IDBI Bank, one of India’s prominent banks, has launched an exclusive fixed deposit (FD) scheme for a limited period.
The new scheme, named “Amrit Mahotsav,” offers customers an opportunity to invest in FDs for a duration of 375 days.
The scheme commenced on July 14th and will be open for investment until August 15, 2023.
Under this scheme, IDBI Bank is providing a competitive interest rate of 7.10% to the general public and 7.60% to senior citizens on FDs maturing in 375 days.
Amrit Mahotsav Scheme: A Limited Period Opportunity
IDBI Bank has highlighted on its official website that the Amrit Mahotsav FD scheme is available for a restricted time frame.
The scheme, with a tenure of 375 days, was launched on July 14th and will remain open for investments until August 15th.
Customers can take advantage of the attractive interest rate of 7.60% per annum offered by the bank for the Amrit Mahotsav FD.
Furthermore, IDBI Bank’s Amrit Mahotsav scheme also includes a 444-day FD option, which was introduced on February 13th.
For this option, the bank provides customers with a 7.65% interest rate under the callable option and offers the highest interest rate of 7.75% on the non-callable FDs.
Interest Rates for the Amrit Mahotsav Scheme:
- 444-day FD (Non-callable): 7.75% for Senior Citizens, effective from July 14th
- 444-day FD (Callable): 7.25% for General Citizens, effective from July 14th
- 375-day FD: 7.10% for General Citizens, effective from July 14th
- 375-day FD: 7.60% for Senior Citizens, effective from July 14th
Revised Interest Rates for IDBI Bank FDs:
IDBI Bank is offering a range of FDs with maturity periods ranging from 7 days to 5 years.
The bank has revised its interest rates for these FDs, which became effective on July 14th, 2023.
Here are the revised interest rates:
- 07-30 days: 3.00%
- 31-45 days: 3.25%
- 46-90 days: 4.00%
- 91-6 months: 4.50%
- 6 months 1 day to less than 1 year: 5.75%
- 1 year to 2 years (except 375 days and 444 days): 6.80%
- 2 years to 5 years: 6.50%
- 5 years to 10 years: 6.25%
- 10 years to 20 years: 4.80%
- 5 years: 6.50%
IDBI Bank FD Rates for Senior Citizens:
Senior citizens can avail interest rates ranging from 3.5% to 7% on FDs maturing in seven days to five years, effective from July 14th.
With the launch of the Amrit Mahotsav scheme and the revised interest rates, IDBI Bank aims to offer customers attractive investment options and competitive returns on their fixed deposits.
It presents an excellent opportunity for individuals seeking to grow their savings with a reliable and trusted banking institution.
