IDBI Bank has revised the interest rates on its term deposits. According to the bank’s website, these rates will come into effect on February 15, 2024. IDBI Bank provides interest rates ranging from 3% to 7% on FDs maturing in seven days to five years to regular clients, and 3.5% to 7.5% to the senior citizens on callable deposits for amounts below Rs 2 crore.
IDBI Bank will levy a penalty of 1%, on the applicable rate for deposits closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.
| Maturity Slab | General Customers | Sr. Citizen |
| 0-6 Days | NA | NA |
| 07-30 days | 3 | 3.5 |
| 31-45 days | 3.25 | 3.75 |
| 46- 60 days | 4.25 | 4.75 |
| 61- 90 days | 4.5 | 5 |
| 91 days to 6 months | 5.25 | 5.75 |
| 6 months 1 day to 270 Days | 5.75 | 6.25 |
| 271 days to < 1 year | 6.25 | 6.75 |
| (except 300 Days) | ||
| 1 Year to 2 Years | 6.8 | 7.3 |
| (except 375 Days and 444 Days) | ||
| > 2 Years to <3years | 7 | 7.50 |
| 3 years to 5 years | 6.5 | 7 |
| >5 years to 10 years | 6.25 | 6.75 |
| >10 years to 20 years$ | 4.8 | 5.30 |
| Tax Saving FD | ||
| 5 years | 6.5 | 7 |
Special deposit- Utsav
Utsav Callable FD offers higher interest rates on special tenure of 300 days, 375 days and 444 days offering interest rates of 7.05%, 7.10% and 7.25% respectively. This is valid till March 31, 2024.
| Special Buckets | General/NRE/NRO | Senior Citizens | |
| 300 Days | 7.05 | 7.55 | |
| 375 Days | 7.1 | 7.6 | |
| 444 Days | 7.25 | 7.75 | |
Special Non-Callable Retail Term Deposits
On special non-callable retail term deposits, the bank offers interest rate between 5.35% to 7.30% for general citizens for tenure ranging from 91 days to 7 years for deposits between 1 crore to Rs 2 crore.
| Special Bucket | General/NRE/NRO | Senior Citizens |
| 91 days – 6 months | 5.35 | 5.85 |
| 6 month 1 days to 270 days | 5.85 | 6.35 |
| 271 days < 1 Year | 6.35 | 6.85 |
| 1 Year | 7.15 | 7.65 |
| >1 Year to 2 Years | 6.95 | 7.45 |
| (excluding 444 days) | ||
| 444 Days | 7.3 | 7.8 |
| >2 Years to <3 Years | 7.1 | 7.6 |
| 3 Years to 5 Years | 6.6 | 7.1 |
| >5 Years to 7 Years | 6.35 | 6.85 |
