IDBI Bank Hikes Interest Rate On Term Deposit Up To 25 bps For These Tenors

On Tuesday, IDBI Bank, a private sector bank and a subsidiary of LIC, hiked the interest rate on term deposits under Rs 2 crore by up to 25 basis points. The revised rates for domestic term deposits, non-resident ordinary (NRO), and non-resident external (NRE) term deposits will take effect on June 15, 2022, and will apply to various tenors. Apart from the term retail deposits, the bank also hikes the interest rates on other deposits which include Suvidha Tax Saving Fixed Deposits (5 Year) and Systematic Savings Plan (SSP/SSP Plus). Last week the Reserve Bank of India (RBI) increased the repo rate by 0.50% point to 4.90%. The interest rate increase by the bank is taken as the impact of the RBI repo rate hike.

Retail Term Deposit Domestic/ NRO for deposit less than Rs. 2 Crore  (w.e.f. June 15, 2022)

Maturity Peirod	General Customers (%p.a)	Sr. Citizen (%p.a)
0-6 days	NA	NA
07-14 days	2.70%	3.20%
15-30 days	2.70%	3.20%
31-45 days	3.00%	3.50%
46-60 days	3.25%	3.75%
61-90 days	3.40%	3.90%
91-6 months	4.00%	4.50%
6 months 1 day to 270 days	4.40%	4.90%
271 days upto < 1 year	4.50%	5.00%
1 year	5.15%	5.65%
> 1 year - 2 years	5.25%	6.00%
> 2 years to < 3 years	5.35%	6.10%
3 years to < 5 years	5.60%	6.35%
5 years	5.75%	6.50%
> 5 years - 7 years	5.75%	6.50%
> 7 years - 10 years	5.75%	6.50%
> 10 years - 20 years	4.80%	5.30%

 

Suvidha Tax Saving Fixed Deposits (5 Years) (w.e.f. June 15, 2022)

General Customers (%p.a)	Sr. Citizen (%p.a)
5.75%	6.50%

Systematic Savings Plan (SSP /SSP Plus) (w.e.f. June 15, 2022) 

Maturity Slab	Normal Deposit	Senior Citizen Deposit
1 year	5.15%	5.65%
> 1 year - 2 years	5.25%	6.00%
> 2 years to < 3 years	5.35%	6.10%
3 years to < 5 years	5.60%	6.35%
5 years	5.75%	6.50%
> 5 years - 7 years	5.75%	6.50%
> 7 years - 10 years	5.75%	6.50%

Source - idbibank.in