IDBI Bank updates FD rates, extends Utsav FD special offers till March

The existing special tenures under the Utsav FD scheme have been extended until March 31, allowing customers more time to invest in these high-yielding FDs

IDBI Bank updated its fixed deposit (FD) interest rates, offering better returns to its customers. Along with this, the bank has introduced a new tenure under its Utsav Callable Fixed Deposit scheme and extended the deadline for its special deposits that were initially set to expire on December 31, 2024.

 

Utsav callable FD: New tenure and enhanced rates

 

Effective from December 23, 2024, IDBI Bank has introduced a new 555-day tenure for its Utsav Callable Fixed Deposit, offering an attractive interest rate of 7.40 per cent for general citizens and 7.90 per cent for senior citizens. This new tenure will remain available until February 15, 2025. In addition, the existing special tenures under the Utsav FD scheme have been extended until March 31, 2025, allowing customers more time to invest in these high-yielding FDs.

 

 

Utsav Callable FD interest rate for general citizens

 

The interest rates on Utsav Callable Fixed Deposits (FDs) for general citizens are as follows: 7.05 per cent for FDs maturing in 300 days, 7.25 per cent for those maturing in 375 days, 7.35 per cent for FDs maturing in 444 days, and 7.20 per cent for those with a 700-day maturity. For the new tenure, FDs maturing in 555 days offer an interest rate of 7.40 per cent.

 

Senior citizen Utsav Callable FD interest rate

 

The interest rates on Utsav Callable Fixed Deposits (FDs) for senior citizens are as follows: 7.55 per cent for FDs maturing in 300 days, 7.75 per cent for those maturing in 375 days, 7.85 per cent for FDs maturing in 444 days, and 7.70 per cent for those with a 700-day maturity. For the new tenure, FDs maturing in 555 days offer an interest rate of 7.90 per cent.

 

Revised fixed deposit interest rates

 

IDBI Bank has also revised its general FD interest rates. The bank now offers interest rates ranging from 3 per cent to 7 per cent on FDs maturing between 7 days and 10 years for deposits up to Rs 3 crore. Senior citizens can avail themselves of higher interest rates, ranging from 3.50 per cent to 7.50 per cent. The new interest rates are applicable for all deposits made from December 23, 2024 onwards.

 

Premature withdrawal rule

 

IDBI Bank has also updated its policy on premature withdrawals. As per the new rule, if an FD is withdrawn prematurely or through a sweep-in or partial withdrawal, the bank will impose a penalty of 1 per cent on the applicable interest rate. This penalty will be applicable to both general citizens and senior citizens alike.