Ever since the Reserve Bank has cut the repo rate, banks have started reducing the interest rates on fixed deposits and savings accounts. Now IDBI Bank has also revised the interest rates of its special FD and reduced them.
IDBI Bank has reduced the interest rates of its special fixed deposit (FD) scheme. Utsav special deposits will now get less interest than before. Along with this, the bank has extended the time limit of this special FD scheme. Earlier the last date for investment in this scheme was April 30, 2025, but now investors will have extra time to take advantage of it. However, the reduction in interest rates is like a shock for them.
Now the interest has become so much
For FDs with a tenure of 444 days, general customers will now get 7.25% interest per annum, whereas earlier it was 7.35%. IDBI Bank has reduced the interest rate for senior citizens from 7.85% to 7.75% and for super senior citizens (under IDBI Chiranjiv FD) from 8% to 7.90%. Similarly, the interest rate on FDs of 555 days has been reduced from 7.40% to 7.30% for general customers. Interest rates have also been reduced for senior citizens. It has been reduced from 7.90% to 7.80%. On the other hand, super senior citizens will now get 7.95% interest instead of 8.05%.
Deadline extended till June 30
IDBI Bank has reduced the interest rate on its 700 days special FD for general customers from 7.20% to 7%. For senior citizens, the interest rate has been reduced from 7.70% to 7.50% and for super senior citizens from 7.85% to 7.65%. The bank has extended the validity of Utsav Special Deposit from April 30, 2025 to June 30, 2025. That is, customers have got additional time to invest in this special FD.
This much interest on regular FD
IDBI Bank offers interest rates between 3% to 7% (excluding special FDs) on deposits of less than Rs 3 crore for general citizens. For senior citizens, the bank is offering interest ranging from 3.50%-7.50% on FDs with tenures between 7 days to 10 years. The revised rates have become effective from April 16, 2025. Let us tell you that ever since the Reserve Bank has cut the repo rate, banks have started reducing the interest on fixed deposits and savings accounts.
