FD rate hike news: This bank is providing up to 7.85% returns under special scheme valid till September 30, know details

Several banks have offered higher interest rates to encourage more people to save money in fixed deposits. Recently, IDBI Bank has hiked its fixed deposit interest rates for selected tenures under the Utsav Fixed Deposit scheme. IDBI Bank is providing interest rates up to 7.85% on fixed deposits for select tenures. This Fixed Deposit scheme is an attractive alternative to SBI's Amrit Kalash scheme which provides 7.10% interest rates, with 7.60% for seniors.

IDBI Utsav Callable FD scheme

The bank provides 7.05% interest rates for a certain amount of fixed deposits for a 300-day tenure (7.55% for senior citizens). Customers can get 7.25% interest rates for 375 days of tenure (7.75% for senior citizens). The IDBI Utsav FD scheme provides interest rates from 7.05% to 7.20% for adults and 7.55% to 7.70% for senior citizens under different tenures.

Customers are also allowed to make premature withdrawals and close their FD scheme before the completion of tenure. Senior citizens are not eligible to avail the NRO and NRE term deposits. Customers can open their Utsav Fixed Deposit by visiting IDBI's website or logging in through the mobile banking application.

SBI Amrit Kalash FD rates

“The specific tenor scheme of “400 days” (Amrit Kalash) at a Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid till 30-September-2024,”

Here is a comparison between the two FD interest rate schemes.

SBI Amrit Kalash FD Scheme vs IDBI Utsav FD Scheme