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/ Non Resident (External) - NRE Term Deposit rates (Effective From: June 18, 2024)
NRO/NRE for deposit less than Rs. 3 Crore
| Maturity Slab | Interest Rate (% p.a.) | |
|---|---|---|
| NRO | NRE | |
| 07-14 days | 3.00 | - |
| 15-30 days | 3.00 | - |
| 31-45 days | 3.25 | - |
| 46- 60 days | 4.50 | - |
| 61-90 days | 4.75 | - |
| 91-6 months | 5.50 | - |
| 6 months 1 day to 270 days | 6.00 | - |
| 271 days up to < 1 year (except 300 Days) | 6.25 | - |
| 1 year | 6.80 | 6.80 |
| >1 Year to 2 Years(except 375, 444 and 700 Days) | 6.80 | 6.80 |
| > 2 Years to < 3 Years | 7.00 | 7.00 |
| 3 years to < 5years | 6.50 | 6.50 |
| 5 years | 6.50 | 6.50 |
| > 5 years to 7 years | 6.25 | 6.25 |
| >7 years to 10 years | 6.25 | 6.25 |
Utsav Callable FD (Revised Rates w.e.f. June 18, 2024)
‘Utsav Callable FD’ (Valid up to September 30, 2024):
| Special Buckets NRE/NRO |
Scheme validity | Rate of Interest (%) | |
|---|---|---|---|
| Callable | |||
| NRE | NRO | ||
| 300 Days | Up to September 30, 2024 | NA | 7.05 |
| 375 Days | Up to September 30, 2024 | 7.15 | 7.15 |
| 444 Days | Up to September 30, 2024 | 7.25 | 7.25 |
| 700 Days | Up to September 30, 2024 | 7.20 | 7.20 |
General Terms and Conditions-
- Tenure of 300 Days not applicable for NRE Deposits.
- Premature withdrawal / closure permitted.
- Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits.
- All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.
- No interest will be paid on NRE deposits closed pre-maturely in less than 1 year.
- Effective from June 10, 2024, the maximum Retail Term Deposit (RTD) threshold has been enhanced to < Rs 3 Crores, from previously < Rs 2 Crores, as per RBI directives.
Discontinuation of Special Non-Callable Option FD under RTD segment for all Tenures effective from June 18, 2024.
Interest Rate on Savings Accounts (Effective : April 01, 2024)
| Account Type | Saving Deposits Balance | Interest Rate (% p.a.) | Details |
|---|---|---|---|
| NRE / NRO | Up to Rs.1 Lakh | 2.75 | Interest is paid Quarterly |
| NRE / NRO | Above 1 Lakh to Rs.5.00 Crore | 3.00 | |
| NRE / NRO | Above Rs.5.0 Crore to Rs.100.00 Crore | 3.25 | |
| NRE / NRO | Above Rs.100.00 Crore to Rs.1000 Crore | 3.50 | |
| NRE / NRO | Above Rs.1000 Crore to Rs.1500 Crore | MIBOR + 10bps | |
| NRE / NRO | Above Rs.1500 Crore to Rs.2000 Crore | MIBOR + 40bps | |
| NRE / NRO | Above Rs.2000 | MIBOR + 75bps | |
Resident Foreign Currency – RFC Deposit rates (% p.a.) (Effective From: June 01, 2024 )
| MATURITY SLAB | USD | GBP | EUR | JPY |
| 6 Months 1 day < 1 Year | 5.60% | 5.05% | 2.06% | 0.08% |
| 1 Year < 2 Years | 5.65% | 5.10% | 3.70% | 0.61% |
| 2 Years < 3 Years | 5.00% | 4.80% | 2.70% | 0.25% |
| 3 Years Only | 4.60% | 4.25% | 2.50% | 0.10% |
Interest rates on 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.
Minimum tenure for RFC Term Deposit is 6 months.
Resident Foreign Currency - RFC Savings Account
(Effective: August 01, 2014)
| Currency | Interest Rate (% p.a.) |
| USD | 0.50 |
| GBP | 0.75 |
| EUR | 0.75 |
Foreign Currency Non Resident (Bank) - FCNR (B) deposit rates ( % p.a.) (Effective From: June 01, 2024)
| 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% | 4.35% | 4.87% | 0.61% | 3.06% | 1.00% | 0.75% |
| 2 yrs to less than 3yrs | 5.00% | 4.80% | 2.70% | 4.35% | 4.43% | 0.25% | 3.01% | 1.00% | N.A. |
| 3 yrs to less than 4 yrs | 4.60% | 4.25% | 2.50% | 4.20% | 4.04% | 0.10% | 1.73% | 1.00% | N.A. |
| 4 yrs to less than 5 yrs | 4.40% | 3.75% | 2.50% | 4.14% | 3.85% | 0.10% | 0.73% | 1.00% | N.A. |
| 5 years only | 4.40% | 3.75% | 2.50% | 4.27% | 3.85% | 0.10% | 0.73% | 1.00% | N.A. |
| Maturity Slab | For Deposit amount more than USD 2 million and upto USD 5 million | For Deposit amount more than USD 5 million |
| 1 yr to less than 2 yrs | 5.80% | 5.90% |
| 2 yrs to less than 3yrs | 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: June 14, 2024 )
| 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.