Private sector lender IDBI Bank has launched a 555-day “Amrit Mahotsav FD” scheme starting October 21, 2022, as part of its festive offer. The bank has launched a special, limited time offer with an interest rate of 6.90% for a tenor of 555 days. With effect from October 21, 2022, the bank has also increased its interest rate offering on fixed deposits in a range of maturity periods. The interest rate on one-year deposits has increased to 6.75%, while the highest rate for two-year buckets now stands at 6.85%. This special limited time offer, which runs till the end of December 2022, is for the launch of Amrut Mahotsav (Callable) FD scheme in 555 days.
According to the bank, the Amrit Mahotsav FD scheme of 500 days and 1100 days will no longer be offered from October 21, 2022. The bank offers 6.40% interest rate on “Amrit Mahotsav FD” program to general public and 6.90% interest rate to senior citizens. Senior citizens will be eligible for a standard markup of 0.50% only, and retired senior citizen employees will be eligible for a standard markup of 1% only.
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IDBI Bank Special FD for Senior Citizens
The Bank on April 20, 2022 introduced IDBI Naman Senior Citizen Deposit, a special fixed deposit program for senior citizens. The tenure ranges from more than one year to ten years. With regard to this special fixed deposit scheme, IDBI Bank offers its resident senior citizen customers a higher interest rate of 0.25% over and above the existing additional rate of 0.50% every year, providing an overall benefit of 0.75% over the standard rate. IDBI Naman Senior Citizen Deposit Scheme is effective till December 31, 2022 and during that time, both fresh deposits and renewal of existing accounts will be eligible for an additional rate.
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IDBI Bank FD Rates
On October 21, 2022, IDBI Bank launched . increased interest rates on fixed deposits with less than 2 crores in a series of periods. The bank will offer an interest rate of 3.00% on deposits maturing in 7 to 30 days and 3.35% on deposits maturing in 31 to 45 days. Deposits maturing in 46 to 60 days will now earn 4.00% interest, while those maturing in 61 to 90 days will now earn 4.15% interest. Deposits payable in 9 to 6 months will fetch interest at the rate of 4.30%, while those maturing in 6 to 1 month to 270 days will get interest at the rate of 5.10%. IDBI Bank is offering an interest rate of 5.25% on deposits maturing in 271 days or less than a year and 6.00% on deposits maturing in one year to 2 years. Deposits maturing in 2 years to 3 years will now get 6.10% interest rate and those maturing in 3 years to 5 years will now get 6.00% interest rate. IDBI Bank is now offering an interest rate of 5.80% on deposits maturing in 5 years to 10 years as well as tax saving deposits of 5 years.
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