IDBI Bank has introduced a new Fixed Deposit (FD) scheme called “Chinrajevi Super Senior Citizen FD Scheme” on January 13. This scheme is designed for citizens aged 80 years and above.
The bank offers four different tenure options under this scheme, with the highest interest rate at 8.05%. The interest rates are applicable only for the Utsav FD scheme duration, and premature withdrawals are allowed.
Interest Rates and Tenure Options for Senior Citizens
Under the “Chinrajevi Super Senior Citizen FD Scheme,” the interest rates are as follows:
1) 7.90% for a 375-day deposit
2) 8% for a 444-day deposit
3) 8.05% for a 555-day deposit
4) 7.85% for a 700-day deposit
These rates are specifically for senior citizens and are higher compared to regular FD rates.
Utsav FD Scheme Deadline and Rates
IDBI Bank has also extended the deadline for the Utsav Callable FD scheme. The new 555-day tenure can be invested in until February 15, 2025.
For other tenures (375 days, 444 days, 700 days), customers can invest until March 31, 2025. The interest rates for general citizens in the Utsav FD scheme are:
7.05% for a 300-day tenure
1) 7.25% for a 375-day tenure
2) 7.35% for a 444-day tenure
3) 7.40% for a 555-day tenure
4) 7.20% for a 700-day tenure
Senior citizens receive an additional 0.50% interest on these rates.
Interest Rates for Regular Fixed Deposits
Here are the interest rates for regular Fixed Deposits with IDBI Bank:
1) 7 to 30 days – 3%
2) 31 to 45 days – 3.25%
3) 46 to 60 days – 4.50%
4) 61 to 90 days – 4.75%
5) 91 days to 6 months – 5.50%
6) 6 months 1 day to 270 days – 6%
7) 271 days to less than 1 year – 6.25%
8) 1 year to 2 years – 6.80%
9) 2 years to less than 3 years – 7%
10) 3 years to 5 years – 6.50%
11) 5 years to 10 years – 6.25%
12) 10 years to 20 years – 4.80%
13) 5 Year Tax Saver FD – 6.50%
This provides a range of options for investors depending on their preferred investment duration.