New Delhi. If you are planning to invest in Fixed Deposit (FD), then this news is useful for you. Actually, public sector bank IDBI Bank on Tuesday increased the interest rate on 444 day FD to 7.85 percent. This increase has been made for a limited time and is valid till 30 September 2024.
IDBI Bank said in a statement that now interest will be paid at the rate of 7.85 per cent and 7.75 per cent per annum respectively on fixed deposits with tenure of 444 days and 375 days.
How can you book Utsav FD?
The bank said that this increase makes ‘Utsav FD’ even more attractive for customers seeking higher yield. According to the statement, this offer is valid till September 30, 2024. Customers can easily avail the benefits of Utsav FD through the bank’s website or mobile banking app or any branch of the bank.
7.70% interest for 700 days tenure
Apart from this, IDBI Bank will continue to offer competitive rates on other special tenures under the Utsav FD scheme. Under this, the maximum interest rate of 7.70% is given for a tenure of 700 days, while for a tenure of 300 days it is 7.55%.
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Slow growth of deposits
Let us tell you that the slow growth of deposits in banks has caused worry lines on the forehead of not only the banks but also the government. Meanwhile, many banks have come up with special FD schemes to encourage customers to deposit more money with them.
For example, SBI has launched the ‘Amrit Vrishti’ scheme, under which the bank is offering 7.25 percent interest for 444 days. Similarly, Bank of Baroda has launched the ‘Monsoon Dhamaka’ deposit scheme, under which 7.25 percent interest rates are being offered for 399 days and 7.15 percent for 333 days.
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