As per the latest revision, interest rates on FDs will be in the range of 2.7 percent to 4.8% for deposits with maturity periods between 7 days to 20 years. Senior citizens avail special interest rates which exceed the rest by 50 basis points (0.5%). Currently, it is in the range of 3.2 percent to 5.3 percent.
FDs with maturity slabs of 7-14 days and 15-30 days will fetch interest at the rate of 2.7 percent. For FDs held for a period of 31-45 days, it will be marginally higher at 2.8 percent. If held for 46-90 days and for 91-180 days (6 months), the rates will be 3 percent and 3.5 percent, respectively.
Rates increase with the duration for which an FD is held with the bank. FDs maturing between 6 months and up to 1-year yield an interest of 4.3 percent, which is relatively higher for the ones which have a maturity slab of under or up to 6 months. The rate for FDs maturing between 1 year and under 3 years has been revised to 5.1 percent, while for ones with maturity slabs of over 3 years and under 5 years, it is 5.3 percent.
FDs held for a period between 5-10 years, will get a rate of interest of 5.25 percent, while long-term deposits with maturity slabs between 10-20 years, IDBI will pay interest at 4.8 percent.
The revised rate of interest for term deposits, which are also known as tax-saving FDs is 5.25 percent. These mature in 5 years. IDBI Bank offers senior citizens’ an additional 50 bps interest rate across all tenors.