IDBI Bank Revises FD Interest Rates, Extends Utsav Plus Callable FD Deadline | Personal Finance News
Following are the rates on Resident / NRO Term Deposit less than Rs 3 Crore: Interest Rate on Term Deposits (w.e.f. August 15, 2024)
| Interest Rate (% p.a.) | ||
|---|---|---|
| Retail Term Deposits (< 3 Cr) | ||
| Maturity Slab | General Customers | Sr. Citizen |
| 0-6 Days | NA | NA |
| 07-30 days | 3.00 | 3.50 |
| 31-45 days | 3.25 | 3.75 |
| 46- 60 days | 4.50 | 5.00 |
| 61- 90 days | 4.75 | 5.25 |
| 91 days to 6 months | 5.50 | 6.00 |
| 6 months 1 day to 270 Days | 6.00 | 6.50 |
| 271 days to < 1 year (except 300 Days) |
6.25 | 6.75 |
| 1 Year to 2 Years (except 375 Days,444 Days & 700 Days) |
6.80 | 7.30 |
| > 2 Years to <3years | 7.00 | 7.50 |
| 3 years to 5 years | 6.50 | 7.00 |
| >5 years to 10 years | 6.25 | 6.75 |
| >10 years to 20 years$ | 4.80 | 5.30 |
| Tax Saving FD | ||
| 5 Years | 6.50 | 7.00 |
IDBI bank says, Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit). To illustrate as an example, if a deposit is placed for 5 years and after 1 year the depositor wants to close the deposit prematurely, then the interest rate applied will be the rate which was applicable for one year on the original date of deposit. (Also read: Bandhan Bank Offers New Bucket Of 1 Year 9 Months)
Bank will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well. (Also read: Union Bank Hikes Fixed Deposit Rates)
Effective from June 10, 2024, the maximum Retail Term Deposit(RTD) threshold has been enhanced to < Rs 3 Crores, from previously < Rs 2 Crores, as per RBI directives, says IDBI bank in its website.
Utsav Plus Callable FD (Revised Rates w.e.f. August, 15, 2024)
| Interest Rate (% p.a.) | ||
|---|---|---|
| Special Buckets | General/NRE/NRO | Senior Citizens |
| 300 Days | 7.05 | 7.55 |
| 375 Days | 7.25 | 7.75 |
| 444 Days | 7.35 | 7.85 |
| 700 Days | 7.20 | 7.70 |
Tenure of 300 Days not applicable for NRE Deposits. Premature withdrawal, closure is permitted. Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits. All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also, says the IDBI Bank website.
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