IDBI Bank is under the control of LIC but it is categorised as a private sector bank for regulatory purposes. This bank has raised interest rates which it offers its Fixed Deposit customers. The peak rate on interest in FDs offered by the bank is 7.85% per annum.
IDBI Bank Utsav fixed deposit rates
The bank has branded it as Utsav Fixed Deposit. It can be opened by anyone through the website of IDBI Bank, or the mobile phone banking app, or in the traditional way of visiting any branch of the bank. But no matter which route you take, you must do it by September 30, 2024, the last day of the FD.
An interest rate of 7.85% is offered for customers who would opt for a 444-day tenure. Another basket of FDs offers 7.75% interest for those opting for a 375-day maturity period. But this rate is available for senior citizens. General customers are paid an annual rate of 7.35% for 444 days and 7.25% for 375 days.
Maturity payment for general citizens (444 days)
If a customer, who is yet to reach 60 years, invests Rs 3 lakh in a 444-day FD, he/she will get a total maturity amount of Rs 3.27 lakh. If he/she deposits Rs 5 lakh in the same Utsav FD, the total money payable on maturity will be Rs 5.46 lakh. A deposit of Rs 8 lakh would fetch Rs 8.74 lakh.
Maturity payment for senior citizens (444 days)
If a senior citizen invests Rs 3 lakh, for 444 days, the maturity payment will be Rs 3.29 lakh. The maturity payment would rise to Rs 5.49 lakh for a Rs 5 lakh deposit and Rs 8.79 lakh for a Rs 8 lakh deposit for a Rs 8 lakh deposit.
Maturity payment for 375-day FDs
For a general customer who invests Rs 3 lakh in 375-day FD, the maturity payment will be Rs 3.22 lakh; for Rs 5 lakh deposit the maturity payment will be Rs 5.38 lakh and for Rs 8 lakh deposit, the maturity amount will be Rs 8.61 lakh.
For the same FD, deposits of Rs 3 lakh, 5 lakh and 8 lakh would fetch a senior citizen maturity amounts of Rs 3.24 lakh, Rs 5.41 lakh and Rs 8.65 lakh respectively.
This offer on fixed deposits is for a limited period. It will remain open till September 30, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
