Revised Interest Rates for Deposits with IDBI Bank
With effect from June 21, 2011, the IDBI Bank has revised new interest rates for their fixed deposit for various tenures for the resident individuals and senior citizens. This change is applicable for fixed deposit investments of up 15 lakhs and up to 1 crore. There is an increase in interest rates for the higher duration FDs, while the lower tenure has been remained unchanged. Also remember that IDBI Bank is one of the few banks which do not levy any penalty on premature withdrawals of our fixed deposit investments while most other banks charge up to 1% as penalty charges for premature withdrawals.
While there are no changes for the durations of the following duration or tenure of which the interest rate remains the same as shown below.
Existing INTEREST RATES (no change)
15to 45 days – 4.50%
46 to 90 days – 6.50%
91 days to 6 months – 7.75%
500 days – 9.50%
500 days to 5 years – 9.25%
5 years to 7 years – 9.25%
7 years to 10 years – 9.00%
There is a change in interest rates for the following tenure for the fixed deposits for the new accounts created from June 21, 2011.
NEW INTEREST RATES
6 months to 269 days – 8.25% (previously 8.15%)
270 days to 1 year – 9.00% (previously 8.50%)
1 year 1 day to 499 days – 9.25% (previously 9.00%)
The above new interest rate for the FDs remain the same even for the deposits up to Rs. 1 crore. The senior citizens can enjoy an additional 0.50% extra for the different tenures while some tenures don’t offer them though.
The regular tax saving (5 years Fixed Deposit) enjoys the same interest rate at 9% p.a.
The above mentioned interest rates might change in the near future depending on various factors like inflation, etc.
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