Mumbai: leading lender in the country, IDBI Bank has introduced a new fixed deposit program with a 375-day maturity period. The scheme’s interest rate is 7.10% for the general public and 7.60% for seniors. The new scheme will be available until August 15, 2023.
‘IDBI Bank has introduced a special bucket of ‘Amrit Mahotsav FD for 375 days,’ offering a peak rate of 7.60% p.a. valid till August 15, 2023. Besides this, existing ‘Amrit Mahotsav FD for 444 days’ under the callable option offers a peak rate of 7.65% p.a., and the non-callable option offers a peak rate of 7.75% p.a.’, IDBI Bank said in its press release.
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The ‘Amrit Mahotsav FD’ program offers two alternatives for the 444-day term: callable and non-callable. While the non-callable option provides senior citizens with a 7.75 % annual interest rate, the callable option has an annual interest rate of 7.65 %. Interest rates for regular clients are 7.15 % and 7.25 %, respectively. The callable FDs are eligible for early withdrawal and closure, whereas non-callable FDs cannot be closed or withdrawn before maturity.
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