The IDBI Bank (Industrial Development Bank of India) has extended the deadline to invest in their special scheme. The bank introduced a new FD (Fixed Deposit) scheme in July, called the Amrit Mahotsav FD. Earlier, the deadline to invest in the scheme was September 30, but now it has been extended to October 31.
Reports state that the returns on this scheme are high. The bank is offering two tenures on the scheme, 375 days and 444 days.
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The bank wrote on its official website, “Festive offer extension of Amrit Mahotsav FD for 375 and 444 days up to October 31, 2023.” For investing in the Amrit Mahotsav scheme, the regular customers, NRE (Non-Residential External) and NRO (Non-Resident Ordinary) can get an interest rate of up to 7.15 per cent for 444 days, and senior citizens can get an interest rate of 7.65 per cent on a tenure of 375 days. The investors are also permitted to make early withdrawals and closure of their FDs.
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Recently, the bank also revised the interest rates on their term deposits. The revised rates were made effective from September 15. To the general customers, the IDBI bank offers an interest rate of 3 per cent to 6.8 per cent on FDs, which mature in 7 days to 5 years. And to senior citizens, the rate ranges from 3.5 per cent to 7.3 per cent.
The IDBI bank is owned by the Life Insurance Corporation of India, and the Government of India. The establishment of the bank took place under the Act of Parliament in 1964, as a subsidiary owned by the Reserve Bank of India. The IDBI was transferred to the government in 1976, and after that it operated as the main institution for activities like financing, promoting and developing industries in the country.
