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The validity term for IDBI Bank’s two special fixed deposit products, the IDBI Naman Senior Citizen Deposit and Amrit Mahotsav FD, has been extended. These initiatives were previously only valid until September 30th, however, IDBI Bank has extended the expiration date to October 31, 2022. IDBI Bank made this declaration after the Reserve Bank of India’s monetary policy committee increased its benchmark policy rate by 50 basis points on Friday, the fourth hike in five months to 5.9%. IDBI Bank provides its retail investors with better interest rate benefits on the aforementioned special fixed deposit products.
IDBI Naman Senior Citizen Deposit
This special fixed deposit programme is designed solely for senior citizens, as the name implies. According to the bank’s website, the IDBI Naman Senior Citizen Deposit was introduced on April 20, 2022, and is now active through October 31. On the 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 year, for a total additional benefit of 0.75% over card rates. The tenure of this special fixed deposit programme from IDBI Bank is more than one year and up to ten years. The higher rate will be offered on newly created accounts as well as deposits renewed during the duration of the scheme. The terms and conditions for the aforesaid scheme, as well as all other term deposit features, will remain the same.
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IDBI Amrit Mahotsav FD scheme
IDBI Bank introduced this special fixed deposit programme on August 22, 2022, and it is available until October 31, 2022. IDBI Bank’s Amrit Mahotsav FD scheme has a special 500-day tenure. Senior citizens will receive an interest rate of 6.60% on their callable deposits under this programme, while general customers would receive an interest rate of 6.10%. Amrit Mahotsav FD scheme would give an interest rate of 6.20% for non-senior citizens and 6.70% for senior citizens on non-callable deposits of more than ₹15 lakh. For non-callable deposits- premature withdrawal / closure is not allowed by the bank. IDBI Bank has mentioned on its website that “Naman Senior Citizen rates are not allowed for ‘Amrit Mahotsav Fixed Deposit’ of 500 days. Bank has right for premature closure of non-callable FD used as collateral security in case of loan/overdraft accounts that have failed to service interest regularly.”
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