Check the latest interest rates here:
According to the press release, IDBI Bank has introduced yet another variant in Amrit Mahotsav Deposits with a maximum interest rate of 7.50% for just 700 days as a limited-period offer.
Apart from this, the interest rate on 555 days Amrit Mahotsav Deposits is also increased to a maximum of 7.00% from 6.50%
For the general category and NRE customers, the bank is offering 7% rate on 700 days (23 months and 1 day) tenure, while the rate is 6.5% on 555 days (18 months & 7 days) tenures.
On its website, IDBI Bank also said, "the normal mark-up of 0.50% ONLY will be available for senior citizens and normal mark-up of 1% will be available for Retired Senior Citizens Staff."
Earlier, the bank discontinued its Amrit Mahotsav FD Scheme of 500 Days and 1100 Days from October 21, 2022.
FD rates below ₹2 crore:
The bank has revised its FD rates below ₹2 crore with effect from November 1, 2022.
Senior citizens:
An elderly earns a 7% rate on tenures from over 1 year to less than 3 years. While the rate is 6.85% on tenures from 3 years to 10 years. The bank offers 6% on 271 days up to less than 1 year, while the interest rate is at 6.75% on 1-year tenure.
Further, the interest rate is set at 5.75% on 6 months 1 day to 270 days tenure, and at 5% on 91-6 months tenures. A senior citizen can earn up to 4.75% rate on 46 days to 90 days tenures.
Also, the rate is revised to 6.85% on tax-saving FDs having a tenure of 5 years.
The rates are unchanged for other tenures. The bank continues to offer a 3.5% rate on 7-30 days tenures, 3.85% on 31-45 days tenures, and 5.30% on 10 years to 20 years tenures.
General category:
The bank offers a 6.25% rate on 1 year to less than 3 years tenures. While the rate is at 6.10% from 3 years to 10 years tenures. IDBI Bank revised rates to 5.5% on 271 days up to less than 1-year tenures, at 5.25% on 6 months 1 day to 270 days tenures, and 4.50% on 91-6 months tenures. Further, the rate is revised at 4.25% from 46 days to 90 days tenures.
Other rates are unchanged. A general category depositor will continue to earn a 3% rate on 7 days to 30 days tenures, 3.35% on 31-45 days, 4.80% on over 10 years to 20 years, and 6.10% on a 5-years tax saving FD scheme.
As per the website, the Bank will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include withdrawals through sweep-ins and partial withdrawals as well.
