IDBI Bank has recently announced a limited-period special fixed deposit (FD) scheme, offering attractive interest rates, specifically catering to senior citizens.
“IDBI Bank has introduced a special bucket of “Amrit Mahotsav FD for 375 days” offering a peak rate of 7.60 per cent per annum (p.a.) valid till August 15, 2023. Besides this, the existing “Amrit Mahotsav FD for 444 days” under the callable option offers a peak rate of 7.65 per cent p.a., and under the non-callable option offers a peak rate of 7.75 per cent p.a,” IDBI Bank said in a press release
Special Rates For Senior Citizens
Under this special scheme, IDBI Bank is providing a rate of interest of 7.10 per cent per annum for the general public and 7.60 per cent per annum for senior citizens. The bank has also introduced an additional option for a 444-day FD, with interest rates of 7.65 per cent per annum for callable FDs and 7.75 per cent per annum for non-callable FDs, specifically tailored for senior citizens.
Callable And Non-Callable Options
Callable FDs allow for premature withdrawal and closure, while non-callable FDs cannot be closed or withdrawn before maturity. These rates and options will remain valid till August 15, 2023, as stated on the bank’s website.
Rates Across Different Tenures
Apart from these special schemes, IDBI Bank is also offering a range of FDs with varying rates of interest for different tenures. The rates offered for regular customers range from 2.70 per cent to 6.80 per cent per annum, depending on the tenure, which spans from three months to 20 years.
Senior citizens enjoy higher rates, with interest rates varying from 3.5 per cent to 7.30 per cent per annum.
FCNR Fixed Deposits For NRIs And OCIs
Additionally, IDBI Bank is also offering FCNR fixed deposits for non-resident Indians (NRIs) and overseas citizens of India (OCIs) in various currencies.
Investing in FCNR deposits provides a hedge against currency fluctuations and offers the advantage of tax-free returns, which can be repatriated without any restrictions.
IDBI Bank's new special FD schemes provide an opportunity for senior citizens to maximise their savings and earn attractive returns on their investments. These schemes come at a time when the interest rate environment is fluctuating, making it crucial for individuals to explore options that offer competitive rates and stability.
Nevertheless, it is advisable for potential investors to carefully evaluate their financial goals, risk tolerance, and liquidity requirements before making any investment decisions. It is recommended they consult with financial advisors or professionals for personalised guidance based on individual circumstances.