FINANCE

IDBI Bank Revises FD Interest Rates, Extends Utsav Plus Callable FD Deadline

Check revised FD rates from IDBI Bank and latest Utsav Plus Callable FD rates.

New Delhi: IDBI Bank has revised the interest rates on its fixed deposits below Rs 3 crore, effective from 15 August 2024. The bank has also extended the deadline for Utsav Plus Callable FD upto September 30, 2024.

Read More: Lost PAN Card? Apply For A New One With These Simple Steps

Following are the rates on Resident / NRO Term Deposit less than Rs 3 Crore:  Interest Rate on Term Deposits (w.e.f. August 15, 2024)

Interest Rate (% p.a.)
Retail Term Deposits (< 3 Cr)
Maturity SlabGeneral CustomersSr. Citizen
0-6 DaysNANA
07-30 days3.003.50
31-45 days3.253.75
46- 60 days4.505.00
61- 90 days4.755.25
91 days to 6 months5.506.00
6 months 1 day to 270 Days6.006.50
271 days to < 1 year
(except 300 Days)
6.256.75
1 Year to 2 Years
(except 375 Days,444 Days & 700 Days)
6.807.30
> 2 Years to <3years7.007.50
3 years to 5 years6.507.00
>5 years to 10 years6.256.75
>10 years to 20 years$4.805.30
Tax Saving FD
5 Years6.507.00

Read More: Up to 8.85% FD interest rate: Two banks special limited period FDs with higher interest rates this week

IDBI bank says, Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the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. 

Effective from June 10, 2024, the maximum Retail Term Deposit(RTD) threshold has been enhanced to < Rs 3 Crores, from previously < Rs 2 Crores, as per RBI directives, says IDBI bank in its website.

Read More: PM-KISAN 18th Installment: When Will Rs 2,000 Be Credited Into Your Account? Check What Reports Say

Utsav Plus Callable FD (Revised Rates w.e.f. August, 15, 2024)

Interest Rate (% p.a.)  
Special BucketsGeneral/NRE/NROSenior Citizens
300 Days7.057.55
375 Days7.257.75
444 Days7.357.85
700 Days7.207.70

Tenure of 300 Days not applicable for NRE Deposits. Premature withdrawal, closure is permitted. Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits. All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also, says the IDBI Bank website.

Source :
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top