Earlier, the bank had hiked the interest rate on retail term deposits of less than ₹2 crore effective 19 December. Following the revision, the bank is currently offering interest rates on deposits maturing in 7 days to 10 years that range from 3.00% to 6.25% for the general public and 3.50% to 7.00% for senior citizens.
For senior citizens, IDBI Bank provides the Naman Senior Citizen Deposit special retail term deposit scheme. This program's previous expiration date was set for December 31, 2022, however, IDBI Bank has now extended it to March 31, 2023.
In other news, the government has extended the deadline to submit preliminary bids for the IDBI Bank privatisation till January 7.
The government and the Life Insurance Corporation (LIC) hold 94.71 per cent of IDBI Bank and are looking to offload 60.72 per cent in the state-owned bank. The last date for submitting an Expression of Interest (EoI) or preliminary bids was December 16. The successful bidder will have to make an open offer of acquisition of 5.28 per cent of the public shareholding.
