IDBI Bank has upped interest rates retail term deposits across various tenors by 5 to 60 basis points (bps) with effect from August 22, 2022.
The Bank said it will offer a special mark up of 75 bps to senior citizens on maturity buckets above 1 year to 10 years. This offer will be available to senior citizens placing deposits till September 30, 2022. One basis point is equal to one-hundredth of a percentage point.
Deposits in the 7 days to 1 year maturity buckets will continue to earn 50 bps additional interest rate.
The Bank has effected the highest interest rate hike of 60 bps on 61-90 days tenor FD, while the 5 years to 10 years tenor has seen the lowest hike of 5 bps.
| New rate of interest | Old rate of interest | |
|---|---|---|
| 61-90 days | 4% | 3.40% |
| one year and less than 18 months | 5.60% | 5.35% |
| 18 months and less than 30 months | 5.65% | 5.40% |
| 5 years to 10 years | 5.80% | 5.75% |
RoI on the Bank’s special “Amrit Mahotsav” deposit of 500 days has been upped by 60 bps, with the callable and non-callable variants fetching 6.10 per cent and 6.20 per cent interest, respectively. This scheme will be valid till Sepetember 30, 2022. Senior citizens will earn additional 50 bps interest on the card rate under this scheme.