The “Amrit Mahotsav FD” program offers IDBI Bank two alternatives for the 444-day term: callable and non-callable.
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New Delhi: IDBI Bank has introduced a new fixed deposit program with a 375-day maturity period. Both senior citizens and the general public are eligible for the program and can take advantage of the special interest rates. The scheme’s interest rate is 7.10% for the general public and 7.60% for seniors, and the program is 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.
Amrit Mahotsav FD Scheme
A few unique FDs have been launched by the bank as part of the “Amrit Mahotsav FD” program. The 375-day and 444-day term fixed deposits fall under this category. Senior citizens can receive 7.6% annually for the 375-day FD, while regular citizens can get a rate of 7%. The investment period for this plan is from July 14 to August 15, 2023.
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Callable and Non-Callable Options
The “Amrit Mahotsav FD” program offers IDBI Bank two alternatives for the 444-day term: callable and non-callable. While the non-callable option provides older folks 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 The callable FDs are eligible for early withdrawal and closure, whereas non-callable FDs cannot be closed or withdrawn before maturity as of July 14, 2023, when these rates went into effect, as per Zee Business.
Terms and Conditions Of Non-Callable Fixed Deposits (FDs)
Non-callable fixed deposits (FDs) cannot be withdrawn or closed early. However, there are some exceptions, such as when directed by judicial, statutory, or regulatory authorities or when settling a deceased claim.
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NRO and NRE term deposits do not qualify for staff or senior citizen rates. This means that the interest rates on these deposits will be lower than the rates offered on domestic term deposits.
