Following other banks such as , , and , now IDBI Bank has launched a special fixed deposit scheme called “Amrit Mahotsav FD” with a 500-day maturity period with limited period offer. The new scheme comes with an interest rate of up to 6.70 percent.

According to a tweet on the

official Twitter account, “Take advantage of the peak interest rates with Bank’s Amrit Mahotsav Retail Term Deposits. Hurry! Offer valid till 30th September 2022.”

IDBI Bank offers interest rates ranging from 3.75 percent to 5.80 percent with terms ranging from 31 days to ten years. Under the Amrit Mahotsav FD scheme, IDBI Bank customers who deposit less than Rs 15 lakh will earn 6.10 percent interest on 500-day deposits. The interest rate is 6.20 percent for amounts greater than Rs 15 lakh (non-callable).

According to the bank website, senior citizens will receive a normal mark-up of 0.50% only, while retired senior citizen staff will receive a normal mark-up of 1%.

General terms and condition of “Amrit Mahotsav FD” scheme

• For Non-Callable Deposits- “Pre-mature withdrawal / Closure not permitted”.
• Naman Senior Citizen rates are not allowed for ‘Amrit Mahotsav Fixed Deposit’ of 500 days and 1100 days.
• Bank has right for premature closure of non-callable FD used as collateral security in case of loan/overdraft accounts that have failed to service interest regularly.
• Staff & Senior Citizen Rates are not applicable to NRO & NRE term Deposits.
• All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.