The Amrit Mahotsav FD Scheme of 500 Days and 1100 Days will no longer be offered from October 21, 2022, according to the bank. The bank provides a 6.40% interest rate on the "Amrit Mahotsav FD" programme to the general public and a 6.90% interest rate to senior citizens. Senior citizens will only be eligible for the standard markup of 0.50%, and retired senior citizen staff will only be eligible for the standard markup of 1%.
IDBI Bank Special FD For Senior Citizens
The bank introduced the IDBI Naman Senior Citizen Deposit, a special fixed deposit programme for senior citizens, on April 20, 2022. The tenure ranges from more than a year to up to ten years. With regard to this special fixed deposit scheme, IDBI Bank provides its resident senior citizen customers with a higher interest rate of 0.25% over and above the existing additional rate of 0.50% every year, providing a total benefit of 0.75% over the standard rate. The IDBI Naman Senior Citizen Deposit Scheme is in effect until December 31, 2022, and during that time, both new deposits and renewals of existing accounts will be eligible for the additional rate.
IDBI Bank FD Rates
On October 21, 2022, IDBI Bank increased interest rates on term deposits with less than ₹2 Cr across a range of tenors. The bank will give an interest rate of 3.00% on deposits that mature in 7 to 30 days, and 3.35% on deposits that mature in 31 to 45 days. Deposits that mature in 46 to 60 days will now earn 4.00% interest, while those that mature in 61 to 90 days will now earn 4.15% interest. Deposits due in 9 to 6 months will earn interest at a rate of 4.30%, while those maturing in 6 to 1 month to 270 days will earn interest at a rate of 5.10%. IDBI Bank is giving an interest rate of 5.25% on deposits that mature in 271 days or less than a year, and a rate of 6.00% on deposits that mature in a year to 2 years. Deposits maturing in 2 years to 3 years will now offer an interest rate of 6.10% and those maturing in 3 years to 5 years will now offer an interest rate of 6.00%. IDBI Bank is now offering an interest rate of 5.80% on deposits maturing in 5 years to 10 years as well as on tax-saving deposits of 5 years.
