IDBI Bank has increased the interest rates on fixed deposits covering various tenors starting from August 22, 2022. The Bank is now presenting the highest rate of 6.55% on select tenors. The Lender has kept the interest rates same on FDs maturing in 7-14, 15-30 days and 10 years to 20 years. After the said rise, the bank is giving an interest rate of 3.35 %, 3.75%, 4%, 4.3% and 4.75% on deposits which matures in 31-45 days, 46- 60 days, 61-90 days, 91-6 months and 6 months 1 day to 270 days progressively. On deposits maturing in 271 days to 1 year, IDBI Bank is giving 4.8% and on FDs maturing in 1 year to 18 month, the bank will give 5.60%.
For term deposits maturing in 5 years to 10 years, IDBI Bank will offer an interest rate of 5.8%.The Lender has also launched a limited period special 500 days deposit under the Amrit Mahotsav FD scheme, providing a peak rate of 6.70%. The said offer is limited offer is available till September 30, 2022.Additionally, a special bucket of 500 days for US Dollar designated FCNR (B) deposits is also initiated offering a peak rate of 3.63%.Many banks are raising their deposit rates these days after the Central Bank of India’s repo rate increased to manage the rising inflation.
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