IDBI Bank Enhances FD Rates and Launches 555-Day Utsav FD Tenure

IDBI Bank has revised its fixed deposit (FD) interest rates and introduced a new tenure under its Utsav Callable Fixed Deposit scheme. Additionally, the special deposit schemes under Utsav FD, initially set to end on December 31, 2024, have been extended, offering customers more time to invest.

New Tenure in Utsav Callable FD Scheme

From December 23, 2024, IDBI Bank launched a 555-day tenure for its Utsav Callable Fixed Deposit. This offers an attractive interest rate of 7.40% for general citizens and 7.90% for senior citizens. The new tenure is available until February 15, 2025. Other special tenures under the Utsav FD scheme have been extended until March 31, 2025.

Utsav Callable FD Rates for General Citizens

The interest rates for Utsav Callable FDs for general citizens are:

• 7.05% for 300 days
• 7.25% for 375 days
• 7.35% for 444 days
• 7.40% for 555 days (new tenure)
• 7.20% for 700 days

Utsav Callable FD Rates for Senior Citizens

Senior citizens enjoy higher rates for Utsav Callable FDs:

• 7.55% for 300 days
• 7.75% for 375 days
• 7.85% for 444 days
• 7.90% for 555 days (new tenure)
• 7.70% for 700 days

Revised FD Rates for General FDs

IDBI Bank has updated its regular FD rates for deposits up to ₹3 crore.

• For general citizens, rates range from 3-7% for tenures between 7 days and 10 years.
• Senior citizens can avail of rates from 3.50% to 7.50%.

These revised rates are applicable from December 23, 2024.

Penalty on Premature Withdrawals

The bank has introduced a new rule for premature withdrawals. If an FD is withdrawn early, partially, or through a sweep-in facility, a 1% penalty will be imposed on the applicable interest rate. This penalty applies to both general citizens and senior citizens.

IDBI Bank share price is currently trading at ₹74.63, up by ₹0.79 (1.07%) as of 9:31 AM on January 7, 2025. The stock reached a high of ₹74.69 and a low of ₹74.01 today, with a market capitalisation of ₹80,220 crores. It has a P/E ratio of 11.86 and a dividend yield of 2.01%. Over the past 52 weeks, the stock has traded between a high of ₹107.90 and a low of ₹66.45.

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