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Special FD Scheme: IDBI Bank Launches Naman Senior Citizen Deposit (W.e.f. 20th April 2022)
The private sector lender IDBI Bank launched a special fixed deposit scheme called "IDBI Naman Senior Citizen Deposit" on Wednesday to compete with the special fixed deposit schemes of leading banks such as State Bank of India (SBI), HDFC Bank, and ICICI Bank, as well as to provide massive interest rate benefits to senior citizens. This scheme went into effect on April 20, 2022, and will run until September 30, 2022.
Resident senior citizens over the age of 65 will get an additional interest rate of 0.25 per cent over and above the existing additional rate of 0.50 per cent annually, which makes a total interest rate benefit of 0.75 per cent under this special deposit scheme. This deposit scheme has a maturity duration ranging from more than 1 year to 10 years, and the additional rate benefit will be offered on both initial and renewing deposits over the scheme duration of 20th April 2022 to 30th September 2022.
"Resident Senior citizen customers will get an enhanced interest rate of 0.25% over and above existing additional rate of 0.50% per annum (total mark-up 0.75% over Card Rate)," the bank has mentioned on its website.
The regular interest rate on deposits maturing in more than one year to two years is 5.25 per cent, while elderly people will receive a rate of 6.00 per cent. On deposits maturing in more than 2 years to 3 years, IDBI Bank gives a regular rate of 5.35 per cent, but elderly persons will receive a rate of 6.10 per cent. The standard rate on domestic fixed deposits maturing in 3 to 5 years is 5.50 per cent, but elderly persons will receive a rate of 6.25 per cent. IDBI Bank provides a regular rate of 5.60 per cent on 5-year tax-saving fixed deposits, but elderly persons will receive a rate of 6.35 per cent. While the usual interest rate on 5- to 7-year deposits is 5.60 per cent, elderly folks will receive a higher rate of 6.35%. On deposits maturing in 7 years to 10 years, IDBI Bank gives a standard rate of 5.50 per cent, but elderly persons will receive a rate of 6.25 per cent. All of these interest rates are effective as of April 20, 2022, and elderly citizens will receive a 0.75 per cent interest rate advantage under the IDBI Naman Senior Citizen Deposit (w.e.f. 20th April 2022).
Also read: IDBI Bank Hikes Interest Rates On Fixed Deposits of Less Than Rs. 2 Cr
IDBI Bank FD Rates
IDBI Bank is offering the following interest rates on domestic fixed deposits of less than Rs 2 crore as of April 20, 2022. The IDBI Naman Senior Citizen Deposit offers an additional interest rate advantage of 0.75%, which is highlighted in bold.
| Maturity Slab | Regular Interest rates in % p.a. | Interest rates in % p.a. for senior citizens |
|---|---|---|
| 07-14 days | 2.7 | 3.2 |
| 15-30 days | 2.7 | 3.2 |
| 31-45 days | 3 | 3.5 |
| 46-60 days | 3.25 | 3.75 |
| 61-90 days | 3.4 | 3.9 |
| 91-6 months | 3.75 | 4.25 |
| 6 months 1 day to 270 days | 4.4 | 4.9 |
| 271 days up to less than 1 year | 4.5 | 5 |
| 1 year | 5.15 | 5.65 |
| 1 year - 2 years | 5.25 | 6 |
| 2 years to 3 years | 5.35 | 6.1 |
| 3 years to 5 years | 5.5 | 6.25 |
| 5 years | 5.6 | 6.35 |
| 5 years - 7 years | 5.6 | 6.35 |
| 7 years - 10 years | 5.5 | 6.25 |
| Source: idbibank.in |
How Does IDBI Naman Senior Citizen Deposit Scheme Compare With SBI, HDFC & ICICI Bank?
The country's largest lender, State Bank of India, provides the "SBI Wecare" Deposit, which guarantees an additional premium of 30 basis points over and above the current 50 basis points for older residents. This scheme has a 5-year or higher duration, and the "SBI Wecare" deposit scheme is in force until September 30, 2022. The largest private sector lender, HDFC Bank, on the other hand, offers a special fixed deposit programme for older residents called "Senior Citizen Care FD".
HDFC Bank provides elderly persons with an additional premium of 0.25 per cent over and above the existing premium of 0.50 per cent on domestic fixed deposits of less than 5 crores for a term of 5 years 1 day to 10 years under the plan. The programme is valid until September 30, 2022.
ICICI Bank, on the other hand, provides a "Golden Years FD" for senior people, in which the bank promises resident senior citizens an additional 0.25 per cent interest rate over and above the existing additional rate of 0.50 per cent per annum. The ICICI Bank Golden Years FD has a term of 5 years and 1 day up to 10 years and the scheme is valid until October 7, 2022.
As we know, all of the above-mentioned banks, SBI, ICICI, and HDFC Bank, offer similar interest rate benefits in the form of special fixed deposit schemes. However, the point to consider here is that SBI, ICICI, and HDFC Bank offer special fixed deposit schemes for more than 5 years to 10 years, but IDBI Bank has now entered the field with a tenure of more than 1 year to 10 years and the same additional benefit for senior citizens. So, forget about long-term investment and take advantage of an additional rate benefit of 0.75 per cent on IDBI Naman Senior Citizen Deposits.
