On deposits of 444 days duration, IDBI Bank guarantees a maximum interest rate of 7.15%.
On fixed deposits maturing in 7 to 30 days, the bank will continue to pay 3% interest rate.
Private sector lender IDBI Bank has increased the interest rate on domestic fixed deposits (FDs) of less than Rs 2 crore. Following this change, the bank increased the interest rates by up to 25 bps for tenures of 3 to 5 years. For deposits maturing in the next seven days to ten years, the bank now offers interest rates that vary from 3.00% to 6.25% for general public and 3.50% to 6.75% for senior citizens. On deposits of 444 days duration, IDBI Bank guarantees a maximum interest rate of 7.15% for general public and 7.65% for senior citizens. According to the official website of the bank, the new FD rates have come into effect from April 12, 2023.
On fixed deposits maturing in 7 to 30 days, the bank will continue to pay 3% interest rate, and IDBI Bank will continue to pay 3.35% interest rate on deposits maturing in 31 to 45 days. For deposits maturing in 46 to 90 days and 91 days to 6 months, IDBI Bank will continue to offer interest rates of 4.25% and 4.75% respectively. Deposits maturing in 6 months, 1 day to 1 year and 1 year to 2 years (other than 444 days) will continue to earn interest at the rate of 5.50% and 6.75% respectively.
The bank will continue to pay an interest rate of 6.50% on deposits maturing in 2 to 3 years and will increase its interest rates by 25 basis points from 6.25% to 6.50% on deposits maturing in less than 3 to 5 years Is done. While IDBI Bank will continue to offer 6.25% interest rate on deposits maturing in 5 years to 10 years, interest rates on tax-saving fixed deposits maturing in 5 years were increased by 25 basis points from 6.25% to 6.50% Is.
On April 1, 2023, the bank launched the Amrit Mahotsav FD program for retail investors, with guaranteed returns of 7.65% for senior citizens and 7.15% for the general public. The duration of the plan is 444 days, and both premature termination and termination are permitted. All other term deposit features, terms and conditions will continue to be applicable on IDBI Bank’s Amrit Mahotsav FD under this scheme, except that the employee and senior citizen rates are not applicable on NRO and NRE fixed deposits.
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