IDBI Bank raises rates on retail fixed-rate deposits and extends the special deposit until March 2023

At the private sector lender IDBI Bank, the interest rate on retail term deposits of less than 2 Cr has increased. On December 19, 2022, the new rates went into effect, according to the bank’s official website. 

The bank now offers interest rates on deposits maturing in 7 days to 10 years that vary from 3.00% to 6.25% for the general public and 3.50% to 7.00% for senior citizens as a result of the modification. 

The Naman Senior Citizen Deposit Scheme has also been extended by the bank from December 31, 2022, to March 31, 2023.

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.