Fixed Deposit Rate: Which bank increased the interest up to 8% return
Fixed Deposit Rate: Private sector lender IDBI Bank has increased its interest rates on fixed deposits of less than ₹2 crores. The announcement comes after the RBI increased the repo rate by 25 basis points to 6.50% last week.
After the revision, the bank is now committed to paying 7.25% to the general public and 8.00% to older adults on special deposits for a period of 700 days. The new fixed deposit (FD) interest rates are effective from February 13, 2023, according to a statement on IDBI Bank’s website.
IDBI Bank FD Rates
Now offering an interest rate of 3.00% on Fixed Deposits maturing in the next 7 to 30 days and IDBI Bank is now promising an interest rate of 3.35% on those maturing in the next 31 to 45 days. At present, IDBI Bank offers an interest rate of 4.25% on deposits maturing in 46 to 90 days and 4.75% on deposits maturing in 91 days to 6 months.
Deposits maturing in 6 months 1 day to 1 year will now fetch an interest rate of 5.50% and those maturing in 1 year to 2 years (except 444 days and 700 days) will now fetch an interest rate of 6.75%.
The bank is now offering an interest rate of 6.50% on fixed deposits maturing in 2 to 3 years and 6.25% on deposits maturing in 3 to 10 years. IDBI Bank is now offering a guaranteed interest rate of 6.25% for the general public and 7.00% for senior citizens on Tax Saver Fixed Deposit for 5 years.
IDBI Naman Senior Citizen Deposit, a special FD program for older adults, was introduced by IDBI Bank on April 20, 2022. As per the scheme, resident senior citizen customers are entitled to receive an additional interest rate of 0.25% every year over and above the current existing additional rate of 0.50%, taking the overall benefit to 0.75% over the card rate.
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