fd interest rates: IDBI Bank revises FD interest rates: Check latest interest rates

Following other banks, IDBI Bank too has revised bank fixed deposit (FD) interest rates for amounts below Rs 2 crore. The new rates are effective from April 20, 2022. After the revision, IDBI Bank will offer interest rates between 2.70 percent and 5.60 percent for tenures ranging from 6 days to ten years.

For tenors ranging from 31 to 45 days, the bank gives 3.00 percent. The interest rate on deposits maturing in 46-60 months is currently 3.25 percent, an increase of 25 basis points. The interest rate on deposits maturing in 61-90 days will now be 3.40 percent, an increase of 40 basis points.

The interest rate on deposits maturing in two to three years has been raised by IDBI Bank from 5.2 percent to 5.35 percent. The interest rate on three- to five-year deposits has increased from 5.4 percent to 5.50 percent.

For senior citizens, IDBI Bank offers a special interest rate on fixed deposits. The current IDBI Bank senior citizen FD rates range from 3.20 percent to 6.35 percent.

While, the interest rate on 5-year deposits, commonly known as Suvidha Tax Saving Fixed, was increased by 10 basis points to 5.6 percent.

IDBI Bank FD interest rates

IDBI Naman Senior Citizen Deposit

Under this scheme, over and above the existing additional rate of 0.50 percent per year, resident senior citizen clients will receive a 0.25 percent enhanced interest rate (total mark-up 0.75 percent over Card Rate). The validity of the scheme is from April 20, 2022 to September 30, 2022.

Premature withdrawal

Interest will be paid on prematurely withdrawn deposits at the rate in effect for the amount and time the deposit was with the Bank. To give an example, if a deposit is made for 5 years and the depositor wants to cancel it early after 1 year, the interest rate applied will be the rate that was in effect for one year on the original deposit date.

HDFC Bank, Kotak Mahindra Bank have revised bank fixed deposit interest rates for various tenors in April.