IDBI Bank has made changes to its Fixed Deposit (FD) options, offering new FD periods and higher interest rates.
They have also extended the deadline for special FD schemes, giving investors more time to invest.
New 555-Day Utsav Callable FD
Starting December 23, 2024, IDBI Bank has introduced a new 555-day Utsav FD scheme. This special FD will be available until February 15, 2025. However, premature withdrawals are not allowed for callable FDs.
Additionally, the bank has extended the investment deadline for existing special FD schemes (300, 375, 444, and 700 days) until March 31, 2025.
Utsav FD Interest Rates for General Citizens
300 days: 7.05%
375 days: 7.25%
444 days: 7.35%
555 days (new plan): 7.40%
700 days: 7.20%
Interest Rates for Senior Citizens
300 days: 7.55%
375 days: 7.75%
444 days: 7.85%
555 days (new plan): 7.90%
700 days: 7.70%
Normal FD Rates
IDBI Bank also offers normal FD interest rates for deposits below Rs 3 crore, ranging from 3% to 7%.
Senior citizens will get rates from 3.50% to 7.50%. These rates apply to FDs with tenures between 7 days and 10 years, and are valid from December 23, 2024.
FD Pre-Termination Rules
If you choose to close your FD early, IDBI Bank charges a penalty of 1%. This penalty also applies to partial withdrawals or withdrawals made through swipe-in.
Special FD Opportunity
With the introduction of the new 555-day FD and the extension of existing special FD schemes, investors have the chance to earn higher returns.
If you’re planning to invest in FDs, this could be a good opportunity, but make sure to review the terms and conditions carefully.
