60 Years Old Scheduled Commercial Bank Revises FD Rates; Get As High As 7%

Interest rates on fixed deposits under Rs 3 Cr have been modified by IDBI Bank, which was founded in 1964. The 60-year-old private sector bank now offers interest rates to the general public between 3.00% and 6.25% and to senior citizens between 3.50% and 6.75% for maturities ranging from seven days to ten years. IDBI Bank will now give a maximum rate of interest of 7.50% for elderly persons and 7% for non-senior citizens on term deposits that mature within two to three years. The latest FD rates offered by IDBI Bank are effective as of December 23, 2024, according to the bank's official website.

IDBI Bank FD Rates

The bank is now giving a 3.00% interest rate on fixed deposits that mature in 07-30 days, while IDBI Bank will provide a 3.25% interest rate on those that mature in 31-45 days. Interest rates offered by IDBI Bank are 4.50% for 46-60 day fixed deposit tenures and 4.75% for 61-90 day tenures. Interest rates on IDBI Bank fixed deposits that mature in 91 days to 6 months will now be 5.50%, while those that mature in 6 months 1 day to 270 days will now be 6.00%.

The bank will give an interest rate of 6.25% on fixed deposits maturing in 271 days to 1 year (with the exception of 300 days), while IDBI Bank will offer an interest rate of 6.80% on those maturing in 1 year to 2 years. Interest rates offered by IDBI Bank are 7.00% for two to three-year terms and 6.50% for three to five-year terms. The interest rate on IDBI Bank fixed deposits that mature in five to ten years will now be 6.25%, while the interest rate on deposits that mature in ten to twenty years will now be 4.80%. The bank is giving a 6.50% return on five-year tax-saving fixed deposits.

"Effective from June 10, 2024, the maximum Retail Term Deposit(RTD) threshold has been enhanced to

Senior citizens will get an additional rate of 0.50% higher over and above the general rates across all tenures.

Maturity Slab	General Customers	Sr. Citizen
07-30 days	3	3.5
31-45 days	3.25	3.75
46- 60 days	4.5	5
61- 90 days	4.75	5.25
91 days to 6 months	5.5	6
6 months 1 day to 270 Days	6	6.5
271 days to 1 year (except 300 Days)	6.25	6.75
1 Year to 2 Years (except 375 Days,444 Days, 555 days & 700 Days)	6.8	7.3
2 Years to 3years	7	7.5
3 years to 5 years	6.5	7
5 years to 10 years	6.25	6.75
10 years to 20 years$	4.8	5.3

IDBI Bank Utsav Callable FD (Revised Rates w.e.f. December 23, 2024)

"Introduction of new Utsav FD tenure for 555-Day effective from December 23, 2024, valid until February 15, 2025. The existing special tenures under Utsav FD extended up to March 31, 2025," IDBI Bank said on its official website.

The interest rate that applies to Utsav Callable FDs that mature in 300 days is 7.05%; its applicable interest rate is 7.25% for those that mature in 375 days; it is 7.35% for those that mature in 444 days; it is 7.40% for those that mature in 555 days; and it is 7.20% for those that mature in 700 days.

Special Buckets	General/NRE/NRO	Senior Citizens
300 Days	7.05	7.55
375 Days	7.25	7.75
444 Days	7.35	7.85
555 Days	7.4	7.9
700 Days	7.2	7.7

IDBI Bank News

"It is hereby informed that a meeting of Board of Directors of IDBI Bank Ltd. will be held on Tuesday, December 31, 2024 to consider the proposal for approval of Long Term Rupee Bond Borrowings for Debt Capital, Senior/Infrastructure Bonds of limit up to Rs. 10,000 Crore from domestic market for FY 2024-25 and FY 2025-26," said IDBI Bank in a stock exchange filing.