IDBI Bank launches special 500-days high interest deposit scheme; Check details

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New Delhi: IDBI bank has launched a special, limited-period Fixed Deposits (FDs) scheme called ‘Amrit Mahotsav Retail Term Deposits’. The scheme has 500-day maturity period and it is valid for subscription till 30 September, 2022. It provides a higher interest rate up to 6.70% than normal FD schemes. It is to be noted that IDBI bank has recently terminated its 1100-days Amrit Mahotsav FD on 22 August, 2022.

Informing about the scheme, IDBI bank wrote on its official twitter handle, “Take advantage of the peak interest rates with IDBI Bank’s Amrit Mahotsav Retail Term Deposits. Hurry! Offer valid till 30th September, 2022.”

Take advantage of the peak interest rates with IDBI Bank’s Amrit Mahotsav Retail Term Deposits. Hurry! Offer valid till 30th September, 2022 pic.twitter.com/2UNQC7eZbH — IDBI BANK (@IDBI_Bank) August 23, 2022

The scheme offers a 6.10% interest rate for the callable deposits (which can be withdrawn before maturity period) and a 6.20% rate for non-callable deposits (which can’t be withdrawn before maturity period). Similar to other FD schemes, senior citizens will get a 6.60% interest rate on callable and 6.70% on non-callable deposits. (It included NRE/NRO as well).

Naman Senior Citizen Benefit

IDBI bank provides 0.75% additional interest rate over the normal interest rates to senior citizens in deposit schemes. 

IDBI Bank provides rules for Amrit Mahotsav Retail Term Deposits

1. Customers won't have option of pre-mature withdrawn.

2. Naman Senior Citizen rates are not allowed for ‘Amrit Mahotsav Fixed Deposit’ of 500.

3. Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits.

4. All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.

Furthermore, the bank has also revised the interest rates on term deposit across various FDs depending on maturity period with effect from Monday.