FD interest rate of up to 7.9%: This bank introduces new fixed deposit scheme, check details
IDBI Bank has revised its fixed deposit interest rates along with introduction of a new tenure with higher interest rate and extended the deadline to invest in previous special deposits where the deadline to invest was earlier December 31, 2024.ET Year-end Special Reads
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Utsav Callable FD new tenure
According to the IDBI Bank website, “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”FD interest rate up to 7.55%: Check banks offering best rates on 3-year fixed deposit; full list
Utsav Callable FD interest rate
The interest rate on Utsav Callable FDs for general citizens that mature in 300 days is 7.05%; it is 7.25% for FDs maturing in 375 days; it is 7.35% for FDs maturing in 444 days; and it is 7.20% for FDs that mature in 700 days. For the new tenure, it is 7.40% on FDs maturing in 555 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 |
Senior citizen Utsav Callable FD interest rate
The interest rate on Utsav Callable FDs for senior people that mature in 300 days is 7.55%; 7.75% for those that mature in 375 days; 7.85% for those that mature in 444 days; and 7.70% for those that mature in 700 days. For the new tenure, it is 7.90% for FDs maturing in 555 days.
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IDBI Bank offers interest rates between 3% to 7% (excluding special deposits) for general citizens for deposits less than Rs 3 crore. For senior citizens, the bank offers between 3.50% to 7.50% for tenures between 7 days and 10 years. The revised rates are effective from December 23, 2024.
| Interest Rate (% p.a.) | ||
| Retail Term Deposits (< 3 Cr) | ||
| Maturity Slab | General Customers | Sr. Citizen |
| 0-6 Days | NA | NA |
| 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 | 6.25 | 6.75 |
| (except 300 Days) | ||
| 1 Year to 2 Years | 6.8 | 7.3 |
| (except 375 Days,444 Days, 555 days & 700 Days) | ||
| > 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 |
| Tax Saving FD | ||
| 5 Years | 6.5 | 7 |
IDBI Bank premature withdrawal rule
According to the IDBI Bank website, “Bank will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.”
This story originally appeared on: India Times - Author:Faqs of Insurances
