Rise in IDBI bank interest rates

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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