IDBI Bank hikes interest rate on Retail Amrit Mahotsav Deposit, new rates effective from December 26

New Delhi: IDBI Bank on Monday announced that it has enhanced rate of interest on deposits and now offers interest up to 7.60% for just 700 days, as a limited period offer, effective from December 26, 2022.

IDBI bank had also revised the Marginal Cost of Fund Based Lending Rate ( MCLR ) w.e.f. 12-12-2022. The new rates are as below

Tenor	MCLR
Overnight MCLR	7.45%
One Month MCLR (1M)	7.60%
Three Month MCLR (Q)	7.90%
Six Month MCLR (HY)	8.10%
One year MCLR (Y)	8.20%
Two Year MCLR (2Y)	8.80%
Three Year MCLR (3Y)	9.20%

On December 7, the Reserve Bank of India hiked the key repo rate by 35 basis points to 6.25 per cent, the fifth straight increase since May. In all, the RBI has raised the benchmark rate by 2.25 per cent since May this year. Consequently, the standing deposit facility (SDF) rate is adjusted to 6 per cent and the marginal standing facility (MSF) rate and bank rate to 6.50 per cent.