IDBI Bank has recently launched an exclusive fixed deposit (FD) scheme for a limited period. The newly introduced scheme has a duration of 375 days and went into effect on July 14, 2023. Under this special maturity term, the bank is offering an interest rate of 7.10 per cent for the general public, while senior citizens can avail of a higher interest rate of 7.60 per cent.
The bank’s “Amrit Mahotsav FD” scheme for 375 days and 444 days will remain valid until August 15, 2023, as stated on the bank’s official website. Additionally, the existing “Amrit Mahotsav FD for 444 days” offers two options: A callable option with a peak rate of 7.65 per cent every year and a non-callable option with a peak rate of 7.75 per cent each year.
Starting from July 14, 2023, IDBI Bank introduces a special non-callable option FD scheme for 444 days. The interest rate structure for this limited-period offer is as follows:
- Special Bucket general/NRE/NRO senior citizens
- 444 days 7.25 per cent for general citizens
- 444 days 7.75 per cent for senior citizens
The latest FD rates offered by IDBI Bank include:
Effective from July 14, 2023, IDBI Bank provides a range of interest rates on FDs that mature within a period of seven days to five years. The following interest rates apply:
- 7-30 days: 3.00%
- 31-45 days: 3.25%
- 46-90 days: 4.00%
- 91-6 months: 4.50%
- Six months 1 day to < 1 year: 5.75%
- One year to two years (excluding 375 days and 444 days): 6.80%
For FDs maturing between two years and five years, IDBI Bank offers an interest rate of 6.50 per cent. Similarly, for FDs maturing between five years and 10 years, the bank provides an interest rate of 6.25 per cent.
On the other hand, FDs with maturity periods ranging from 10 years to 20 years have an interest rate of 4.80 per cent. Lastly, for a specific term of five years, the interest rate offered is 6.50 per cent.
FD rate offerings to senior citizens
The bank extends a range of interest rates specifically for senior citizens on their FDs with maturity periods spanning from seven days to five years. The interest rates offered to elderly individuals range from 3.5 per cent to seven per cent.