New Year Gift for IDBI Bank customers: Get up to 7.50% interest on FDs - details

IDBI Bank Amrit Mahotsav Deposit: As a new year’s gift to its customers, IDBI Bank has hiked the deposit rate of one of its Fixed Deposit (FD) schemes, ‘Amrit Mahotsav Deposit’. 

The bank has hiked the rate of interest on deposits by 0.10 per cent and is now offering interest of 7.60 per cent for just 700 days, as a limited period offer, effective from December 26, 2022.

Amrit Mahotsav Deposit scheme was launched in November 2022, when the interest rate was hiked to 7.50 per cent for 700 days. The new interest rate now stands at 7.60 per cent. At that time, the bank had also increased the interest rate on 555-day Amrit Mahotsav Deposits to a maximum of 7 per cent from 6.50 per cent. 

Also Read: Year-Ender 2022: RBI's repo rate hike impact on your money, banks, economy 

Special offer for senior citizen 

On April 20, 2022, IDBI Bank had introduced, “IDBI Naman Senior Citizen Deposit” which is a special fixed deposit (FD) programme for senior citizens. Senior citizens can invest their money in the scheme for a tenure of more than 1 year and up to 10 years. 

The scheme is valid till December 31, 2022. Senior citizens can get 0.25 per cent extra interest on this special FD scheme. This additional 0.25 per cent interest is above the existing additional interest rate of 0.50 per cent per annum that bank gives to its customers. It means that senior citizen customers would get 0.75 per cent additional return.

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