IDBI Bank NRI FD rates

Fixed Deposits or Saving Bank accounts are good options to invest one's money, but fixed deposit is a better option for growth. Not only people living in the country but NRIs can also invest in these schemes. IDBI Bank offers NRI FD at attractive rates. The bank’s Fixed Deposit schemes are tailored according to the individual needs of its customers. IDBI Bank NRI FD rates are also comparatively higher than saving accounts.

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IDBI bank is continuously expanding globally with excellence in the banking and finance sector to achieve its vision of being the most trusted and preferred bank by all stakeholders.

IDBI Bank Fixed Deposit Account

Not only to residents of India but IDBI Bank also provides smooth, hassle-free services to NRIs through Net banking. The NRE, NRO accounts holders can avail several benefits such as flexible tenure, higher returns, lower minimum deposit limits. 

With the IDBI Bank NRI FD scheme, the deposit could earn a significant amount through interest even for a short period. Your returns on NRE, NRO Fixed deposit account, do not get affected by the market fluctuations. Apart from this, by Fixed Deposit account, one can avail of periodic interest payout, which helps you plan your financial expenses.

Types of IDBI Bank NRI Fixed Deposit Account

NRIs and PIOs can deposit their earnings in India as rent, dividend, pension, etc., in the form of NRI saving bank account, term deposits, fixed deposits, Recurring deposits, etc. These are the types of Fixed Deposits account for NRIs:

  1. Non- Resident External (NRE) Fixed Deposit account

    This account can be opened with a very minimal amount of Rs 10,000. After that, one can have their money growing. Interest will be paid on a monthly, quarterly basis or cumulative interest on maturity. It will not be paid on FD deposits if it is closed less than a year

    Key features:

    • Higher interest rates
    • FD period- 1 to 10 years
    • Loan against deposits
    • Automatic renewal of FD on maturity
    • 1% penalty will be imposed on Interest if closed before the policy period. 
  2. Non-Resident Ordinary (NRO) Fixed Deposit Account

    NRO fixed deposit is a value for money on your investments and can be automatically renewed on maturity. The interest income is taxable under the provision of the Income Tax Act India.

    Key features:

    • Higher interest rates
    • FD period- 15 days to 10 years
    • Interest payable on a Monthly, Quarterly basis or cumulative interest on maturity.
    • Loan against deposits
    • 1% penalty will be imposed on interest if closed before the policy period.
  3. Foreign Currency Non-Resident (FCNR) Scheme

    IDBI FCNR term deposit secures your funds against any currency fluctuation. Deposits are allowed in USD, GBP, EUR, AUD, CAD, JPY, SGD, HKD, CHF currencies. 

    Interest will be paid at half-yearly intervals or cumulative interest on maturity, and deposits can be automatically renewed on maturity.

    Key features:

    • Higher interest rates
    • FD period- 1year to 5 years
    • No interest will be paid if closed in less than one year
    • No penalty on premature closure.
    • Loan against deposits

IDBI Bank NRI FD Rates

IDBI offers several Fixed Deposit options to both Indian residents and NRIs, which may save tax and offer high interest rates. These are the fixed deposit rates offered only for Fresh NRE/NRO deposits and on renewal of maturity deposit of less than Rs 2 crores. 

Non-Resident Ordinary – NRO Term Deposit Rates (Effective- 16/04/2021)

Maturity Slab

Interest Rate (% p.a.)

7-14 days

2.70

15-30 days

2.70

31-45 days

2.80

46-60 days

3.00

61-90 days

3.00

91-06 months

3.50

6 months 1 day to 270 days

4.30

271 days up to <1 year

4.30

1 year

4.90

>1 year-2 years

5.00

>2 years to <3 years

5.10

3 years to <5 years

5.25

5 years

5.25

>5 years- 7 years

5.25

>7 years-10 years

5.25

Non-Resident (External) NRE Fixed Deposit rates (Effective 16/04/2021)

Maturity Slab

Interest Rate (% p.a.)

1 Year

4.90

>1 year-2 years

5.00

>2 years to <3 years

5.10

3 years to < 5 years

5.25

5 years

5.25

>5 years- 7 years

5.25

>7 years- 10 years

5.25

In FCNR deposits, one can opt for a half-yearly or cumulative interest. 

Maturity Slab

GBP

USD

EUR

CAD

AUD

SGD

JPY

CHF

HKD

1 yr to less than 2 yrs

0.88%

0.95%

0.14%

0.98%

0.85%

1.01%

0.52%

0.00%

0.89%

2 yrs to less than 3 yrs 

1.01%

1.09%

0.17%

1.30%

1.04%

1.18%

0.47%

0.00%

1.00%

3 yrs to less than 4 yrs

1.15%

1.32%

0.23%

1.61%

1.25%

1.38%

0.45%

0.00%

1.19%

4 yrs to less than 5 yrs

1.25%

1.54%

0.30%

1.84%

1.48%

1.52%

0.42%

0.00%

1.43%

5 yrs only

1.32%

0.36%

2.01%

1.69%

1.58%

0.39%

0.00%

1.60%

It is worth noting that Foreign Currency Non-resident deposit rates might be changed on the 1st of every month according to the guidelines from RBI. 

In the case of premature closure, there will be no payment of interest on FCNR deposits. Prior consultation is required on FCNR deposit above USD 1 million with the branch or NRI department- email nri@idbi.co.in

In Conclusion

NRE and NRO Fixed Deposit accounts are the best options for NRIs to avail better returns, flexibility to repatriate funds, and tax-free (NRE) interest. IDBI NRI fixed deposit interest rates are a high-yielding option. 

With NRI FD accounts, NRIs can transfer the balance back to a foreign country or invest money in an NRE fixed deposit account without any restrictions.

Written By: PolicyBazaar - Updated: 21 September 2021

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