Amrit Mahotsav FD scheme: IDBI Bank announces special 500 days deposit

IDBI Bank has introduced a limited period special 500 days deposit under the Amrit Mahotsav FD scheme, which will offer 6.70 per cent interest rates

IDBI Bank
IDBI Bank
IANS Mumbai
1 min read Last Updated : Aug 22 2022 | 1:21 PM IST

IDBI Bank has introduced a limited period special 500 days deposit under the Amrit Mahotsav FD scheme, which will offer 6.70 per cent interest rates.

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 for boosting deposit to support rising credit off-take as liquidity in the banking system has narrowed.

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.

--IANS

msn/ksk/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :IDBI BankFixed deposits

First Published: Aug 22 2022 | 1:21 PM IST

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