IDBI Bank Fixed Deposit Calculator
How to Use the IDBI FD Calculator
This tool helps you estimate the returns on your IDBI Bank Fixed Deposits. IDBI Bank offers various FD schemes with flexible tenures ranging from 7 days to 20 years. To use the calculator, simply enter your principal amount, the current IDBI interest rate for your chosen tenure, and the duration. The calculator automatically handles quarterly compounding, which is the standard practice for IDBI Bank term deposits.
IDBI FD Interest Rates Overview
IDBI Bank provides competitive interest rates that vary based on the deposit amount and tenure. Generally, senior citizens are eligible for an additional interest rate of 0.50% over the standard rates. For example, if the standard rate is 7.00%, a senior citizen may receive 7.50%.
| Tenure | General Public Rate (p.a.) | Senior Citizen Rate (p.a.) |
|---|---|---|
| 1 Year to 2 Years | 6.80% – 7.00% | 7.30% – 7.50% |
| 2 Years to 3 Years | 7.00% | 7.50% |
| 3 Years to 5 Years | 6.50% | 7.00% |
Calculation Formula Used
For cumulative fixed deposits, interest is compounded quarterly. The formula used is:
A = P (1 + r/n)^(n*t)
- A: Maturity Amount
- P: Principal (Deposit) Amount
- r: Annual Interest Rate (as a decimal)
- n: Number of times interest is compounded per year (4 for quarterly)
- t: Total tenure in years
Key Features of IDBI Fixed Deposits
1. Flexible Tenure: Choose from short-term (7 days) to long-term (20 years) options.
2. Loan Facility: IDBI allows customers to take a loan against their FD (usually up to 90% of the value).
3. Premature Withdrawal: Funds can be withdrawn early, though a small penalty may apply.
4. Nomination: Investors can nominate beneficiaries for their deposit accounts.