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IDBI Bank Hikes Interest Rates On Long Term Deposits
The private sector lender IDBI Bank has hiked its interest rates by 25 basis points on long term deposits. Earlier the bank was offering an interest rate of 5.25% on deposits maturing in more than 5 years to 7 years. However, effective as of February 14, 2022, the bank is offering an interest rate of 5.50% on this tenure. Except for this tenure, the bank has kept interest rates unchanged on the rest of the tenors.
IDBI Bank FD Rates For Regular Customers
The bank is providing the general public an interest rate of 2.70 percent to 5.25 percent on Resident Term Deposits of less than Rs 2 crore maturing in 7 days to 10 years. On deposits maturing in 5 to 7 years, non-senior individuals will get a higher interest rate of 5.50 percent. The bank is now also giving a 5.50 percent interest rate on tax-saving fixed deposits of Rs 1.5 lakh with a 5-year maturity. IDBI Bank is providing the following interest rates on fixed deposits to the general public as of February 14, 2022.
| Tenure | Interest rate in % p.a. |
|---|---|
| 07-14 days | 2.7 |
| 15-30 days | 2.7 |
| 31-45 days | 2.8 |
| 46-60 days | 3 |
| 61-90 days | 3 |
| 91-6 months | 3.5 |
| 6 months 1 day to 270 days | 4.3 |
| 271 days upto < 1 year | 4.3 |
| 1 year | 5.05 |
| > 1 year - 2 years | 5.15 |
| > 2 years to < 3 years | 5.2 |
| 3 years to < 5 years | 5.4 |
| 5 years | 5.5 |
| > 5 years - 7 years | 5.5 |
| > 7 years - 10 years | 5.25 |
| Tax Saving FD (5 Years) | 5.5 |
| Source: Bank Website |
IDBI Bank FD Rates For Senior Citizens
IDBI Bank will continue to offer an additional rate of 0.50% to senior citizens over and above the regular rates. Effective as of February 14, 2022, senior citizens will get the following interest rates on their fixed deposits of less than Rs 2 Cr.
| Tenure | Interest rate in % p.a. |
|---|---|
| 07-14 days | 3.2 |
| 15-30 days | 3.2 |
| 31-45 days | 3.3 |
| 46-60 days | 3.5 |
| 61-90 days | 3.5 |
| 91-6 months | 4 |
| 6 months 1 day to 270 days | 4.8 |
| 271 days upto < 1 year | 4.8 |
| 1 year | 5.55 |
| > 1 year - 2 years | 5.65 |
| > 2 years to < 3 years | 5.7 |
| 3 years to < 5 years | 5.9 |
| 5 years | 6 |
| > 5 years - 7 years | 6 |
| > 7 years - 10 years | 5.75 |
| Tax Saving FD (5 Years) | 6 |
| Source: Bank Website |
IDBI Bank Recurring Deposit Interest Rates
IDBI Bank also offers a recurring deposit scheme named Systematic Savings Plan (SSP). The deposit duration can range from one to ten years, and monthly deposits can commence with as little as Rs. 100. As of February 14, 2022, the bank is giving the interest rates shown below on recurring deposits.
| Tenure | Regular interest rate in % p.a. | Senior citizen interest rate in % p.a. |
|---|---|---|
| 1 year | 5.05 | 5.55 |
| > 1 year - 2 years | 5.15 | 5.65 |
| > 2 years to < 3 years | 5.2 | 5.7 |
| 3 years to < 5 years | 5.4 | 5.9 |
| 5 years | 5.5 | 6 |
| > 5 years - 7 years | 5.5 | 6 |
| > 7 years - 10 years | 5.25 | 5.75 |
| Source: Bank Website |
