IDBI Bank Interest Rates

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Interest Rates

IDBI Bank introduces 1100 days fixed deposit at an attractive interest rate of
7.25% p.a. for normal deposits and
7.75% p.a. for senior citizens w.e.f November 16,2009 .

Resident Term Deposits & NRO Deposits (Effective from November 16, 2009 )

Maturity Slabs	Resident & NRO Deposits upto Rs 15 lac	Preferential Resident & NRO Deposits above Rs 15 lac upto Rs 1crore
15 days - 45 days	2.75 %	2.75 %
46 days - 90 days	3.75%	3.75%
91 days - 6 months	5.00%	5.00%
> 6 months - < 1 year	5.75%	5.75%
1 year - < 2 yrs.	6.50%	6.50%
2 yrs – < 1100 days	7.00%	7.00%
1100 days	7.25%	7.25%
>1100 days - 5 yrs.	7.00%	7.00%
> 5 yrs – 7 yrs	7.50%	7.50%
> 7 yrs – 10 yrs	7.75%	7.75%

Senior Citizens Deposits (Effective from November 16, 2009 )

Maturity Slabs	Interest Rate (% pa)
	Deposits upto Rs 15 lac	Preferential Deposits above Rs 15 lac upto Rs 1crore
46-90 days	4.25%	4.25%
91 days - 6 months	5.50%	5.50%
> 6 months - < 1 year	6.25%	6.25%
1 year- < 2 yrs	7.00%	7.00%
2 yrs – < 1100 days	7.50%	7.50%
1100 days	7.75 %	7.75%
>1100 days - 5 yrs	7.50%	7.50%
>5 yrs – 7 yrs	8.00%	8.00%
> 7 yrs – 10 yrs	8.25%	8.25%

Suvidha Tax Saving Fixed Deposits (5 YEARS) (Effective from November 16.2009 )

	Interest Rate (% pa)
Normal Retail rate	7.50%
Senior Citizen	8.00%

Recurring Deposits (Effective from November 16.2009 )

Maturity Slab	Interest Rate (% pa)
1 year- < 2 yrs	6.50 %
2 yrs – 5 yrs	7.00%
> 5 yrs - 7 yrs	7.50%
> 7 yrs – 10 yrs	7.75%

Note: Interest payable on Premature Withdrawal of Term Deposits: Retail, Preferential & Senior Citizen Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit) whichever is lower. The above interest payment clause on premature withdrawal of Term Deposits is applicable on all Fixed deposits types like Monthly and Quarterly interest paying deposits, Cumulative or Re-Investment Deposits, Deposits linked to Savings / Current Accounts (FFD types of deposits) & Recurring Deposits. The premature withdrawal penalty of 1% is applicable on deposits opened / renewed with effect from 23th April 2009.

Deposits above Rs. 1 cr.(Effective from April 23, 2009 )

Maturity Slab	Interest Rate (% pa)
7-14 days	2.50
15-30 days	2.75
31-45 days	3.00
46-90 days	3.00
91 -179 days	3.50
180 - 269 days	4.50
270 - 364 days	5.50
1yr and above	6.00
Penalty for Premature Closure of deposits:	Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower, less 1% penalty.

Mibor linked deposit (Effective from January 8,2010 )

Anchor	NSE MIBOR (Mumbai Interbank Overnight Rate) put out by NSE every morning at 10.00hrs.
Tenor	Rate of Interest (%)
7 - 30 days	Mibor minus 100 bps
31 - 45 days	Mibor minus 80 bps
46 - 90 days	Mibor minus 60 bps
Interest Rate Reset	Daily
Minimum denomination of deposit	Above INR 1cr
Premature withdrawal	There will not be any premature payment penalty on these deposits. However the interest rate applicable will be the rate applicable for the period for which the deposit runs with the bank. The average daily MIBOR (as updated on the Treasury Intranet site daily) will be applied for the period during which the deposit runs with the bank. The cut off time for exercising premature withdrawal will be 3.00pm of the previous working day.
Interest settlement	On a simple interest basis. Interest will be settled by calculating the interest payable everyday on the principal, totalled and settled on maturity.
P.S: OLD MIBOR DEPOSIT WILL CONTINUE TO GET CONTRACTED RATES AND THE ABOVE RATES ARE APPLICABLE FOR NEW DEPOSITS.

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