New Delhi: IDBI Bank has announced a revision of rates on its Fixed deposits beginning on September 15, 2023.
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“The Bank pays interest on deposits as per various deposit schemes. Interest Rates are revised from time to time and made known to public. Revised interest rates are applicable only to the renewals and fresh deposits while existing deposit continue to get interest at the contracted rate,” says IDBI Bank
Following are the rates on Resident / NRO Term Deposit less than Rs. 2 Crore as per the IDBI Bank website
| Interest Rate (% p.a.) | ||
|---|---|---|
| Retail Term Deposits (< 2 Cr) | ||
| Maturity Slab | General Customers | Sr. Citizen |
| 0-6 Days | NA | NA |
| 07-30 days | 3.00 | 3.50 |
| 31-45 days | 3.25 | 3.75 |
| 46- 90 days | 4.00 | 4.50 |
| 91-6 months | 4.50 | 5.00 |
| 6 months 1 day to 270 Days | 5.75 | 6.25 |
| 271 days to < 1 year | 6.25 | 6.75 |
| 1 Year to 2 Years(except 375 Days and 444 Days) | 6.80 | 7.30 |
| > 2 Years to 5years | 6.50 | 7.00 |
| > 5 years to 10 years | 6.25 | 6.75 |
| >10 years to 20 years$ | 4.80 | 5.30 |
| Tax Saving FD | ||
| 5 years | 6.50 | 7.00 |
Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the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.
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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.
