With effect from August 22, 2022, IDBI Bank has increased the interest rates on fixed deposits across a range of tenors. On a few tenors, the bank is now providing the highest rate of 6.55 per cent. The bank has not changed the interest rates on FDs with maturities of 7–14, 15–30, and 10–20 years.
Following today’s increase, the bank is now offering interest rates of 3.35 per cent, 3.75 per cent, 4 per cent, 4.3 per cent, and 4.75 per cent on deposits that mature in the ranges of 31-45 days, 46-60 days, 61-90 days, 91-6 months, and six months one day to 270 days, respectively.
IDBI Bank offers 4.8 per cent on deposits maturing in 271 days or less than a year and 5.60 per cent on fixed-rate deposits maturing in a year or less than 18 months. The interest rate for term deposits with maturities between five and ten years is 5.8 per cent, according to IDBI Bank.
Senior Citizen Fixed Deposit Program by IDBI Naman
Senior citizen customers who live in the area will receive an increased interest rate of 25 bps over and above 50 bps each year (a total mark-up of 75 bps over the Card Rate). RTD tenures that are eligible range from more than a year to ten years.
Validity of the Scheme: Through September 30, 2022.
The higher rate will be offered on newly created accounts and deposits renewed throughout the initiative.
The above scheme is also applicable, and all other term deposit features and terms and conditions will continue to apply.
IDBI Bank introduces a limited-time unique 500-day FD programme.
Additionally, the bank has launched a 500-day special deposit with a cap rate of 6.70 per cent under the Amrit Mahotsav FD programme. The limited-time Amrit Mahotsav promotion is valid through September 30, 2022.
In addition, a special 500-day bucket for FCNR (B) deposits denominated in US dollars is now available, with a peak rate of 3.63 per cent.
Following RBI repo rate hike pronouncements to control the rising inflation, most banks are now raising their deposit rates.