How to create online Fixed Deposit (FD) in IDBI Bank?

IDBI Bank is growing like anything in India now-a-days. Tons of features for every type of account – savings or current to the backbone of security of Govt. of India, this has become one of the favorite bank among many.

IDBI Bank also allows its many services to avail without visiting any of its branch. Such facilities can be availed using internet.

One such facility is creating fixed deposit online.

Today we’ll see all the steps needed to create online fixed deposit in IDBI Bank with screen shots.

Step 1

Visit the official website of IDBI bank at IDBI.com and click on Net Banking link at right side of the screen as shown below:

 

Read the instructions and security suggestions on your screen and click “Continue to Login” button at the bottom of the screen.

The next screen asks for your Customer ID and password. Enter the login credentials and click on “Login” button.

 

Step 2

 

Once you enter your online Net Banking account, Click on “Request” icon link on top-right of the page as shown below:

 

Now, you’ll get screen like this:

 

 

Step 3

 

Now, click on 3rd link mentioned as “Opening a Fixed Deposit”.

You’ll get screen like this:

 

This is the main screen which you must fill-up very carefully.

 

Step 4



 

Your name is displayed after Account Holder Name. Nothing to do here.

From Branch Name, select your bank branch. See your cheque book if you do not remember your branch name.

In type of deposit, you can choose normal fixed deposit or FD for tax saving purpose (for 500 days).

Let us assume, you want to open normal FD.

For that choose “Regular Fixed Deposit” under type of deposit list.

If you want to know the know the current rate of interest, click on “% interest Rates” image on right side of the list.

Under interest payout, select “Cummulative”. This will add your interest in your FD account and you’ll get interest on that too.

In Amount text, enter the desired amount for which you want to create FD. Minimum amount required is Rs.10,000/-

In the next screen, it will show your PAN no. Nothing to do here.

In Tenure selection, choose your desired tenure in the format of months and days. If you want to open FD for 1 year, enter 12 months and 0 days.

Tip: Interest of 366 days is more than 365 days. So, open FD for 12 months and 1 day instead of 12 months 0 day.

Under Maturity instruction, select “Renew Principal and Interest”. This will automatically renew your FD with interest on maturity.

Lastly, under “Auto Sweep-in facility” choose the check-box titled as “Yes to Source Account”. This will allow you to withdraw amount from your FD from ATM or cheque book. Remember, at this time, there is no penalty to break FD before maturity in IDBI Bank.

And finally, click on Submit button.

You’ll get email under your Net Banking account for the copy of request.

Once your online FD get created, you’ll get FD certificate at your home.

But this is not finished.

You’ve to complete 1 more important step.

 

Step 5

 

You’ve to fill-up nomination form for this FD and submit it to your branch. You may download the nomination form from http://docs.investmentkit.com/idbi-bank-fd-nomination-form/

 

Some important points to know:

  • Confirmation of Deposit (COD) will be sent to the correspondence address as provided in the Bank’s record. You will be able to view new FD under deposit accounts in 2 working days time.
  • FD will be booked in single name only and subject to sufficient availability of funds. In case of shortage of funds, the fixed deposit will not be opened.
  • For Regular, Special and Floating Rate deposit types, minimum amount for opening an FD online is Rs 10,000/- and maximum amount is less than Rs 1 Crore.
  • For Fixed Deposit request for Rs.50,000/- and above, PAN number is mandatory. Please contact your nearest IDBI Bank Branch for updation of PAN details.
  • Interest rates applied to your FD will be as per the prevailing rates of interest. Discounted rate will be applied in case of monthly interest payouts. Annual Interest Payout is calculated on Simple Interest basis.
  • FD for Senior Citizens will be with preferential rate of interest as applicable.
  • Premature withdrawals are permitted and penalties (if applicable) will be applied as per extant policies of the Bank.
  • TDS is deductible as per extant rules. Individuals seeking exemption from TDS, have to submit a completed Form 15G/H at the bank branch within the first week of the new Financial Year.
  • To register a nominee for your Fixed Deposit, please visit the nearest IDBI Bank branch and submit the nomination form.
  • Special conditions for Tax Saving Fixed deposit:
    • Tax Saving Fixed Deposit request will not be accepted if PAN number is not updated with the Bank. Please contact your nearest IDBI Bank Branch for updation of PAN details.
    • For Tax Saving Fixed Deposit, minimum amount for opening an FD online is Rs.10, 000/- and maximum is Rs.1,00,000/- and amount has to be in multiple of Rs.100/-. A maximum of upto Rs. 1 lac can be invested in a financial year per assessee in all the Banks together.
    • Tax Savings deposit cannot be encashed before the expiry of 5 years.
  • Special conditions for Floating term deposit:
    • For Floating Rate deposit types, minimum amount for opening an FD online is Rs 10,000/- and maximum amount is less than Rs 1 Crore and amount has to be in multiple of Rs 1000/-.
    • Interest rates applied to your Floating term Deposit will be as per the prevailing rates of interest. Discounted rate will be applied in case of monthly interest payouts. Annual Interest Payout is calculated on Simple Interest basis. The interest is anchored to average yield at 364-Days Treasury Bills Auctions during the immediately preceding three months undertaken by RBI. This would be reset every calendar quarter.

 

 

How to create online Fixed Deposit (FD) in IDBI Bank?
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