IDBI Bank FD rates: Senior citizens can earn 7.5% in Amrit Mahotsav scheme, check other rates



LIC-backed IDBI Bank has introduced another variant in Amrit Mahotsav deposits for 700 days while hiking the rate for 555 days tenure under the same scheme. In the new variant, senior citizens can earn a whopping 7.5% interest rate on their FDs. Also, IDBI Bank has revised its interest rates on other tenures for FDs below 2 crore with effect from November 1, 2022.

Check the latest interest rates here:

According to the press release, IDBI Bank has introduced yet another variant in Amrit Mahotsav Deposits with a maximum interest rate of 7.50% for just 700 days as a limited-period offer.

Apart from this, the interest rate on 555 days Amrit Mahotsav Deposits is also increased to a maximum of 7.00% from 6.50%

For the general category and NRE customers, the bank is offering 7% rate on 700 days (23 months and 1 day) tenure, while the rate is 6.5% on 555 days (18 months & 7 days) tenures.

On its website, IDBI Bank also said, “the normal mark-up of 0.50% ONLY will be available for senior citizens and normal mark-up of 1% will be available for Retired Senior Citizens Staff.”

Earlier, the bank discontinued its Amrit Mahotsav FD Scheme of 500 Days and 1100 Days from October 21, 2022.

FD rates below 2 crore:

The bank has revised its FD rates below 2 crore with effect from November 1, 2022.

Senior citizens:

An elderly earns a 7% rate on tenures from over 1 year to less than 3 years. While the rate is 6.85% on tenures from 3 years to 10 years. The bank offers 6% on 271 days up to less than 1 year, while the interest rate is at 6.75% on 1-year tenure.

Further, the interest rate is set at 5.75% on 6 months 1 day to 270 days tenure, and at 5% on 91-6 months tenures. A senior citizen can earn up to 4.75% rate on 46 days to 90 days tenures.

Also, the rate is revised to 6.85% on tax-saving FDs having a tenure of 5 years.

The rates are unchanged for other tenures. The bank continues to offer a 3.5% rate on 7-30 days tenures, 3.85% on 31-45 days tenures, and 5.30% on 10 years to 20 years tenures.

General category:

The bank offers a 6.25% rate on 1 year to less than 3 years tenures. While the rate is at 6.10% from 3 years to 10 years tenures. IDBI Bank revised rates to 5.5% on 271 days up to less than 1-year tenures, at 5.25% on 6 months 1 day to 270 days tenures, and 4.50% on 91-6 months tenures. Further, the rate is revised at 4.25% from 46 days to 90 days tenures.

Other rates are unchanged. A general category depositor will continue to earn a 3% rate on 7 days to 30 days tenures, 3.35% on 31-45 days, 4.80% on over 10 years to 20 years, and 6.10% on a 5-years tax saving FD scheme.

As per the website, the Bank will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include withdrawals through sweep-ins and partial withdrawals as well.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.



Source link