Private sector lender IDBI Bank has increased its interest rates on fixed deposits of less than 2 crores. The announcement comes after the RBI increased the repo rate by 25 basis points to 6.50% last week. After the revision, the bank is now committed to pay 7.25% for general public and 8.00% for older adults on special deposits for a period of 700 days. The new fixed deposit (FD) interest rates are effective from today, February 13, 2023, according to a statement released on IDBI Bank’s website.
IDBI Bank FD Rates
The bank is now offering an interest rate of 3.00% on fixed deposits maturing in the next 7 to 30 days, and IDBI Bank is now promising an interest rate of 3.35% on those maturing in the next 31 to 45 days. At present, IDBI Bank offers an interest rate of 4.25% on deposits for 46 to 90 days and 4.75% on deposits for 91 days to 6 months.
Deposits maturing in 6 months 1 day to 1 year will now fetch an interest rate of 5.50% and those maturing in 1 year to 2 years (except 444 days and 700 days) will now fetch an interest rate of 6.75%. The bank is now offering an interest rate of 6.50% on fixed deposits maturing in 2 to 3 years and 6.25% on deposits maturing in 3 to 10 years. IDBI Bank is now offering guaranteed interest rate of 6.25% for general public and 7.00% for senior citizens on Tax Saver Fixed Deposit for 5 years.
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IDBI Naman Senior Citizen Deposit, a special fixed deposit program for older adults, was introduced by IDBI Bank on April 20, 2022. As per the programme, resident senior citizen customers are entitled to receive an additional interest rate of 0.25% every year over and above the existing existing additional rate of 0.50%, taking the overall benefit to an additional 0.75% on the card rate. The scheme is applicable only for maturities above one year and up to ten years, and is active only up to the end of March 31, 2023. A normal mark-up of 1% will be available for retired staff senior citizens,” IDBI Bank said on its website.
On the other hand, from February 13, 2023, IDBI Bank launched “Amrit Mahotsav FD” scheme of 444 days and 700 days. On the special maturity bucket of 444 days, IDBI Bank offers an interest rate of 7.15% for general public and 7.90% for senior citizens, while on the special maturity bucket of 700 days, non-senior citizens will get an interest rate of 7.25. % and senior citizens will get an interest rate of 8.00%.
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