IDBI Bank raises interest rates on Retail Term deposit: Check new rates

New Delhi: IDBI Bank has announced an increase in the interest rate up to 25 basis points on term deposits less than Rs 2 Crore. With effect from June 15, 2022, the revised rates would be applicable across various tenors for domestic term deposits, Non-Resident Ordinary (NRO) and Non Resident External (NRE) term deposits, said IDBI Bank.

Customers can invest from the convenience of their home / office digitally viz. Internet banking and GO Mobile+ App besides visiting any of Bank’s branches. Following table denotes comparison of IDBI Bank’s existing retail term deposit rates vis-à-vis revised interest rates effective from June 15, 2022:

Rates on Retail term deposits less than Rs 2 Crore for General Public

Rates on Naman Senior Citizen Deposit less than Rs.  2 Crore

Suresh Khatanhar, Deputy Managing Director, IDBI Bank said, “In the present scenario of volatility in the financial markets as well as uncertainty globally and rising inflation domestically, fixed deposit remains a most preferred avenue of safe investment in Indian market.  The Bank offers its highest interest rate of 5.75% and offers additional 75 basis points higher interest rate up to 6.50% to Resident Senior Citizen customers across maturities, under its brand “NAMAN Senior Citizen FD”.