IDBI Bank Hikes FD Rates: Government bank IDBI Bank has good news for its customers. Actually, the bank has increased the interest rate on FD of 444 days to 7.85 percent on Tuesday.
IDBI Bank Hikes FD Rates: If you are planning to invest in fixed deposit i.e. FD, then this news is of your use. Actually, public sector bank IDBI Bank has increased the interest rate on FD of 444 days to 7.85 percent on Tuesday. This increase has been done for a limited time and is valid till 30 September 2024.
IDBI Bank said in a statement that now interest will be given at the rate of 7.85 percent and 7.75 percent per annum respectively on fixed deposits with a period of 444 days and 375 days.
How can you book Utsav FD? The bank said that this increase makes ‘Utsav FD’ even more attractive for customers seeking higher yield. According to the statement, this offer is valid till September 30, 2024. Customers can easily avail the benefits of Utsav FD through the bank’s website or mobile banking app or any branch of the bank.
7.70 percent interest for a period of 700 days
Apart from this, IDBI Bank will continue to offer competitive rates on other special periods under the Utsav FD scheme. Under this, interest is given at a maximum rate of 7.70 percent for a period of 700 days, while it is 7.55 percent for a period of 300 days. Slow pace of deposit growth
Let us tell you that due to the slow pace of deposit growth in banks, there is a worry on the forehead of the banks as well as the government. Meanwhile, many banks have come up with special FD schemes to encourage customers to deposit more money with them. For example, SBI has launched the ‘Amrit Vrishti’ scheme, in which the bank is giving 7.25 percent interest for 444 days. Similarly, Bank of Baroda has launched ‘Monsoon Dhamaka’ deposit scheme, offering interest rates of 7.25 per cent for 399 days and 7.15 per cent for 333 days.
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