The interest rates on fixed deposits under Rs. 2 crore have been modified by private sector lender IDBI Bank. According to the bank's official website, the new rates go into effect on April 1st, 2023. The bank launched the "Amrit Mahotsav FD" programme, which yields 7.65 percent for older citizens and 7.15 percent for the general public.
The bank currently guarantees interest rates of 3% to 6.25 percent for deposits maturing in 7 days to 10 years for the general public and 3.5 percent to 6.75 percent for elderly persons.
For fixed deposits with maturities of 7 to 30 days, the bank now offers a 3.0 percent interest rate, while IDBI Bank now offers a 3.3 percent interest rate for deposits with maturities of 31 to 45 days.
(Also Read: Meet Rajan Kohli, IIM alumnus who was responsible for $6 billion annual revenue at Wipro, quit to join…)
IDBI Bank now offers interest rates of 4.25 percent for deposits kept for 46 to 90 days and 4.75 percent for deposits kept for 91 to 6 months.
Deposits with maturities of six months, one day to one year, and one year to two years (aside from 444 days) will earn interest at a rate of 5.5 percent and 6.75 percent, respectively.
For five-year tax-saving fixed deposits, IDBI Bank guarantees an interest rate of 6.25 percent for the general public and 6.75 percent for seniors.
