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IDBI Bank Hikes FD Rates Effective From 15th April; Extends Validity of Special FD
The private lender IDBI Bank has revised its interest rates for fixed deposits under Rs 2 Cr. Additionally, it has extended the validity of its "Utsav Callable FD" special deposit programme till June 30, 2024. The newest term deposit interest rates, according to IDBI Bank's official website, will take effect on April 15, 2024. IDBI Bank is now offering deposits that mature in two to three years a maximum return of 7% in light of the modification. The revised rates for resident and non-resident term deposits under Rs. 2 crore can be found below.
IDBI Bank FD Rates
The bank will pay 3% interest on deposits that mature between 07-30 days, whereas IDBI Bank is now giving 3.25% interest on deposits maturing in 31-45 days. IDBI Bank is now providing a 46-60 day deposit tenure at a rate of 4.25%, and a 61-90 day tenure at a rate of 4.50%. IDBI Bank has decided to increase the interest rate on deposits maturing in 91 days to 6 months to 5.25% and to 5.75% for deposits maturing in 6 months-1 day to 270 days.
IDBI Bank is now giving an interest rate of 6.25% on deposits maturing in 271 days to 1 year (except 300 days), and 6.80% on deposits running its course in 1 year to 2 years (except 375 days and 444 days). Term deposits that mature within two to three years now earn an interest rate of 7.00% from IDBI Bank, while those maturing in three to five years get an interest rate of 6.50%. The interest rate on deposits that mature in 5 to 10 years will now be 6.25%, while the rate of return on tax-saving 5-year FDs will now be 6.50%.
Resident senior citizens will continue to get an additional benefit of 50 bps over and above the standard rates across tenures.
| Interest Rate on Term Deposits (w.e.f. April 15, 2024) | ||
|---|---|---|
| Maturity Slab | General Customers | Sr. Citizen |
| 07-30 days | 3 | 3.5 |
| 31-45 days | 3.25 | 3.75 |
| 46- 60 days | 4.25 | 4.75 |
| 61- 90 days | 4.5 | 5 |
| 91 days to 6 months | 5.25 | 5.75 |
| 6 months 1 day to 270 Days | 5.75 | 6.25 |
| 271 days to 1 year (except 300 Days) | 6.25 | 6.75 |
| 1 Year to 2 Years (except 375 Days and 444 Days) | 6.8 | 7.3 |
| 2 Years to 3years | 7 | 7.5 |
| 3 years to 5 years | 6.5 | 7 |
| 5 years to 10 years | 6.25 | 6.75 |
| Tax Saving FD | ||
| 5 years | 6.5 | 7 |
| Utsav Callable FD (Revised Rates w.e.f. April 15, 2024) | ||
| Validity Extended up to June 30, 2024. The interest rate structure is as under: | ||
| Special Buckets | General/NRE/NRO | Senior Citizens |
| 300 Days | 7.05 | 7.55 |
| 375 Days | 7.1 | 7.6 |
| 444 Days | 7.2 | 7.7 |
| Source: Bank Website |
IDBI Bank also offers Utsav Callable FD, a special term deposit scheme which comes with 3 different tenure options. On special tenure bucket of 300 days, the interest rate applicable is 7.05% to the general public and 7.55% to senior citizens, on 375 days tenure 7.10% standard rate and 7.60% for senior citizens is applicable and on 444 days tenure, 7.20% rate of return is applicable to the general public and 7.70% for senior citizens. These special tenures are valid till June 30, 2024.
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