IDBI Bank introduces special FD rates, offers interest rates up to 7.75%

IDBI Bank has recently introduced attractive special interest rates for Fixed Deposits (FDs). The latest FD rates have been designed to incentivise investors particularly senior citizens, with enticing FD schemes. The bank currently serves customers through more than 1,890 outlets and 3,300 ATMs across India. Under its special interest rates on fixed deposits the bank has increased the interest rate up to 7.75 per cent per annum.

The "Amrit Mahotsav FD" Scheme

The bank has introduced a couple of distinctive FDs under the "Amrit Mahotsav FD" scheme. These include the 375-day and the 444-day term fixed deposits. For the 375-day FD, senior citizens stand to gain 7.6 per cent per annum while general citizens can earn a rate of 7.1 per cent. This scheme will remain open for investment from July 14 to August 15, 2023.

Callable and Non-Callable Options

For the 444-day term under the "Amrit Mahotsav FD" scheme, IDBI Bank has two options: callable and non-callable. The callable option comes with a 7.65 per cent annual interest rate, while the non-callable option offers a 7.75 per cent per annum for senior citizens. For general customers, the interest rates are 7.15 per cent and 7.25 per cent, respectively. These rates became effective from July 14, 2023, and premature withdrawal and closure are permitted for the callable FDs while the non-callable FDs cannot be closed or withdrawn before maturity.

Callable FDs are those where premature withdrawal is allowed.

Rates Across Different Tenures

Apart from these special schemes, IDBI Bank offers FDs with interest rates ranging from 2.70 per cent to 6.80 per cent for tenures spanning 3 months to 20 years. Senior citizens, in general, enjoy higher rates than regular customers, with interest rates varying from 3.5 per cent to 7.30 per cent. Additionally, the bank provides FCNR fixed deposits for NRIs and OCIs in various currencies. Investing in FCNR deposits provides insulation against currency fluctuations and offers the advantage of tax-free returns that can be repatriated without restrictions.