IDBI Bank, a private sector lender, has extended the validity term for its two popular special fixed deposit plans, IDBI Naman Senior Citizen Deposit and Amrit Mahotsav FD scheme, from October 31, 2022 to December 31, 2022. Apart from this extension, the bank has upped the interest rate on fixed deposits of less than ₹2 crore by 10 basis points. The fixed deposit interest rates are effective as of October 11, 2022, according to IDBI Bank’s website.
IDBI Bank FD Rates
Following the interest rate hike on Tuesday, IDBI Bank has increased the interest rate on deposits maturing in one year by ten basis points, from 5.60% to 5.70%. On the remaining tenors, the bank has left interest rates steady. IDBI Bank provides interest rates on fixed deposits maturing in 7 days to 10 years ranging from 2.70% to 5.80% for the general public and 3.20% to 6.55% for senior citizens. IDBI Bank gives a maximum interest rate of 5.80% for non-senior residents and 6.55% for senior citizens on deposits maturing in 5 to 10 years.
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IDBI Naman Senior Citizen Deposit
IDBI Naman Senior Citizen Deposit is a special retail term deposit scheme introduced by the bank on April 20, 2022. IDBI Bank aims to provide additional interest rate incentives to older persons through this plan. Under the IDBI Naman Senior Citizen Deposit Scheme, resident senior citizen customers will get an additional interest rate of 0.25% over and above the existing additional rate of 0.50% per annum, for a total benefit of 0.75% above the card rate. This additional interest rate benefit, however, will be available for deposits of more than one year and up to ten years. During the scheme period, the additional rate will be offered on new deposits as well as those renewed by senior citizens. IDBI has extended the validity period of this plan till December 31, 2022, from October 31, 2022.
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IDBI Bank Amrit Mahotsav FD
On July 01, 2022, IDBI Bank introduced the “Amrit Mahotsav FD” scheme of 500 days. As the name implies, this scheme has a special tenure bucket of 500 days, and IDBI Bank accepts both callable and non-callable deposits under this scheme. On the callable option, the general public will get an interest rate of 6.10% and senior citizens will get an interest rate of 6.60%, whereas on non-callable deposits of up to ₹15 lakh the general public will get an interest rate of 6.20% and senior citizens will get an interest rate of 6.70%. Under this scheme, senior citizens will only be eligible for a 0.50% additional rate, whereas retired senior citizens staff would be eligible for a 1% additional rate. This scheme, which was set to expire on October 31, 2022, has been extended by IDBI Bank until December 31, 2022.
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