased Experts Advice

      IDBI Bank Recurring Deposit

      • IDBI Bank’s recurring deposit rates are forecast to reach 5.50 percent.
      • The interest on an IDBI Bank Recurring Deposit is compounded quarterly.
      • A Rs 1,000 minimum deposit is required for an IDBI Bank Recurring Deposit.
      • Senior citizens can get an RD discount of up to 6% from IDBI Bank.

      IDBI Bank Recurring Deposit Rates – Special Features

      • In fact, there are no plans in place to deal with refunds that are late.
      • It is important to nominate anyone.
      • The duration of the deposit will range from six to one hundred and twenty months.
      • The smallest amount of data can be saved in Rs. 5 multiples.
      • This app can be enrolled in at any IDBI Bank branch.
      • TDS deductions are governed by the applicable income tax laws at the time the RD account is opened.

      IDBI Bank Recurring Deposit Schemes Types

      There are three forms of revolving deposits offered by IDBI Bank:

      RD on a Regular Term basis

      Your Recurring Deposit with IDBI Bank will last between six and three years. This RD is for people who want to incorporate saving into their everyday routine.

      RD on a Medium-Term Basis

      If you can’t pay for a long time and aren’t sure how much return you’ll get from RD, a medium-term periodic deposit is a reasonable choice. It offers the perfect combination of adaptability and financial responsibility, helping you to consider the advantages and disadvantages. The average length of service is three to seven years.

      RD on a Long Term basis

      When you want to earn a return on your savings but don’t have the funds to invest in a fixed deposit, a long-term RD is the best choice. You will save every year while still getting a return on your fixed-income savings with annual investments. Between seven and ten years is the normal time period.

      IDBI Bank Recurring Deposit Account

      Customers of IDBI Bank can deposit money into a revolving account on a regular basis for a set period of time. A consumer must make a deposit into their RD account at the time of account opening. During the deposit cycle, the client makes periodic deposits and withdraws the entire account balance.

      Regular RD

      • In fact, there are no plans in place to deal with refunds that are late.
      • It is important to nominate anyone.
      • The minimum tenure for this RD is six months.
      • A deposit of Rs. 1,000 is the minimum amount that can be made into this account.
      • The smallest amount of data can be saved in Rs. 5 multiples.

      IDBI Bank Recurring Deposit Rates

      IDBI Bank’s interest rates Several variables are used to calculate revolving deposits. The following are some of them:

      • Interest rates on all banking instruments, including revolving deposits, are affected by changes in the Cash Reserve Ratio (CRR) and the RBI’s repo rate.
      • During a slowdown, the Reserve Bank of India (RBI) releases funds to inject money into the economy. Banks are lowering RD prices due to high liquidity and low credit demand.
      • Inflation – Inflation has a positive impact on the interest rate on a fixed deposit. As a result, during periods of rising inflation, RD prices appear to be higher.
      • Banks pay higher interest rates to collect funds from monthly deposits during times of increased loan demand.

      IDBI Bank Recurring Deposit Interest Rates 2021

      Tenure General Rates Senior Citizen Rates
      6 months 3.50% 4.00%
      9 months 4.40% 4.90%
      12 months 4.90% 5.40%
      15 months 4.90% 5.40%
      24 months 4.90% 5.40%
      27 months 5.15% 5.65%
      36 months 5.15% 5.65%
      39 months 5.30% 5.80%
      48 months 5.30% 5.80%
      60 months 5.30% 5.80%
      90 months 5.50% 6.00%

      IDBI Bank Recurring Deposit Interest Calculator

      The complexity of your RD is determined by the following three criteria:

      • The account balance is the original amount deposited by a customer in IDBI Bank. Larger deposits can qualify for a higher rate of interest. Deposits of up to Rs 1,000 are approved at IDBI Bank.
      • Longer-term revolving deposits will earn a higher interest rate, while shorter-term deposits will earn a lower rate, according to IDBI Bank. At 5.50 percent, IDBI provides the highest interest rate on deposits.
      • Depending on the deposit period, the bank pays a low interest rate on short-term RDs and a higher rate on long-term RDs.

      IDBI Bank Recurring Deposit Opening Process 

      Follow these simple measures if you don’t know how to open an IDBI Bank recurring deposit account:

      • If you already have a bank account, you can open an RD Account at your local branch or by calling the bank’s customer service number. An IDBI Bank Recurring Deposit account is easy to open and can be used at both public and private banks.
      • To open an IDBI Bank Recurring Deposit account with a bank with which you do not already have an account, call the branch nearest you. You’ll also need some simple KYC paperwork to open an account. Interest rates, time limits, minimum deposits, credit limits, and other terms and conditions vary between banks. Examine all of this information to determine the best bank in which to open an account.
      • The tenure and monthly due balance (deposit amount) must be decided prior to opening an IDBI Bank Recurring Deposit Account. Regular depositors may make deposits using the ECS, online banking, or a fund transfer. If you have a Revolving Savings Account, you can also tell the bank to deduct a certain amount from your deposit per month.

      Duration of IDBI Bank Recurring Deposit

      IDBI Bank Recurring Deposit

      You can set up daily deposits with IDBI Bank for as little as 6 months or as long as 120 months.

      Recurring deposits with IDBI Bank may be withdrawn prior to their maturity date.

      It is possible to make early withdrawals from an IDBI Bank Recurring Deposit. The banking laws of the IDBI Bank stipulate that a nominal penalty would be imposed. It is not possible to withdraw funds from an RD account in part.

      The IDBI Bank has been accused of failing to make a timely payment on an RD instalment.

      If you pay after the due date, the bank will give you a grace period of a few days. If you do not pay the instalment by the due date, the IDBI Bank will charge you a penalty.

      Mr A, for example, opens a one-year RD account with $5,000 in monthly deposits at a cost of 5.50 percent. In this case, the net maturity value at the end of the year would be 61,809, which includes the collected principal as well as the gross interest on the 1,809 principal amounts. You can also use the RD calculator to predict how much debt you’ll have at the end of a longer term and how much money you’ll have.

      FAQs for IDBI Bank Recurring Deposit

      What are the requirements for opening a Recurring Deposit Account with IDBI Bank?

      RD accounts will be accessible to Indian people and HUFs (Hindu Undivided Families). NRIs will use their NRO and NRE accounts to open RD accounts. Children whose parents keep track of their finances may also use the RD service provided by banks.

      How long does an IDBI Bank Revolving Deposit last?

      IDBI Bank Recurring Deposits are valid for a minimum of 6 months and a maximum of 120 months.

      Is it possible to withdraw funds from an RD account until it matures?

      Is it possible to take money out before the deadline? You can split your RD until it matures if you have an emergency, but your account will be locked after that. As a punishment, banks will subtract 1% to 2% of the interest received on your IDBI Bank Recurring Deposit when it was in their hands.
      If a depositor requests an early withdrawal before the lock-in period ends, he will only be refunded the principal balance and will not be required to pay interest. All previously issued rights have been revoked, except for the interest cancellation.

      Is it possible to make partial withdrawals from IDBI Bank recurring deposit accounts?

      IDBI Bank does not allow partial withdrawals from recurring deposits. On the other hand, some banks would let you use your RD as leverage for a loan or an overdraft. On the other hand, premature withdrawals are approved if you have had an RD account with them for at least a year. Unpaid debt is referred to as a debt that cannot be paid in full.
      Premature Closing is an option worth considering, but it comes at a cost.

      When an IDBI Bank Recurring Deposit account hits its maturity date, what happens?

      Before the principal and accrued interest elements of your IDBI Bank Recurring Deposit account mature, you recommend that the bank move the principal and deferred interest elements to the corresponding savings account. After the RD matures, you’ll transfer the funds to pledged deposits.

      Is there a nominating option on the IDBI Bank Recurring Deposit account?

      The IDBI Bank can help you set up daily deposits. Only one applicant is eligible, regardless of whether the account is opened in single or joint names. It would help if you made certain that the appointment is set up following IDBI Bank rules. You may make changes to the applicant by filling out and submitting the appropriate form.

      For further information, please visit the official page of Dialabank.