New interest rates and tenures: IDBI Bank revamps Fixed Deposit offerings

IDBI Bank has revised its fixed deposit interest rates along with introduction of a new tenure with higher interest rate and extended the deadline to invest in previous special deposits

IDBI Bank has announced a revision of its fixed deposit (FD) interest rates, introducing a new tenure option that offers competitive returns for investors. The bank has also extended the deadline for existing special deposits, allowing customers more time to take advantage of these offerings.

 

New Utsav Callable FD Tenure

Effective December 23, 2024, IDBI Bank has introduced a new tenure of 555 days for its Utsav Callable Fixed Deposits. This new option will remain available until February 15, 2025. In addition, the bank has extended the investment deadline for existing special tenures under the Utsav FD program to March 31, 2025.

 

Competitive Interest Rates

The interest rates for the Utsav Callable FDs have been structured as follows:

 

For General Citizens:

 

300 days: 7.05%

375 days: 7.25%

444 days: 7.35%

700 days: 7.20%

New 555 days: 7.40%

 

For Senior Citizens:

 

300 days: 7.55%

375 days: 7.75%

444 days: 7.85%

700 days: 7.70%

New 555 days: 7.90%

 

These rates reflect IDBI Bank's commitment to providing attractive returns on savings, particularly for senior citizens who enjoy slightly higher rates.

 

General Fixed Deposit Rates

In addition to the special Utsav FD rates, IDBI Bank's general fixed deposit interest rates range from 3% to 7% for deposits under Rs 3 crore. For senior citizens, rates vary from 3.50% to 7.50% for tenures spanning from 7 days to 10 years. The revised interest rates are now effective from December 23, 2024.

 

Premature Withdrawal Policy

IDBI Bank has also outlined its policy regarding premature withdrawals. A penalty of 1% will be applied to the applicable rate for deposits that are closed prematurely, including withdrawals made through sweep-ins and partial withdrawals.

 

This revision of interest rates and the introduction of a new tenure provide customers with enhanced opportunities for investment, aligning with IDBI Bank's goal of meeting the financial needs of its clientele effectively.