IDBI Bank revises interest rates on term deposits

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IDBI Bank revises interest rates on term deposits
IDBI Bank Ltd., the new-generation public sector lender driven by core banking IT platform, with effect from January 1, 2014 has revised interest rates as well as maturity buckets on freedom deposits. Freedom deposits are domestic retail term deposits for an amount up to Rs. 1 crore. With high rate of interest, assured liquidity and no premature withdrawal penalty, the freedom deposit scheme is a unique deposit offering of the bank.

Resident term domestic deposit/NRO for deposit less than Rs 1 crores henceforth will attract interest rate as under

Tenure Normal Interest rate Senior Citizen Interest rate
 15-45 days
 6.00%  6.00%
 46 days to 6 months  8.50%  8.50%
 6 months 1 days
 8.75%  8.75%
 6 months 2 days to 499 days  9.10%  9.60%
 500 days  9.30%  9.80%
 501 days to 5 yrs  9.00%  9.50%
 >5 yrs-7 yrs  9.00%  9.50%
 >7 yrs - 10 yrs  9.00%  9.50%
 >10 yrs up to 20 yrs  8.50%  9.00%

Note: For maturity term of 6 months and 2 days and higher, freedom deposit scheme offers an additional rate of return of 50 basis points to senior citizens over and above the base coupon rate.

Interest rates on Recurring Deposit and Suvidha Tax Saving Fixed Deposit schemes of the bank have not been changed.

Read more about: idbi bank, term deposit, interest rate
Story first published: Wednesday, January 1, 2014, 11:01 [IST]
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