For Fixed Deposit below 2 crore, private sector lender IDBI Bank has announced a hike in interest rates. The bank’s website states that the increased interest rates are effective from July 14, 2022. After adjustments, the bank increased interest rates over several periods, and deposits maturing in 6 months, 1 day to 270 days and 1 year to 3 years would reflect the new increase in interest rates for investors.
IDBI Bank FD Rates
The bank will offer an interest rate of 2.70 per cent on deposits maturing in 7 days to 30 days, while IDBI Bank will offer an interest rate of 3.00 per cent on fixed deposits maturing in 31 days to 45 days. For deposits maturing in 46 to 60 days, IDBI Bank will pay an interest rate of 3.25 per cent, and for fixed deposits maturing in 61 to 90 days, it will pay an interest rate of 3.40 per cent. Domestic fixed deposits maturing in 91 days to six months will now attract an interest rate of 4.00 per cent, while fixed deposits maturing in six months and one day to 270 days will now attract an interest rate of 4.50 per cent. On fixed deposits maturing in 271 days to less than 1 year, IDBI Bank is now offering an interest rate of 4.50% and on fixed deposits maturing in 1 year to 18 months, the bank is now offering an interest rate of 5.35% .
Deposits maturing in 18 months to less than 30 months will now get an interest rate of 5.40% and fixed deposits maturing in 30 months to less than 3 years will now get an interest rate of 5.50%, IDBI Bank will now offer an interest rate of 3 5.60% on deposits maturing in years to 5 years and 5.75% on deposits maturing in 5 years to 10 years. IDBI Bank will now offer an interest rate of 5.75 per cent to the general public and 6.50 per cent to senior citizens on a five-year tax-saving fixed deposit. Senior Citizen customers of IDBI Bank get an additional rate of 0.50 per cent over the regular rate on deposits maturing in 7 days to less than 1 year.
Senior Citizen customers of IDBI Bank get an enhanced interest rate of 0.25 per cent in addition to the existing additional rate of 0.50 per cent per annum, which is 0.75 per cent higher than the card rate on deposits maturing in more than 1 year to 10. years. This additional interest rate benefit of 0.75% is applicable under IDBI Naman Senior Citizen Deposit and the scheme is valid till 30 September 2022.
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During this, SBI hikes interest rates on fixed deposits of 2 crore and above. SBI today increased the interest rates on these bulk deposits and from July 15, the bank’s interest rates on deposits maturing in one year or less than two years will be 50 bps higher than the old rate.
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