Amrit Mahotsav New FD scheme : The private sector lender IDBI Bank has modified its interest rates for fixed deposits under Rs 2 crore. The bank has also introduced a new “Amrit Mahotsav FD” scheme of 444 Days offering higher interest rates on these deposits for regular and senior citizens.
Amrit Mahotsav FD
Under the Amrit Mahotsav FD scheme of 444 Days, the bank offers interest rate of 7.15% to general, NRE and NRO. For senior citizens, the bank offers 7.65%.
Latest IDBI Bank fd interest rates
The bank now offers a 3.0 percent interest rate on fixed deposits with maturities between 7 to 30 days, while IDBI Bank now offers a 3.35 percent interest rate on deposits with maturities between 31 to 45 days. For deposits maintained for 46 to 90 days, IDBI Bank now offers an interest rate of 4.25%, and for deposits held for 91 to 6 months, the interest rate is 4.75%. Deposits with maturities of 6 months, 1 day to 1 year will earn interest at a rate of 5.50%, and those with maturities of 1 year to 2 years (apart from 444 Days) will earn interest at a rate of 6.75%. The bank offers a 6.50% interest rate on fixed deposits with a maturity of two to three years, while IDBI Bank offers a 6.25% interest rate on deposits with a maturity of three to ten years.
| General Customers | Sr. Citizen | |
| 0-6 Days | NA | NA |
| 07-14 days | 3 | 3.5 |
| 15-30 days | 3 | 3.5 |
| 31-45 days | 3.35 | 3.85 |
| 46- 60 days | 4.25 | 4.75 |
| 61-90 days | 4.25 | 4.75 |
| 91 days – 6 months | 4.75 | 5.25 |
| 6 months 1 day to 270 days | 5.5 | 6 |
| 271 days up to< 1 Year | 5.5 | 6 |
| 1 Year | 6.75 | 7.25 |
| > 1 Year to 2 Years (except 444 Days) | 6.75 | 7.25 |
| > 2 Years to < 3 Years | 6.5 | 7 |
| 3 Years to < 5 Years | 6.25 | 6.75 |
| 5 Years | 6.25 | 6.75 |
| > 5 Years to 7 Years | 6.25 | 6.75 |
| >7 Years to 10 Years | 6.25 | 6.75 |
| >10 Years to 20 Years$ | 4.8 | 5.30 |
| Tax Saving FD | ||
| 5 Years | 6.25 | 6.75 |
Source: Bank website
Premature withdrawal
The bank will levy a 1% penalty on the appropriate rate for prematurely closed deposits. Sweep-in withdrawals and partial withdrawals are examples of such closures.
According to the IDBI Bank, “Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit). To illustrate as an example, if a deposit is placed for 5 years and after 1 year the depositor wants to close the deposit prematurely, then the interest rate applied will be the rate which was applicable for one year on the original date of deposit.”
Bank will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.
