The private sector lender IDBI Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. This announcement has come after the RBI hiked the repo rate last week by 25 basis points to 6.50%. Following the modification, the bank is now committing to paying 7.25% for the general public and 8.00% for older adults on special deposits with a 700-day term. The new fixed deposit (FD) interest rates are in effect as of today, February 13, 2023, according to a statement on IDBI Bank’s website.
IDBI Bank FD Rates
The bank is now providing 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 the current time, the IDBI Bank offers an interest rate of 4.25% on deposits held for 46 to 90 days and pays an interest rate of 4.75% on deposits held 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 & 700 Days) will now fetch an interest rate of 6.75%. The bank is now providing an interest rate of 6.50% on fixed deposits maturing in 2 to 3 years, and an interest rate of 6.25% on deposits maturing in 3 to 10 years. IDBI Bank is now guaranteeing an interest rate of 6.25% for the general public and 7.00% for senior citizens on tax saver fixed deposits for 5 years.
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The IDBI Naman Senior Citizen Deposit, a special fixed deposit programme for older adults, was introduced on April 20, 2022 by IDBI Bank. In accordance with this programme, resident senior citizen customers are entitled to receive an additional interest rate of 0.25% over and above the existing prevailing additional rate of 0.50% every year, for a total additional benefit for them of 0.75% over the card rate. The plan is only applicable for maturities greater than one year and up to ten years, and it is only active through the end of 31st March 2023. “rates on IDBI Naman Senior Citizen Deposit (total mark-up 0.75% over Card Rate). Normal mark-up of 1% will be available for Retired Staff Senior Citizens,” said IDBI Bank on its website.
On the other side, commencing on February 13, 2023, IDBI Bank launched the “Amrit Mahotsav FD” scheme of 444 days and 700 days. On a special maturity bucket of 444 Days, IDBI Bank offers an interest rate of 7.15% for the general public and 7.90% for senior citizens whereas, on a 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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