IDBI Bank has updated its fixed deposit interest rates for deposits below ₹2 crore (approx. $240,295), effective from Sunday. The revised rates span various maturity periods, with the general public now receiving interest rates ranging from 3% for very short-term deposits of 7-30 days to 6.8% for terms of 1-2 years. Senior citizens will benefit from higher rates, starting at 3.5% and going up to 7.3%.
In addition to the rate revision, IDBI Bank has prolonged its special festive offer, the 'Amrit Mahotsav FD' or 'Utsav FD', until December 31. This offer includes tenures of 375 and 444 days, with an appealing interest rate of 7.15% for the 444-day period and 7.1% for the 375-day period for regular customers as well as Non-Resident External (NRE) and Non-Resident Ordinary (NRO) account holders. Senior citizens are eligible for an even higher rate of 7.65% for both tenures.
The bank's offerings also feature a tax-saving fixed deposit scheme, which locks in funds for five years. Under this scheme, general customers can avail an interest rate of 6.5%, while senior citizens are offered a rate of 7%.
IDBI Bank allows customers to prematurely withdraw or close these special fixed deposits, providing flexibility in case of unforeseen financial needs.
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