IDBI Bank Hikes Interest Rates On Fixed Deposits of Less Than Rs. 2 Cr

IDBI Bank Regular FD Rates

IDBI Bank will maintain its 2.70 per cent interest rate on deposits of less than Rs 2 crore maturing in 7 to 30 days. Previously, the bank offered a 2.8 per cent interest rate on deposits maturing in 31-45 days, but now the rate will be 3.00 per cent. Previously, the interest rate on deposits maturing in 46-60 days was 3%, but now it will be 3.25 per cent, a 25-basis-point increase. Similarly, the bank previously offered a 3% interest rate on deposits maturing in 61-90 days, but now it will be 3.40 per cent, a 40 basis point increase.

IDBI Bank had previously offered a 3.5 per cent interest rate on deposits maturing in 91-6 months, but the rate will now be 3.75 per cent, a 25 basis point increase. Whereas the interest rate on term deposits maturing in 6 months 1 day to 270 days was previously 4.3 per cent, it will now be 4.40 per cent, a 10 basis point increase.

The interest rate on domestic term deposits maturing in 271 days to one year was previously 4.3 per cent, but it will now be 4.50 per cent, a 20-basis-point increase. The bank increased the interest rate on term deposits maturing in one year from 5.05 per cent to 5.15 per cent and fixed deposits maturing in more than one year to two years from 5.15 per cent to 5.25 per cent.

IDBI Bank has increased the interest rate on deposits maturing in two to three years from 5.2 per cent to 5.35 per cent. The interest rate on deposits maturing in three to five years has been raised from 5.4 per cent to 5.50 per cent. The interest rate applicable to deposits maturing in 5 years, also known as Suvidha Tax Saving Fixed Deposits (5 Years), was formerly 5.5 per cent, but will now be 5,6 per cent, a 10 basis point increase.

The interest rate on deposits maturing in 5 years to 7 years has been raised from 5.5 per cent to 5.60 per cent, and the interest rate on deposits maturing in 7 years to 10 years has been lifted from 5.25 per cent to 5.50 per cent.

IDBI Bank FD Rates For Senior Citizens

Senior citizens will continue to get an additional rate of 0.50 per cent on deposits maturing in 7 days to 1 year, but IDBI Bank has also launched a special fixed deposit known as the IDBI Naman Senior Citizen Deposit for their massive advantage. Residents Senior Citizen customers who deposit for a period of one year to ten years will get an additional interest rate of 0.25 per cent over and above the existing additional rate of 0.50 per cent per annum which totals to an interest rate benefit of 0.75%. From April 20, 2022, until September 30, 2022, this additional rate benefit will be in effect for senior citizens. On Suvidha Tax Saving Fixed Deposits (5 Years), senior citizens will get an interest rate of 6.35%. 

IDBI Bank Recurring Deposit (RD) Interest Rates

IDBI Bank Systematic Savings Plan (SSP) and IDBI Bank Systematic Savings Plan Plus (SSP Plus) are recurring deposits offered by the bank. The deposit duration for SSPs ranges from one to ten years, with monthly deposits starting at Rs 100. In the case of SSP Plus, the deposit duration is 3 years and completed quarters, with a maximum of 10 years, and monthly instalments begin at Rs.5,000 and multiples of 100 thereof. The bank is now giving the following interest rates on these two deposit schemes.