IDBI Bank Extends Amrit Mahotsav Special FDs Last Date To September 30; Check Latest Rates Here

IDBI Bank has extended the validity period for its special FD scheme "Amrit Mahotsav" where it is offering interest rates in the range of 7.10% to 7.65% for two tenures. The "Amrit Mahotsav FD" is now extended till September 30, 2023. Senior citizens earn higher interest rates than compared to general individuals. These rates are applicable on fixed deposits less than Rs 2 crore.

As per the website, for "Amrit Mahotsav FD" for 375 Days and 444 Days, IDBI Bank said, "The validity of both special limited period offers has been extended till September 30, 2023."

Under the special buckets, the general individual will earn 7.10% on their FDs for 375 days of tenure and 7.15% on a maturity period of 444 days. While senior citizens will receive much higher rates of 7.60% on 375 days tenure and 7.65% on 444 days tenure.

Further, under the Amrit Mahotsav FD scheme, IDBI Bank allows premature withdrawal. However, Staff and senior Citizen Rates are not applicable to NRO & NRE term Deposits.

IDBI Bank also has a special non-callable option FD scheme for 444 days tenure, where it is offering 7.25% to general individuals and 7.75% to senior citizens. Non-callable FDs mean that pre-mature withdrawal or closure is not permitted, and the minimum deposit amount would be Rs 15,00,001 to less than Rs 2 crore. The premature withdrawal may be permitted in exceptional circumstances such as in the event of any direction from any judiciary /statutory and/or regulatory authorities or in case of deceased claim settlement.

Normal FD rates:

With effect from July 14, 2023, IDBI Bank is offering interest rates in the range of 3% to 6.80% to the general category for FDs below Rs 2 crore. Senior citizens get between 3.50% to 7.30%.

The rate of 6.80% and 7.30% to general individual and senior citizens is offered on 1 year to 2 years tenure except 375 Days and 444 Days which is provided under the Amrit Mahotsav FD scheme.

Also, the bank offers 6.50% on 5 years tenure to general individuals and 7% to elderlies under its tax saving FD scheme.

According to IDBI Bank, interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit). To illustrate as an example, if a deposit is placed for 5 years and after 1 year the depositor wants to close the deposit prematurely, then the interest rate applied will be the rate which was applicable for one year on the original date of deposit.

Apart from this, the bank also said that it will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.