IDBI Bank now offers FD interest rate up to 8% for senior citizens

Following the RBI’s 25 basis point increase to 6.50% in the repo rate, IDBI Bank, a public sector lender, has revised interest rates on its fixed deposit for amounts below Rs 2 crore. The bank has revised the interest rates of its “Amrit Mahotsav FD” scheme also. The new rates are effective from February 13, 2023.

The bank previously extended the Naman Senior Citizen Deposit Scheme to March 31, 2023.

IDBI Bank FD Rates
For deposits that mature in 7 to 30 days, the bank now gives a 3.00% interest rate, while IDBI Bank now offers a 3.35% interest rate for deposits that mature from 31 to 45 days. IDBI Bank is currently offering an interest rate of 4.25% for deposits maturing in the next 46 to 90 days, and 4.75% for deposits maturing in 91 days to 6 months. The bank will now offer 5.50% for deposits maturing in the next 6 months to less than one year. The interest rate on deposits that mature in a year to two years is now 6.75%.

After the revision, the bank offers a 6.50% interest rate on fixed-rate deposits (FDs) maturing in 2 to 3 years, whereas IDBI Bank offers a 6.25% interest rate on FDs maturing in 3 to 10 years.

Amrit Mahotsav FD
The interest rate on the Amrit Mahotsav FD” scheme of 444 Days and 700 Days are 7.15 and 7.25 respectively for regular citizens and 7.90% and 8% for senior citizens with effect from February 13, 2023.
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IDBI Naman Senior Citizen Deposit
IDBI Naman Senior Citizen Deposit validity is extended up to March 31, 2023. The additional rate will be available on fresh deposits opened as well as deposits renewed during the scheme period. The tenure will be greater than 1 year up to 10 years. Under this scheme, resident senior citizen customers will get an enhanced interest rate of 0.25% over and above existing additional rate of 0.50% per annum (total mark-up 0.75% over Card Rate).