The private sector lender IDBI Bank has hiked its interest rates on domestic fixed deposits (FDs) of less than ₹2 Cr. After the adjustment, the bank raised the interest rates on a variety of tenors ranging from 3 years to 5 years by up to 25 bps. The bank is currently providing interest rates on deposits maturing in 7 days to 10 years that range from 3.00% to 6.25% for the general public and from 3.50% to 6.75% for senior citizens. IDBI Bank promises a maximum interest rate of 7.15% for the general public and 7.65% for senior citizens on a deposit tenor of 444 days. According to the bank’s official website, the new FD rates take effect on April 12, 2023.
IDBI Bank FD Rates
The bank will continue to give an interest rate of 3% on fixed deposits that mature in 7 to 30 days, while IDBI Bank will continue to offer an interest rate of 3.35% on deposits that mature in 31 to 45 days. The interest rates offered by IDBI Bank will remain at 4.25% for deposits held for 46 to 90 days and 4.75% for deposits held for 91 to 6 months. Deposits that mature in 6 months, 1 day to 1 year will still earn interest at a rate of 5.50%, and those that mature in 1 year to 2 years (except 444 days) will still earn interest at a rate of 6.75%.
The bank will continue to give an interest rate of 6.50% on deposits maturing in 2 to 3 years, and IDBI Bank has raised its interest rate by 25 basis points from 6.25% to 6.50% on deposits maturing in 3 years to less than 5 years. The interest rate on tax-saving fixed deposits maturing in 5 years has been raised by 25 basis points from 6.25% to 6.50%, while IDBI Bank will continue to give a 6.25% interest rate on deposits maturing in 5 years to 10 years.
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The bank introduced the “Amrit Mahotsav FD” scheme for retail investors on April 1st, 2023, promising returns of 7.65% for senior citizens and 7.15% for the general public. The plan has a 444-day term, and premature withdrawal and closure are permissible. On the scheme, staff & senior citizen rates are not applicable to NRO & NRE term Deposits and all other term deposit features, terms, and conditions will stay the same and apply to the Amrit Mahotsav FD of IDBI Bank.
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