IDBI Bank has made changes to its Fixed Deposit (FD) schemes, introducing new FD periods and offering higher interest rates. They have also extended the investment deadline for special FDs, giving investors more time to invest.
New 555-Day Utsav Callable FD
From December 23, 2024, IDBI Bank has launched a new Utsav FD scheme with a duration of 555 days. This special FD will be available until February 15, 2025.
However, please note that premature withdrawal is not allowed for callable FDs. Additionally, the existing special FD schemes for 300, 375, 444, and 700 days have been extended until March 31, 2025.
Utsav FD Interest Rates for General Citizens
300 days: 7.05%
375 days: 7.25%
444 days: 7.35%
555 days (new plan): 7.40%
700 days: 7.20%
Interest Rates for Senior Citizens
300 days: 7.55%
375 days: 7.75%
444 days: 7.85%
555 days (new plan): 7.90%
700 days: 7.70%
IDBI Bank Normal FD Rates
IDBI Bank is offering normal FD interest rates ranging from 3% to 7% for deposits below Rs 3 crore. Senior citizens will get interest rates from 3.50% to 7.50%.
These rates apply to FDs with tenures between 7 days and 10 years. The new rates are valid from December 23, 2024.
FD Pre-Termination Rules
If you close your FD early, IDBI Bank charges a penalty of 1%. This penalty also applies to partial withdrawals or withdrawals made through swipe-in.
Special FD Opportunity
The introduction of the 555-day FD and the extension of the existing special FD schemes provide customers with a chance to earn higher returns.
If you’re considering investing in FDs, this could be a good opportunity. Make sure to read the terms and conditions carefully before investing.
