IDBI Bank Hikes Interest Rates On Limited Period Utsav Fixed Deposit Schemes

IDBI Bank announces higher interest rates for a limited time period Utsav Fixed Deposit scheme. With a maximum rate of 7.85% and 7.75% annually, the bank has raised the interest rates on special tenures of 444 days and 375 days. With this update, customers looking for higher interest rates will find the Utsav Fixed Deposit to be an even more appealing alternative.

In addition, IDBI Bank's Utsav Fixed Deposit plan still offers reasonable rates on many kinds of specific tenures. The 300-day tenure provides 7.55% p.a., while the 700-day tenure delivers a top rate of 7.70% p.a. The interest rate change is a reflection of IDBI Bank's dedication to providing customers with alluring investment solutions that satisfy their financial demands. This exclusive offer is only available till September 30, 2024. Customers may easily open a Utsav Fixed Deposit at any IDBI Bank branch, online, or through the Bank's mobile banking app.

Premature withdrawal or closure is allowed on IDBI Utsav Callable FD schemes. Staff and senior citizen rates do not apply to NRO or NRE term deposits; all other terms and conditions and features of the term deposit will stay the same. The interest rates of IDBI Bank are in effect as of August 15, 2024.

IDBI Bank Latest FD Rates

Maturity Slab	General Customers	Sr. Citizen
0-6 Days	NA	NA
07-30 days	3	3.5
31-45 days	3.25	3.75
46- 60 days	4.5	5
61- 90 days	4.75	5.25
91 days to 6 months	5.5	6
6 months 1 day to 270 Days	6	6.5
271 days to 1 year (except 300 Days)	6.25	6.75
1 Year to 2 Years (except 375 Days,444 Days & 700 Days)	6.8	7.3
2 Years to 3years	7	7.5
3 years to 5 years	6.5	7
5 years to 10 years	6.25	6.75
Source: Bank Website	Effective as of August 15, 2024

IDBI Bank Limited's (IDBI) Long Term Ratings were recently improved to [ICRA]AA (Stable) from [ICRA]AA- (Stable) by ICRA Ratings, which also reaffirmed IDBI's Short-Term Issuer Rating of [ICRA]A1+' in its report dated August 2, 2024.

Meanwhile, effective from August 01 ,2024, IDBI Bank also hiked its interest rates on savings accounts. The bank offers a 2.75% interest rate on balances up to Rs. 1 lakh, while IDBI Bank is now offering a 2.90% interest rate on balances between Rs. 1 lakh and Rs. 5 lakh. If your savings account balance is between Rs. 5 lakh and Rs. 5 crore, you are going to receive 3.00% interest, and if it is between Rs. 5 crore and Rs. 100 crore, you will receive 3.25% interest. With a savings account balance between Rs. 100 Cr and Rs. 1000 Cr, the bank would pay 3.50% interest.