FD Rates Hike: According to the information given by IDBI Bank, it has been changed to 7.60 percent while changing the interest rate on 700 days deposit.
new Delhi. IDBI Bank (IDBI Bank) has given New Year’s gift to its customers. Actually, the bank has offered 7.60 percent interest to its customers on deposits of 700 days. The new rates have come into effect from December 26, 2022.
Banks are changing FD rates after RBI increased the repo rate. According to the statement issued by IDBI Bank, IDBI Bank gives 7.60 percent interest on Retail Amrit Mahotsav Deposit. IDBI Bank has increased the interest rate on deposits and now the increased interest rates will be effective from December 26, 2022. As a limited period offer, the bank offers up to 7.60% interest on Fixed Deposits for 700 days.
IDBI Bank had increased FD rates on December 19
Earlier, the bank had increased the interest rate on fixed deposits of less than Rs 2 crore with effect from 19 December. After the revision, the bank is currently offering interest rates ranging from 3.00 per cent to 6.25 per cent for general public and 3.50 per cent to 7.00 per cent for senior citizens on deposits maturing in 7 days to 10 years.
Deadline for special scheme extended for senior citizens
For senior citizens, IDBI Bank offers Naman Senior Citizen Deposit Special Retail Term Deposit Scheme. The previous end date of this program was set as December 31, 2022. Now IDBI Bank has extended it till March 31, 2023.
RBI has increased the repo rate 5 times this year
The Reserve Bank has increased the repo 5 times so far this year. With the intention of reducing 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.
Many banks have increased the rates of fixed deposits
It is worth mentioning that recently SBI, Kotak Mahindra Bank, HDFC Bank, Indian Overseas Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. This process of increasing FD rates has started after the increase in repo rates by RBI.
