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IDBI Bank Revises Savings Account Interest Rates On Daily Balances; Details Inside
With a balance sheet size of Rs 3,30,502 crores as of March 31, 2023, and more than 55 years of experience providing banking solutions, IDBI Bank has announced interest rate revisions on savings accounts ahead of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting for the financial year (FY) 2024-25, which is scheduled to take place between April 3 and April 5. With effect from April 1, 2024, IDBI Bank's new savings account interest rates will allow customers to earn as much as 3.50% on their savings accounts.
IDBI Bank Savings Account Interest Rates
The bank is now giving an interest rate of 2.75% on savings account balances up to Rs. 1 lakh, while IDBI Bank is also guaranteeing an interest rate of 3.00% on balances over Rs. 1 lakh and up to Rs. 5 crore. IDBI Bank has increased its interest rate to 3.25% on savings account balances over Rs. 5 Cr to Rs. 100 Cr. Additionally, the bank is now giving a 3.50% interest rate on balances above Rs. 100 Cr to Rs. 1000 Cr.
| Saving Balance | Rate of Interest (% p.a.) |
|---|---|
| Up-to Rs.1Lakh | 2.75 |
| Above Rs.1lakh to Rs.5 crore | 3 |
| Above Rs. 5 Cr to 100 Cr | 3.25 |
| Above Rs.100 Cr to Rs.1000Cr | 3.5 |
| Above Rs.1000 Cr to Rs.1500Cr | MIBOR +10bps |
| Above Rs.1500Cr to Rs.2000Cr | MIBOR +40bps |
| Above Rs.2000Cr | MIBOR +75bps |
| Source: Bank Website | Savings Bank Rate (w.e.f. April 01 ,2024) |
"MIBOR Linked floating interest rate will be applicable on entire balance (all rates applicable on the end of the day balance) if the balance exceeds Rs 1000 cr. based on the slab as above. MIBOR linked floating Saving Bank Rate (w.e.f December 04, 2023). For more details on the MIBOR Linked Floating Interest rate, please contact your Relationship Manager or visit your nearest IDBI Bank Branch," mentioned IDBI Bank on its website.
"In terms of Regulation 30 of the SEBI (LODR) Regulations, 2015, it is hereby advised that in accordance with IDBI Bank's Code of Conduct for Prevention of Insider Trading, the trading window shall remain closed from March 31, 2024 to May 06, 2024 for declaration of the Audited Financial Results for the quarter and year ending March 31, 2024," IDBI Bank said in a regulatory filing.
Meanwhile, effective from 01.04.2024, Bank of India has hiked interest rates on fixed deposits of less than Rs 2 Cr. The bank is now providing an interest rate of up to 7.25% in response to the modifications. The bank is now offering interest rates on deposits that mature between 7 days to 10 years, with a range of 3.00% to 6.00%.
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