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IDBI Bank festive dhamaka! IDBI hikes FD rates --Check new rates here
IDBI Bank said it 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.
 "IDBI Bank festive dhamaka! IDBI hikes FD rates --Check new rates here")
New Delhi: IDBI Bank has announced a revision of rates on its Fixed deposits beginning on October 21, 2022.
"IDBI Bank has introduced a Festive Offer on its 'Amrit Mahotsav' deposits. The Bank has announced a peak rate of 6.90% for a special bucket of 555 days as a limited period offer. The Bank has also increased its interest rate offers on Term Deposits with effect from October 21, 2022 across various maturity buckets. The interest rate on 1 year deposit has been raised up to 6.75%, whereas the two year bucket is now offered with a peak rate of 6.85%," the bank said in a statement.
| Interest Rate (% p.a.) | ||
|---|---|---|
| Retail Term Deposits (< 2 Cr) | ||
| General Customers | Sr. Citizen | |
| 0-6 Days | NA | NA |
| 07-14 days | 3.00 | 3.50 |
| 15-30 days | 3.00 | 3.50 |
| 31-45 days | 3.35 | 3.85 |
| 46- 60 days | 4.00 | 4.50 |
| 61-90 days | 4.15 | 4.65 |
| 91-6 months | 4.30 | 4.80 |
| 6 months 1 day to 270 days | 5.10 | 5.60 |
| 271 days up to< 1 year | 5.25 | 5.75 |
| 1 year | 6.00 | 6.50 |
| > 1 Year to 2 Years | 6.00 | 6.75# |
| > 2 Years to < 3 Years | 6.10 | 6.85# |
| 3 years to < 5years | 6.00 | 6.75# |
| 5 years | 5.80 | 6.55# |
| > 5 years to 7 years | 5.80 | 6.55# |
| >7 years to 10 years | 5.80 | 6.55# |
| >10 years to 20 years$ | 4.80 | 5.30 |
| Tax Saving FD | ||
| 5 years | 5.80 | 6.55# |
Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit). To illustrate as an example, if a deposit is placed for 5 years and after 1 year the depositor wants to close the deposit prematurely, then the interest rate applied will be the rate which was applicable for one year on the original date of deposit.
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.
Recently a host of banks like SBI, PNB, Axis Bank, and Canara Bank have revised their FD rates around the festive season.
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