IDBI Bank Introduces Special Interest Rates On Limited Period Utsav FD Scheme

The "Special Limited Period Callable FD Offer of 300 Days," with maximum rates of 7.55% p.a., is IDBI Bank's latest offering. This programme, which is part of the Utsav FD plan, serves customers looking for higher interest rates with shorter tenures. In addition, the current Utsav FDs for 375 and 444 days of tenure continue to offer attractive rates, with maximum returns of 7.60% and 7.75% p.a., respectively.

The IDBI Bank Utsav FD Scheme is valid till March 31, 2024 and under this limited time period deal, the bank is offering an interest rate of 7.05% to the general public and 7.55% to senior citizens on 300 days tenure, 7.10% standard rates and 7.60% to senior citizens on 375 days tenure, 7.25% to non-senior citizens and 7.75% to senior citizens on 444 days tenure.

IDBI Bank claims that under Utsav Callable FD, premature withdrawal or closure is allowed however the 300-day tenure is not applicable for NRE deposits. The terms and conditions and all other features of the term deposit remain the same.

W.e.f. February 15, 2024 the bank also revised its interest rates on domestic term deposits of less than Rs 2 Cr.
The bank is giving deposits maturing in 07-30 days an interest rate of 3.00, and IDBI Bank is giving deposits maturing in 31-45 days an interest rate of 3.25%. For a deposit period of 46-60 days, IDBI Bank is giving an interest rate of 4.25%; for a deposit period of 61-90 days, it is 4.50%. An interest rate of 5.25% will be charged for deposits maturing in 91 days to 6 months, and 5.75% will be charged for those maturing in 6 months, 1 day to 270 days.

On deposits maturing in 271 days to 1 year (except 300 Days), the bank is promising an interest rate of 6.25% and on 1 year to 2 years (except 375 Days and 444 Days), IDBI Bank is offering an interest rate of 6.80%. Deposits that mature between two and three years will yield an interest rate of 7.00%, while those that mature between three and five years will provide an interest rate of 6.50%. IDBI Bank is now going to give 6.25% interest on deposits made for five to ten years.

According to IDBI Bank, total deposits climbed by 11% YoY to Rs 2,58,525 crore as of December 31, 2023, from Rs 2,32,671 crore in the same quarter of the previous year. In Q3FY24, net advances jumped by 18% YoY to Rs 1,75,001 crore from Rs 1,48,384 crore in Q3FY23. The bank said that its net interest income soared by 17% to Rs 3,435 crore in Q3-2024 from Rs 2,925 crore in Q3-2023, while its Net Profit improved by 57% to Rs 1,458 crore in Q3-2024 from Rs 927 crore in Q3-2023.