IDBI Bank debuts special FD for 500 days: Check details
Premium- IDBI Bank's 500-day Amrit Mahotsav FD scheme will end on September 30, 2022
IDBI Bank has introduced a limited-time, special fixed deposit programme called "Amrit Mahotsav FD" that has a 500-day maturity period. The bank terminated its 1100-day Amrit Mahotsav FD Scheme on August 22, 2022, but it reinstated it with a 500-day tenure and an interest rate of up to 6.70%.
IDBI Bank has said via a Tweet that “Take advantage of the peak interest rates with IDBI Bank’s Amrit Mahotsav Retail Term Deposits. Hurry! Offer valid till 30th September, 2022."
IDBI Bank's 500-day Amrit Mahotsav FD scheme went into effect on August 22, 2022, and it will end on September 30, 2022. In this scheme, the bank is promising an interest rate of 6.10% under the callable deposits and 6.20% on non-callable deposits made by general customers (including NRE/NRO). Whereas, resident senior citizens will get 6.60% on callable deposits and 6.70% on non-callable deposits. In this context, callable deposits are those that can be withdrawn before the maturity date, while non-callable deposits cannot be withdrawn before the maturity date.
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IDBI Bank has mentioned on its website that “The normal mark-up of 0.50% ONLY will be available for senior citizens and normal mark-up of 1% will be available for Retired Senior Citizens Staff."
Terms and conditions set by IDBI Bank for Amrit Mahotsav FD
1. For Non-Callable Deposits- “Pre-mature withdrawal / Closure not permitted".
2. Naman Senior Citizen rates are not allowed for ‘Amrit Mahotsav Fixed Deposit’ of 500 days and 1100 days.
3. Bank has right for premature closure of non-callable FD used as collateral security in case of loan/overdraft accounts that have failed to service interest regularly.
4. Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits.
5. All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.
IDBI Bank FD Rates
On August 22, 2022, IDBI Bank announced a rise in the interest rates for fixed deposits below ₹2 crore. Following the modification, the bank will continue to offer an interest rate of 2.70% on fixed deposits maturing in 7 days to 30 days; however, the bank has increased the interest rate on fixed deposits maturing in 31-45 days from 3% to 3.35%, an increase of 35 basis points. The bank increased the interest rate on fixed deposits maturing in 46–60 days from 3.25% to 3.75%, a 50 bps increase, and IDBI Bank increased the interest rate on fixed deposits maturing in 61–90 days from 3.40% to 4.00%, a 60 bps increase.
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Fixed deposits maturing in 91 days-6 months will now fetch an interest rate of 4.30% which was 4% earlier a hike of 30 bps and term deposits maturing in 6 months 1 day to 270 days will now fetch an interest rate of 4.75% which was 4.50% earlier a hike of 25 bps. IDBI Bank will now offer an interest rate of 4.80% which was earlier 4.50% a hike of 30 bps on fixed deposits maturing in 271 days upto 1 year and the bank will now offer an interest rate of 5.60% which was earlier 5.35% a hike of 25 bps on deposits maturing in 1 year. On fixed deposits maturing in 1 year to 18 months, the bank has hiked the interest rate from 5.35% to 5.60% a hike of 25 bps and on fixed deposits maturing in 18 months to 30 months, IDBI Bank has hiked the interest rate from 5.40% to 5.65% a hike of 25 bps.
Term deposits maturing in 30 months to 3 years will now fetch an interest rate of 5.70% which was 5.50% a hike of 20 bps and fixed deposits maturing in 3 years to 5 years will now fetch an interest rate of 5.75% which was earlier 5.60% a hike of 15 bps. On fixed deposits maturing in 5 to 10 years, IDBI Bank will now offer an interest rate of 5.80%, up from 5.75% previously, and on tax-saving deposits of 5 years, the bank will now guarantee an interest rate of 5.80%, up from 5.75% previously.
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