On deposits with a tenor of 444 days, IDBI Bank guarantees a maximum interest rate of 7.15%.
On fixed deposits that mature in 7 to 30 days, the bank will continue to pay a 3% interest rate.
The interest rate on domestic fixed deposits (FDs) under Rs 2 crore has increased at the private sector lender IDBI Bank. Following the change, the bank increased interest rates on a range of tenors from 3 to 5 years by up to 25 bps. For deposits that mature in the next seven days to ten years, the bank now offers interest rates that vary from 3.00% to 6.25% for the general public and from 3.50% to 6.75% for senior citizens. On deposits with a tenor of 444 days, IDBI Bank guarantees a maximum interest rate of 7.15% for the general public and 7.65% for senior citizens. The new FD rates went into effect on April 12, 2023, according to the bank’s official website.
On fixed deposits that mature in 7 to 30 days, the bank will continue to pay a 3% interest rate, and IDBI Bank will continue to pay a 3.35% interest rate on deposits that mature in 31 to 45 days. For deposits kept for 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 that mature in 6 months, 1 day to 1 year, and 1 year to 2 years (apart from 444 days), will continue to receive interest at rates of 5.50% and 6.75%, respectively.
The bank will continue to pay an interest rate of 6.50% on deposits that mature in 2 to 3 years and has increased its interest rates on deposits that mature in 3 to less than 5 years by 25 basis points, from 6.25% to 6.50%. While IDBI Bank will continue to offer a 6.25% interest rate on deposits maturing in 5 years to 10 years, the interest rates on tax-saving fixed deposits maturing in 5 years have been increased by 25 basis points from 6.25% to 6.50%.
On April 1, 2023, the bank launched the Amrit Mahotsav FD program for retail investors, guaranteeing returns of 7.65% for elderly citizens and 7.15% for the general public. The length of the plan is 444 days, and early termination and closure are both permitted. All other term deposit features, terms and conditions will continue to apply to the IDBI Bank’s Amrit Mahotsav FD under the scheme, with the exception that staff and senior citizen rates do not apply to NRO & NRE term deposits.
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