Home/ Industry / Banking/  IDBI Bank revises FD rates, introduces new Amrit Mahotsav FD scheme of 444 days with up to 7.65% interest rate

For fixed deposits under 2 crore, the private sector lender IDBI Bank has revised its interest rates. The new rates are in effect as of April 1st, 2023, according to the bank's official website. As a result of the news, the bank has launched the "Amrit Mahotsav FD" scheme for its retail investors, offering returns of 7.65% for elderly individuals and 7.15% for the general public. The bank currently guarantees interest rates on deposits maturing in 7 days to 10 years of 3.00% to 6.25% for the general public and 3.50% to 6.75% for senior citizens.

IDBI Bank FD Rates

The bank is now giving an interest rate of 3.00% on fixed deposits that mature in 7 to 30 days, while IDBI Bank is now offering an interest rate of 3.35% on deposits that mature in 31 to 45 days. The current interest rates offered by IDBI Bank are 4.25% for deposits held for 46 to 90 days and 4.75% for deposits held for 91 to 6 months. Deposits that mature in 6 months, 1 day to 1 year will earn interest at a rate of 5.50%, and those that mature in 1 year to 2 years (except 444 Days), will earn interest at a rate of 6.75%. The bank is now giving an interest rate of 6.50% on fixed deposits maturing in 2 to 3 years, while IDBI Bank is also offering an interest rate of 6.25% on deposits maturing in 3 to 10 years.

IDBI Bank FD Rates
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IDBI Bank FD Rates (idbibank.in)

On tax saver fixed deposits of 5 years, IDBI Bank is promising an interest rate of6.25% for the general public and 6.75% for senior citizens.

“Revised interest rates are applicable only to the renewals and fresh deposits while existing deposit continue to get interest at the contracted rate," IDBI Bank has mentioned on its website.

“Bank will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well," IDBI Bank has stated on its website.

Meanwhile, on 1st April 2023, Bank of India (BOI) also announced an interest rate hike on fixed deposits of less than 2 Cr. The bank raised the interest rates on "Shubh Arambh Deposits," special 501-day term deposits for deposits under 2 crore. On Shubh Arambh Deposits, IDBI Bank is offering an interest rate of 7.15% for regular customers, 7.65% for senior citizens and 7.8% for super senior citizens for a limited time period.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 02 Apr 2023, 03:26 PM IST
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