IDBI Bank Launches Special FD For Limited Period, Interest Rate Up To 6.7%

Soon after several banks such as SBI, Karnataka Bank, Bank of Baroda launched special fixed deposits for citizens, now IDBI Bank has also introduced special fixed deposits scheme known as Amrit Mahotsav FD with a maturity tenure of 500-day for a limited period. The Amrit Mahotsav Scheme offers an interest rate of 6.70%.

The bank took to its social media account official Twitter account to share the latest update, "Take advantage of the peak interest rates with IDBI Bank's Amrit Mahotsav Retail Term Deposits. Hurry! Offer valid till 30th September 2022."

It indicates that the scheme is going to end on September 30, 2022.

If citizens opt for Amrit Mahotsav FD scheme, IDBI Bank general customers depositing less than Rs 15 lakh can earn 6.10 % on 500-day deposits. Meanwhile, interest rate will be 6.20% for deposit greater than Rs 15 lakh (non-callable).

In the case of resident senior citizens, if deposits are less than Rs 15 lakh, the interest rate will be 6.60% for 500-day deposits (callable deposits). The interest rate will be 6.70% for deposit greater than Rs 15 lakh (non-callable).

General Terms and Conditions of Amrit Mahotsav FD scheme are given below:

• For Non-Callable Deposits- "Pre-mature withdrawal / Closure not permitted".
• Naman Senior Citizen rates are not allowed for 'Amrit Mahotsav Fixed Deposit' of 500 days and 1100 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.
• Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits.
• All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.

It is worth mentioning that the Amrit Mahotsav FD Scheme of 1100 days discontinued from August 22, 2022. The interest rate structure of callable and non-callable variants in 500 days is placed below:

Special Buckets	Customers
		Callable	Non-Callable
			(>Rs 15 Lakh)
500 Days	General Customers	6.1	6.2
	(including NRE/NRO)
	Resident Senior Citizens-	6.6	6.7