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IDBI Interest Rates

IDBI Interest Rates

The Industrial Development Bank of India (IDBI) is a private company registered and came into existence in 1956 to carry on the banking business. It is heading in the direction to help economic development of the nation. Hence, it is giving some very excited rate of interest to the fixed deposits, loans, etc. They have set a special rate of interest for the senior citizens.

IDBI has introduced an interesting fixed deposit scheme for 1100 days with an attractive interest rate of 7.50% p.a. for normal deposits and 8.00% p.a. for senior citizens.

Resident Term Deposits and NRO Deposits with effect from October 01, 2009 are set to 3.25% p.a. for the term of 15-45 days to 8.00% p.a. for the term of more than 7 years to 10 years. Senior Citizens Deposits have a special interest rate of 4.75% p.a. to 8.50% p.a. for the period of 46-90 days to more than 7 years to 10 years.

IDBI has another interesting Fixed Deposit scheme with the name of Suvidha Tax Saving Fixed Deposits. It is fixed for the period of 5 years only with an interest rate of 8.00% p.a. for normal retail rate and 8.50% p.a. for senior citizens. The Recurring Deposits has an interest rate 6.75% p.a. for 1 year to below 2 years deposits and 8.00% p.a. for more than 7 years to 10 years deposits. For all these deposits if the deposits are withdrawn before the maturity than the customers will have to face a penalty of 1% with effect from 23rd April 2009.

In the Home Loan section, the interest rate for the Benchmark Prime Lending Rate (BPLR) is 12.75% p.a. Rate of interest for the Home Loan (Floating) upto 30 Lakhs is 8.75% p.a. From 30 Lakhs to 50 Lakhs is 9.00% p.a. and for more than 50 Lakhs is 9.25% p.a. Interest rate for Home Loan (Fixed) fixed for 3 years is 10.75% p.a. and fixed for 5 years is 11.00% p.a.

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