IDBI Bank Revises FD Rates, Introduces Special FD Scheme of 444 Days

IDBI Bank has made interest rate revisions on fixed deposits (FDs) of less than Rs 2 Cr. Following the revision, on a tenure of 1 year to 2 years (except 375 Days and 444 Days), the bank is promising a maximum return of 6.80% for the general public and 7.30% for senior citizens. On FDs tenure of 7 days to 10 years, IDBI Bank is offering interest rates ranging from 3.00% to 6.25% for the general public and 3.50% to 6.75% for senior citizens. As per the official website of IDBI Bank, the latest FD rates are effective as of September 15, 2023.

IDBI Bank FD Rates

The bank is now offering an interest rate of 3.00% on fixed deposits (FDs) maturing in the next 7 to 30 days, while IDBI Bank is currently offering an interest rate of 3.25% on FDs maturing in the next 31 to 45 days. For FDs with a duration of 46-90 days, IDBI Bank is giving an interest rate of 4.00%, and for FDs with a tenure of 91-6 months, 4.50%. The interest rate for deposits that mature in 6 months, 1 day to 270 days is now 5.75%, while the interest rate for deposits that mature in 271 days to 1 year is now 6.25%.
On fixed deposits (FDs) maturing in 1 year to 2 years (except 375 Days and 444 Days), IDBI Bank is paying an interest rate of 6.80% on those maturing in 2 Years to 5 years, IDBI Bank is promising an interest rate of 6.50%. Deposits maturing in 5 years to 10 years will fetch a return of 6.25%.

On 15th September 2023, IDBI Bank also introduced a special term deposit product, "IDBI Special Non-callable option FD" scheme for 444 Days. On this FD, the general public will get an interest rate of 7.25% and senior citizens can earn 7.75%. Premature withdrawal or closure of this special FD is not authorised, and the minimum deposit amount is Rs 15,00,001 and the maximum deposit amount is Rs 2 crore. In unusual cases, such as when receiving a directive from a judicial, legislative, or regulatory authority or when a deceased claim is settled, premature withdrawal may be allowed by the bank.

As a part of the festive season, IDBI Bank has also extended "Amrit Mahotsav FD" for 375 Days and 444 Days up to October 31, 2023. On a tenure of 375 days, the general public will get a 7.10% return while senior citizens can earn 7.60% whereas, on 444 days tenure, IDBI Bank will pay a standard rate of 7.15% and 7.65% for senior citizens.