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IDBI Bank has introduced a new specialised fixed deposit scheme, 'IDBI Chiranjeevi-Super Senior Citizen FD,' targeting customers aged 80 years and above. The premium offering provides enhanced interest rates, with an additional 65 basis points above standard fixed deposit rates and 15 basis points over existing senior citizen rates.
The 555-day tenure under this scheme offers an interest rate of 8.05 per cent per annum, making it one of the most competitive options in the market for super senior citizens. The bank has also introduced appealing rates for other tenure options, including 7.90 per cent per annum for 375 days, 8.00 per cent per annum for 444 days, and 7.85 per cent per annum for 700 days.
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“We are delighted to introduce ‘IDBI Chiranjeevi – Super Senior Citizen FD’, a product designed keeping the unique needs of super senior citizens in mind. This offer provides this esteemed segment with a safe and secure investing option, guaranteeing their financial security and peace of mind,” said Sumit Phakka, deputy managing director at IDBI Bank.
General terms and conditions of IDBI Chiranjeevi-Super Senior Citizen FD
Eligibility: Rates apply only to resident super senior citizens aged 80 years and above.
Premature withdrawal: Permitted under the scheme.
Exclusions: Rates for Retired Staff Super Senior Citizens and General Super Senior Citizens are not applicable to NRO (Non-Resident Ordinary) and NRE (Non-Resident External) term deposits.
Validity: IDBI Chiranjeevi-Super Senior Citizen FD rates are valid only for the duration of the respective Utsav FD buckets.
Other terms: All other features and conditions of term deposits remain unchanged and apply to this scheme as well.
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