As India is celebrating Amrit Mahotsav, IDBI Bank has introduced a limited period special 500 days deposit under the Amrit Mahotsav FD scheme, which will offer 6.70 percent interest rates.
Investment is done to secure our future. There are various investment instruments but Fixed Deposit (FD) is considered a safer way and guarantees a fixed return after investment for a fixed term.
The hike in deposit rates are in line with the Reserve Bank of India’s 50 basis points hike in repo rate in the August monetary policy.
Further, a special bucket of 500 days for US dollar designated FCNR (B) deposits is also introduced offering a peak rate of 3.63 per cent.
Meanwhile, the bank has also revised the interest rates on term deposit across various tenors with effect from Monday.
The bank is now offering the highest rate of 6.55 per cent on select tenors.
Most banks are increasing their deposit rates to boost deposit to support rising credit off-take as liquidity in the banking system has narrowed.
(inputs from IANS)