IDBI Bank has introduced a festive fixed deposit scheme -- 'Amrit Mahotsav FD'. The bank is offering increased interest rates on deposits made under the scheme. According to a release by the bank, deposits for a period of 555 days will attract 6.90 per cent interest under the limited-time offer.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The Bank has also increased its interest rate offers on various other term deposits that will be effective from October 21 across various maturity buckets. The interest rate on 1-year deposit has been raised up to 6.75 per cent, whereas the two-year bucket is now offered with a peak rate of 6.85 per cent.  

Recently, IDBI Bank extended the validity term for its two popular special fixed deposit plans, IDBI Naman Senior Citizen Deposit and Amrit Mahotsav FD scheme, to be effective from October 31, 2022 to December 31, 2022. Apart from this extension, the bank also increased the interest rate on fixed deposits of less than Rs 2 crore by 10 basis points. The fixed deposit interest rates came into effect on October 11, according to IDBI Bank's website.  

IDBI Bank offers interest rates on fixed deposits maturing in 7 days to 10 years ranging from 2.70 per cent to 5.80 per cent for the general public, while the rate varies from 3.20 per cent to 6.55 per cent for senior citizens. The bank offers a maximum interest rate of 5.80 per cent for non-senior residents and 6.55 per cent for senior citizens on deposits maturing in 5 to 10 years.

For senior citizens, the bank offers a special scheme namely Naman Senior Citizen Deposit. It is a special retail term deposit scheme that was introduced by the bank in April.

On the occasion of 75 years of Independence Day, the bank introduced the “Amrit Mahotsav FD" scheme of 500 days with a special tenure bucket of 500 days.