This 58-year-old nationalized bank introduces special FD for 500 days: View details

IDBI Bank has said through a tweet that ” Avail the highest interest rates with IDBI Bank’s Amrit Mahotsav Retail Term Deposit. Quick! Offer is valid till September 30, 2022.”

IDBI Bank’s 500-day AMRUT Mahotsav FD scheme came into force on August 22, 2022, and will expire on September 30, 2022. In this scheme, the bank is promising an interest rate of 6.10% and an interest rate of 6.20% under callable deposits. Non-refundable deposits made by ordinary customers (including NRE/NRO). Whereas, resident senior citizens will get 6.60% on callable deposits and 6.70% on non-callable deposits. In this context, callable deposits are those that can be withdrawn before the maturity date, whereas non-callable deposits cannot be withdrawn before the maturity date.

IDBI Bank has mentioned on its website that “only a normal mark-up of 0.50% will be available for senior citizens and a normal mark-up of 1% will be available for retired senior citizen employees.”

Terms and Conditions prescribed by IDBI Bank for Amrit Mahotsav FD

1. For non-callable deposits- “Premature Withdrawal/Closing is not allowed”.

2. Salvation Senior Citizen rates are not allowed for ‘Amrit Mahotsav Fixed Deposit’ of 500 days and 1100 days.

3. The Bank reserves the right to prematurely close the non-refundable FDs used as collateral security in case of loan/overdraft accounts which have failed to pay interest regularly.

4. Staff and Senior Citizen rates are not applicable for NRO and NRE term deposits.

5. All other features and terms and conditions of Fixed Deposit shall remain unchanged and shall be applicable for the above scheme also.

IDBI Bank FD Rates

On 22nd August 2022, IDBI Bank Announced the hike in interest rates for fixed deposits below 2 crores. Post the revision, the bank will continue to offer an interest rate of 2.70% on fixed deposits maturing in 7 days to 30 days; However, the bank has increased the interest rate on fixed deposits maturing in 31-45 days from 3% to 3.35%, an increase of 35 basis points. The bank increased the interest rate on fixed deposits maturing in 46-60 days from 3.25% to 3.75%, an increase of 50 bps, and IDBI Bank increased the interest rate on fixed deposits maturing in 61-90 days from 3.40% to 3.40% 4.0%, an increase of 60 bps.

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Fixed deposits maturing in 91 days-6 months will now attract an interest rate of 4.30% as against an increase of 4% earlier by 30 bps and fixed deposits maturing in 6 months 1 day to 270 days will now attract an interest rate of 4.75% will be received. 4.50% was an increase of 25 bps earlier. IDBI Bank will now offer an interest rate of 4.80% which was an increase of 4.50% by 30 bps on fixed deposits maturing in 1 year in 271 days earlier and the bank will now offer an interest rate of 5.60% which was an increase of 5.35% earlier of 25 basis points on deposits maturing in 1 year. On fixed deposits maturing in 1 year to 18 months, the bank has increased the interest rate from 5.35% to 5.60% by 25 bps and on fixed deposits maturing in 18 months to 30 months, IDBI Bank has increased the interest rate from 5.40 bps. % to 5.65% an increase of 25 bps.

Fixed deposits maturing in 30 months to 3 years will now fetch an interest rate of 5.70% which was 5.50% an increase of 20 bps and fixed deposits maturing in 3 years to 5 years will now attract an interest rate of 5.75% as against 5.60 per cent earlier. There was a % increase of 15 bps. On fixed deposits maturing in 5 to 10 years, IDBI Bank will now offer an interest rate of 5.80%, up from 5.75% earlier, and on 5-year tax-saving deposits, the bank will now guarantee an interest rate of 5.80% , up from 5.75% earlier.

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