IDBI announces new deposit scheme, lifts deposit rate to 7% for 700 days

IDBI Bank has announced a new deposit scheme on Wednesday, offering 7 per cent interest for 700 days (23 months and 1 day) for its customers, and another 50 bps more for senior citizens.

The bank has also tweaked the deposit rate for 555 days (18 months and 7 days) which is now 6.5 per cent.