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IDBI Bank Revises Fixed Deposit Interest Rates, Offering Upto 7.65% To Senior Citizens
IDBI Bank, a private sector lender, revises the interest rates on fixed deposits (FDs) of less than Rs 2 Crore. New FD rates are effective from 12 April 2023, according to the Bank's official website. Following the change, the bank offers interest rates on deposits maturing in 7 days to 10 years ranging from 3.00% to 6.75% for the general public and from 3.50% to 7.75% for senior persons.
The bank revised the interest rates on Suvidha tax Savings Fixed Deposits (5 years). Interest rates for the Systematic Savings Plan (SSP/SSP Plus) are also revised by the bank. According to the bank, the revised interest rates are effective from 12 April 2023. Under this deposit scheme, the bank provides the deposit with tenure ranging from 1 year to 10 years that ranges interest from 6.25% to 6.75% for the general public and 6.75% to 7.25% for senior citizens.
IDBI Bank promises a maximum interest rate of 7.15% for the general public and 7.65% for senior citizens on the "Amrit Mahotsav FD" scheme of 444 Days tenure effective from April 01, 2023. The "Amrit Mahotsav FD" scheme was recently introduced by the bank.
IDBI Bank offers a maximum 7.15% interest rate for the general public and 7.65% for senior citizens on the "Amrit Mahotsav FD" scheme of 444 Days tenure effective from April 01, 2023.
Interest Rate (% p.a.) on Term Deposits Below Rs 2 Crore (w.e.f. April 12, 2023)
| Maturity Slab | General Customers FD Rates (% p.a.) | Sr. Citizen FD Rates (% p.a.) |
|---|---|---|
| 0-6 Days | NA | NA |
| 07-14 days | 3 | 3.5 |
| 15-30 days | 3 | 3.5 |
| 31-45 days | 3.35 | 3.85 |
| 46- 60 days | 4.25 | 4.75 |
| 61-90 days | 4.25 | 4.75 |
| 91 days - 6 months | 4.75 | 5.25 |
| 6 months 1 day to 270 days | 5.5 | 6 |
| 271 days up to | 5.5 | 6 |
| 1 Year | 6.75 | 7.25 |
| > 1 Year to 2 Years (except 444 Days) | 6.75 | 7.25 |
| > 2 Years to | 6.5 | 7 |
| 3 Years to | 6.5 | 7 |
| 5 Years | 6.5 | 7 |
| > 5 Years to 7 Years | 6.25 | 6.75 |
| >7 Years to 10 Years | 6.25 | 6.75 |
| >10 Years to 20 Years$ | 4.8 | 5.3 |
Please Note - $ Maturity bucket is eligible only for deposits from following beneficiaries (with effect from January 1st, 2021).
Suvidha Tax Saving Fixed Deposits (5 YEARS) w.e.f. April 12, 2023
| Normal Retail Rate | 6.5 |
| Senior Citizens | 7 |
Systematic Savings Plan (SSP /SSP Plus)**** (w.e.f. April 12, 2023)
| Maturity Period | General Public Rates (% p.a.) | Senior Citizens Rates (% p.a.) |
|---|---|---|
| 1 year | 6.75 | 7.25 |
| > 1 Year to 2 Years | 6.75 | 7.25 |
| > 2 Years to | 6.5 | 7 |
| 3 years to | 6.5 | 7 |
| 5 years | 6.5 | 7 |
| > 5 years to 7 years | 6.25 | 6.75 |
| >7 years to 10 years | 6.25 | 6.75 |
Please note - Interest payable on Premature Withdrawal of Term Deposits- Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit) For such premature withdrawals, including sweep-ins and partial withdrawals, the Bank will levy a penalty of 1%, on the applicable rate.
"Amrit Mahotsav FD" scheme of 444 Days w.e.f. April 01, 2023
| Special Buckets | General/NRE/NRO | Senior Citizens |
|---|---|---|
| 444 Days | 7.15 | 7.65 |
Please Note - 1. Premature withdrawal / closure permitted.
2. Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits.
3. All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.
Source - IDBIbank.com
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