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IDBI Bank will also now pay more interest on fixed deposits, check details

New Delhi. After HDFC Bank and Kotak Mahindra Bank, now IDBI Bank has also revised its fixed deposit interest rates. The bank has increased the interest rates on FDs of less than 2 crores. The bank is now giving an interest rate of 2.70 percent to 5.60 percent per annum on FDs with tenures ranging from 6 days to 10 years. The new interest rates have come into effect from April 20. On Wednesday, HDFC Bank also changed its FD interest rates.

According to a report in Economic Times, IDBI Bank will now pay interest at the rate of 3 per cent on fixed deposits maturing in a period of 31 to 45 days. At the same time, the interest rate on FDs of 46 to 60 days has been increased by 25 basis points to 3.25 percent per annum. The bank has increased the interest rate of FDs from 61 to 90 days by 40 basis points. Now the new rates have become 3.40 percent per annum.

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For fixed deposits maturing in two to three years, the interest rate was 5.2 per cent earlier. Now the rate of interest has gone up to 5.35 percent. Similarly, the interest rate on FDs with a tenure of three to five years has also been increased to 5.50 per cent per annum. Earlier this rate was 5.4%.

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IDBI Bank is offering a special rate of interest on fixed deposits for senior citizens. At present, the bank is giving interest ranging from 3.20 percent to 6.35 percent on FDs to senior citizens. Interest rates on Suvidha Tax Saving Fixed Deposits with tenure of five years have been increased by 10 basis points to 5.6%. IDBI Naman Senior Citizen Deposit Scheme will also now get 0.25 percent more interest. This will be different from the 0.50 percent interest paid by the bank on FDs to senior citizens.

Tags: Bank FD, FD Rates, IDBI Bank

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