Senior Citizen Fixed Deposit rate hike in July: New scheme offers 7.6% interest for 375 days

Senior Citizen Fixed Deposit interest rate hike (July 20e3): Senior Citizens can get 7.6% interest on deposits of 375 days in IDBI Bank. This is a new FD scheme, named ‘Amrit Mahotsav FD’, launched by the IDBI Bank this month, effective from July 14. The special scheme will be available till August 15, 2023.

For general citizens, the IDBI Bank is offering 7.1% interest on 375-day deposits in Amrit Mahotsav FD.

“IDBI Bank has introduced a special bucket of ‘Amrit Mahotsav FD for 375 days’ offering a peak rate of 7.60% p.a. valid till August 15, 2023. Besides this, existing ‘Amrit Mahotsav FD for 444 days’ under callable option offers a peak rate of 7.65% p.a. and under non-callable option offers a peak rate of 7.75% p.a,” the bank said in a statement today.

IDBI Bank is also offering Amrit Mahotsav FD for 444 days with 7.65% interest rate to senior citizens and 7.15% to others on callable fixed deposits of 444 days.

Also Read: Senior Citizen Savings Scheme (SCSS) Interest Rate, Deposit Limit changed in 2023: Know impact

New non-callable option

The bank is also offering a special non-callable FD scheme of 444 days with effect from July 14. The scheme offers 7.75% interest to senior citizens and 7.25% to others. In non-callable deposits, pre-mature withdrawal or closure is not permitted. However, the bank’s website says “premature withdrawal may be permitted in exceptional circumstance such as in the event of any direction from any judiciary /statutory and / or regulatory authorities or in case of deceased claim settlement.”

Regular Fixed Deposit interest rates

For regular fixed deposits, the highest interest offered by IDBI bank is 7.3% on deposits of 1 year to 2 years (except 375 days and 444 days). On deposits of 2 years to 5 years, the bank is offering 7% interest to senior citizens and 6.5% to general citizens. On deposits of 5 years to 10 years, IDBI Bank is offering 6.75% interest to senior citizens and 6.25% to others. The bank’s tax-saving FD of 5 years offers 7% interest to senior citizens and 6.5% to others.