FD Rate Hike In July 2023: IDBI Bank New Scheme Offers Higher Interest Rate

There is good news for citizens looking for fixed deposits promising attractive interest rates. IDBI Bank launched a new fixed deposit scheme namely "Amrit Mahotsav FD" this month promising attractive interest rates for elderly. Under this scheme, senior citizens can fetch 7.60% interest for deposits for the tenure of 375 days. The scheme will remain available till August 15, 2023.

When it comes to regular citizens, IDBI Bank is offering an interest rate of 7.1% for the tenure of 375 days under Amrit Mahotsav Fixed Deposit.

According to IDBI Bank, "IDBI Bank has introduced a special bucket of 'Amrit Mahotsav FD for 375 days' offering a peak rate of 7.60% p.a. valid till August 15, 2023. Besides this, existing 'Amrit Mahotsav FD for 444 days' under callable option offers a peak rate of 7.65% p.a. and under non-callable option offers a peak rate of 7.75% p.a."

The bank is also offering Amrit Mahotsav FD for the tenure of 444 days wherein senior citizens can get an interest rate of 7.65% and regular citizens can get 7.15% on callable deposits for the tenure of 444 days.

Non-Callable FD Scheme: IDBI Bank is providing a special non-callable FD scheme for 444 days effective from July 14, 2023. Under the scheme, senior citizens can get an interest rate of 7.75% while regular citizens can get an interest rate of 7.25%. It is worth mentioning here that in non-callable deposits, pre-mature withdrawal or closure is not allowed in non-callable deposits.

Meanwhile, the bank's website states, "premature withdrawal may be permitted in exceptional circumstance such as in the event of any direction from any judiciary /statutory and / or regulatory authorities or in case of deceased claim settlement."

Regular FD Interest Rates: When it comes to regular FD, IDBI Bank is offering maximum interest rate of 7.3% on deposits maturing in 1-2 years (barring 375 days and 444 days). The bank is offering an interest rate of 7.00% to senior citizens and 6.5% interest rate to regular citizens for deposits maturing in 2 years-5 years.

If you opt for deposits with the maturity of 5 year-10 years, the bank offers 6.75% interest rate to senior citizens and 6.25% interest rate to regular citizens.