IDBI Bank Offering 7.60% interest On Fixed Deposits! Read Complete News Here

 IDBI Bank Offering 7.60% interest On Fixed Deposits! Read Complete News Here

Once in a lifetime, you must have thought of getting an FD for future savings. However, there are several banks giving different offers on their Fixed Deposits, but it is always a deal to think deeply about what to choose or which bank is good for your money so that you will get more interest. Now, the main thing that we all are here is, IDBI bank is giving amazing interest rates on its FD, as reported by officials of IDBI bank. As per the latest reports, IDBI bank is now offering 7.60 percent interest to its customers on deposits of 700 days, the new interest rates will be effective from 26th December 2022, read here for the complete detail.

IDBI Bank Offering 7.60% interest On Fixed Deposits! Read Complete News Here

All banks are now changing their FD rates after the RBI increased the repo rate. As per an official report issued by IDBI bank, it came to know that the bank is now giving 7.60% interest on Retail Amrit Mahotsav Deposit. The bank has increased the interest rates and the new rate will be effective from the 26th of December 2022. As it is a limited offer therefore IDBI bank is offering this interest rate on all FDs for 700 days. Undoubtedly, a lot of people have become super happy after the news.

IDBI Bank Increased Interest Rates On FD

Previously, the bank brought some changes where it increased the interest rate on fixed deposits of less than Rs 2 crore with effect from 19 December. As of now, the bank is currently presenting interest rates ranging from 3.00 percent to 6.25 percent for the general public and 3.50% to 7.00% for senior citizens on deposits maturing in 7 days to 10 years. It has now become an amazing thing for all who have an account in IDBI or planning to get an FD from IDBI bank. Well, as it is a limited offer therefore it has a deadline too. 

Well, for senior citizens the bank was offering the Naman Senior Citizen Deposit Special Retail Term Deposit Scheme, which was scheduled to end on 31st December 2022 but now as per the latest reports, the deadline is extended to 31st March 2023. If you are one of those who keep their eyes on the financial updates then you must have read the news, that the RBI (Reserve Bank of India) made some changes in the repo rate, and that too 5 times in the same year. However, the RBI is aimed to reduce inflation.

The central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7. Not only IDBI but many banks including SBI, Kotak Mahindra Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank, HDFC Bank, Indian Overseas Bank e.t.c have increased FD interest this year after the RBI increased the Repo rates.


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