IDBI Bank Extends Utsav Fixed Deposit (FD) Scheme, Offering Enhanced Returns for Senior Citizens – Latest FD Interest Rates Reviewed

IDBI Bank Extends Utsav Fixed Deposit (FD) Scheme, Offering Enhanced Returns for Senior Citizens – Latest FD Interest Rates Reviewed

IDBI Bank, a prominent financial institution in India, has recently announced revised Fixed Deposit (FD) interest rates across various tenures. This move is aimed at providing competitive returns to both general customers and senior citizens.

For those looking to invest for longer periods, the bank offers lower rates for 10-20 year deposits. Regular depositors can expect a return of 4.80 per cent, while seniors can earn a higher 5.30 per cent.

On the other hand, for shorter tenures of 1-3 years, the maximum rate stands at 6.55 per cent for regular depositors and 7.05 per cent for senior citizens.

The bank has also introduced a new Fixed Deposit scheme called the Chiranjeevi-Super Senior Citizen FD for residents aged 80 years and above. This scheme offers attractive interest rates on select tenures. For a 444-day tenure, general customers can earn 6.60 per cent, while seniors can earn 7.10 per cent. For a 700-day tenure, the interest rate is 7.15 per cent, and for a 555-day tenure, it is 7.30 per cent. The most appealing rate of 7.75 per cent per annum is available for senior citizens aged 80 and above for a 555-day tenure, effective since January 13, 2025.

Moreover, the Vasundhara Green Deposit and the Suvidha Tax Saving FD now offer higher interest rates for both general customers and senior citizens. General customers can earn 6.35 per cent, while seniors can earn 6.85 per cent.

IDBI Bank has also aligned its Systematic Savings Plan (SSP and SSP Plus) with the updated slab-wise structure.

It's worth noting that the bank continues to levy a 1% penalty on premature withdrawals, including partial withdrawals and sweep-ins.

Lastly, IDBI Bank has extended its popular Utsav Fixed Deposit scheme till March 31, 2026.

These changes aim to provide a more attractive return for customers, catering to their diverse investment needs and preferences.

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