Diwali Gift: LIC-Backed Bank Extends Special FD Scheme Rates Till November 30; Latest Interest Rates Here

LIC-Backed IDBI Bank has extended its special fixed deposits (FD) scheme called 'Amrit Mahotsav Callable FD' till November 30, 2023, ahead of the Diwali festival. Under this special FD, the interest rates range from 7.10% to as high as 7.65%. Senior citizens are the biggest beneficiaries as they earn higher rates compared to the general category.

Earlier, IDBI Bank's special FD scheme was scheduled to end on October 31, however, that has been extended till November 30 until further notice.

IDBI Bank's Amrit Mahotsav Callable FD scheme is for 375 days and 444 days tenure.

Under the scheme, general/NRE/NRO will get a 7.10% rate on 375 Days tenure, and 7.15% on 444 Days tenure.

Meanwhile, senior citizens get to earn up to 7.60% on 375 days maturity period, and 7.65% on 444 days maturity.

The scheme has the following terms and conditions:

- Staff and senior Citizen Rates do not apply to NRO & NRE term Deposits.

- Premature withdrawal/closure permitted.

- All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.

Generally, on FDs below Rs 2 crore, IDBI Bank is offering a 3% to 6.80% rate on tenures from 7 days to 20 years for the general category. While senior citizens will get to earn from 3.50% to 7.30%.

There are also tax-saving FD rates where the general category gets a 6.50% rate and senior citizens get a 7% rate on a 5-year tenure.

IDBI Bank pays interest on deposits as per various deposit schemes. Interest Rates are revised from time to time and made known to the public. Revised interest rates apply only to the renewals and fresh deposits while existing deposits continue to get interest at the contracted rate.

India's largest life insurer, LIC is the largest shareholder of IDBI Bank. As of September 30, 2023, LIC's shareholding in IDBI Bank is 5,29,41,02,939 equity shares or 49.24%.