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IDBI Bank Modifies Interest Rates On Fixed Deposits

IDBI Bank Modifies Interest Rates On Fixed Deposits
Written by bobby
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IDBI Bank Modifies Interest Rates On Fixed Deposits

IDBI Bank Interest Rates On Term Deposits (w.e.f. January 15, 2022)

Following the revision, IDBI Bank is now offering an interest rate of 2.70% to 5.25% to the general public and 3.20% to 5.75% to senior citizens on their term deposits of less than Rs. 2 Cr maturing in 7 days to 10 years.

Tenors General customers Senior Citizens
07-14 days 2.7 3.2
15-30 days 2.7 3.2
31-45 days 2.8 3.3
46- 60 days 3 3.5
61-90 days 3 3.5
91-6 months 3.5 4
6 months 1 day to 270 days 4.3 4.8
271 days upto 4.3 4.8
1 year 5.05 5.55
> 1 year – 2 years 5.15 5.65
>2 years to 5.2 5.7
3 years to 5.4 5.9
5 years 5.5 6
> 5 years – 7 years 5.25 5.75
>7 years – 10 years 5.25 5.75
>10 years – 20 years$ 4.8 5.3
Source: Bank Website

IDBI Bank Tax Saving Fixed Deposit Interest Rates

Suvidha Tax Saving Fixed Deposit is a scheme offered by IDBI Bank that allows you to claim tax exemption under section 80c of the Income Tax Act and receive higher returns on your deposits. Any individual or HUF can deposit up to Rs. 1.5 lac in IDBI Bank Suvidha Tax – Saving Fixed Deposit for a period of five years. Customers should bear in mind that premature withdrawals are not permitted on tax-saving fixed deposits and that your funds will be locked in for a period of five years. With effect from 15th January 2022, the bank is now offering the following interest rates on tax-saving fixed deposits of less than Rs. 2 Cr.

Normal Retail Rate 5.5
Senior Citizens 6
Source: Bank Website

IDBI Bank Recurring Deposit Interest Rates

With effect from January 15, 2022, IDBI Bank has also modified its interest rates on Systematic Savings Plans (SSP/SSP Plus). These deposits are recurring deposits that allow you to generate regular monthly incomes on deposits ranging from Rs. 100 to less than 2 crores. The deposit duration can range from one to ten years, and these deposits come with a number of perks, including no charges for standard instructions, complimentary insurance coverage, reward points, and much more. IDBI Bank provides two types of recurring deposit schemes: IDBI Bank Systematic Savings Plan (SSP) and IDBI Bank Systematic Savings Plan Plus (SSP Plus), and on these deposits the bank is now offering the following interest rates as of now.

Tenors General customers Senior Citizens
1 year 5.05 5.55
> 1 year – 2 years 5.15 5.65
>2 years to 5.2 5.7
3 years to 5.4 5.9
5 years 5.5 6
> 5 years – 7 years 5.25 5.75
>7 years – 10 years 5.25 5.75
Source: Bank Website

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