Home / Money / Personal Finance /  IDBI Bank hikes fixed deposit rates, introduces festive offer on FDs

IDBI Bank has introduced a Festive Offer on its “Amrit Mahotsav" deposits. The Bank has announced a peak rate of 6.90% for a special bucket of 555 days as a limited period offer. The Bank has also increased its interest rate offers on Term Deposits with effect from October 21, 2022 across various maturity buckets. 

The interest rate on 1 year deposit has been raised up to 6.75%, whereas the two year bucket is now offered with a peak rate of 6.85%.

Recently, some banks, namely, the State Bank of India (SBI), HDFC ,ICICI, Axis, Kotak Mahindra raised the interest on term deposits offered by them. Though the lenders have raised FD rates, the returns from these instruments are yet to match inflation,

Meanwhile, India is seeking a valuation of around 640 billion rupees for state-owned IDBI Bank Ltd, Bloomberg News reported on Friday, as part of the government's stake-sale in the lender.

Earlier this month, India had invited bids for a 60.72% stake in the bank, which is 45.48% owned by the government and 49.24% by state-owned Life Insurance Corporation of India (LIC).

The announcement of IDBI Bank privatisation was first made in the Union Budget of 2021-22, following which the Cabinet Committee on Economic Affairs gave in-principle approval for strategic disinvestment and transfer of management control in May 2021.

On October 7, 2022, the government invited EoIs from investors for buying 60.72 per cent stake, along with management control, in IDBI Bank and set December 16 deadline for submitting preliminary bids.


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