IDBI will launch a new fixed deposit scheme called IDBI Suvidha Plus (ISPFD) under its brand IDBI Suvidha Fixed Deposit (ISFD) with a tenure of 500 days. The scheme will open on Thursday, and has an attractive interest rate of 8.25% per annum, a release issued here on Wednesday said. Eligible customers, including individuals, HUFs, companies, trusts and NGOs, among others, stand to earn a good return on investment by parking a minimum amount of Rs 10,000 and in multiples of Rs 1,000 thereafter in the scheme, the bank said.There is no cap on the quantum of funds that can be parked in the ISPFD scheme, the release said. Senior citizens will enjoy a higher interest rate of 8.75% per annum on their investments in the IDBI Suvidha Plus FD scheme.V P Shetty, chairman and managing director of IDBI, said: "Investors looking for a steady income over a short-to-medium term horizon will find the returns from this scheme extremely attractive. The current offer will be open for a limited period only." Depositors in the scheme have the choice of receiving interest payouts, either on a monthly or a quarterly basis, while pre-mature withdrawals will attract a penalty of 1%.
