IDBI Bank increases interest rates on Utsav FD Scheme to peak 7.85%

IDBI Bank has interest rates for its Utsav Fixed Deposit scheme, offering customers more returns on investments. The bank has raised rates for special tenure deposits, with the peak rate now reaching 7.85 per cent per annum.

Deposits with 444-day tenure will earn 7.85 per cent interest per annum, while those opting for a 375-day term can enjoy a 7.75 per cent annual return.

The new interest rates are part of a limited-time offer available until September 30, 2024. Customers interested in taking advantage of this opportunity can open an Utsav Fixed Deposit through various channels, including the bank's website, mobile banking application, or any IDBI Bank branch.

In addition to the new rates, IDBI Bank said it continues to offer competitive returns on other special tenures within the Utsav Fixed Deposit scheme. Notably, the 700-day tenure provides a 7.70 per cent per annum interest rate, while the 300-day option offers 7.55 per cent per annum.

Analysts earlier suggested that as interest rates continue to be a crucial factor for savers and investors, this enhancement is likely to be well-received in the market. Potential investors are encouraged to consider these revised rates when planning their financial portfolios, keeping in mind the limited duration of the offer.