IDBI Bank extends these two special fixed deposits for retail investors

IDBI Salute Senior Citizen Deposit

This special fixed deposit program is entirely designed for senior citizens, as the name suggests. According to the bank’s website, IDBI Naman Senior Citizen Deposit was introduced on April 20, 2022, and is now active till October 31. On IDBI Naman Senior Citizen Deposit, resident senior citizens will get an additional interest rate of 0.25% over and above the existing additional rate of 0.50% per annum for an overall additional benefit of 0.75% on card rates. The tenor of this special fixed deposit program of IDBI Bank is more than one year and up to ten years. Higher rates will be offered on newly created accounts as well as on deposits renewed during the term of the plan. The terms and conditions of the aforesaid scheme, as well as all other fixed deposit facilities, will remain the same.

IDBI Amrit Mahotsav FD Scheme

IDBI Bank introduced this special fixed deposit program on August 22, 2022, and is available till October 31, 2022. The Amrit Mahotsav FD scheme of IDBI Bank has a special 500-day tenure. Senior citizens will receive an interest rate of 6.60% on their callable deposits under this program, while normal customers will receive an interest rate of 6.10%. The Amrit Mahotsav FD scheme will offer an interest rate of 6.20% for non-senior citizens and 6.70% for senior citizens on non-callable deposits. 1.5 million. For non-refundable deposits- Premature withdrawal / closure is not allowed by the bank. IDBI Bank has mentioned on its website that for ‘Amrit Mahotsav Fixed Deposit’ of 500 days Naman Senior Citizen rates are not allowed. The Bank reserves the right to foreclose the non-refundable FDs used as collateral security in case of loan/overdraft accounts failing to pay interest regularly.”

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