Thins bank is offering up to 7.6% interest on Amrit Mahotsav Deposit scheme; details here

This is one of the best times to invest in fixed deposit schemes offered by banks. It is because banks across India have been increasing interest rates on their term deposits. This cycle of deposit rate hike began when the Reserve Bank of India (RBI) started to hike the repo rate in May. Recently, the RBI hiked the repo rate by 35 basis points (bps) to 6.25 percent on 7 December 2022. The Industrial Development Bank of India (IDBI) has also recently hiked its fixed deposit rates following the latest repo rate hike. It is also offering attractive returns on its Amrit Mahotsav Deposit scheme.

IDBI is now offering up to 7.6 percent interest rate on its 700-day Amrit Mahotsav Deposit scheme. The revised rates came into effect from 26 December. It should be noted that the offer is valid only for a limited period of time. However, IDBI Bank has not mentioned the deadline for the same in its press release. The 7.6 percent interest rate will only be offered to senior citizens. General/ Non-Resident External (NRE)/ Non-Resident Ordinary (NRO) citizens will earn 7.1 percent returns on this FD scheme. The Amrit Mahotsav FD scheme with a tenure of 555 days is offering an interest rate of 7 percent to the general/ NRE/NRO citizens. On the other hand, the senior citizens can earn a return of 7.5 percent for the same tenure.

General terms and conditions for the Amrit Mahotsav FD scheme:

• Staff and Senior Citizen Rates are not applicable on NRO and NRE term deposits.
• Premature withdrawal/closure is permitted in this FD scheme.
• Naman Senior Citizen rates are not allowed in the scheme.
• All the other features of term deposit, along with terms and conditions, are going to remain unchanged, and are applicable for this scheme as well.

IDBI Bank FD rates

IDBI Bank had revised the interest rates on its term deposits of less than Rs 2 crore on 19 December. With the latest revision, the interest rates for regular citizens now stands between 3 percent and 6.75 percent for tenures ranging between seven days to 10 years. The bank is providing interest rates ranging between 3.5 percent and 7.5 percent to senior citizens on the FDs of the same tenure.

IDBI Naman Senior Citizen Deposit

Senior citizen customers will earn an enhanced interest rate of 0.25 percent over and above the existing additional rate of 0.5 percent per year. The rates came into effect on 20 April this year.

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