Now, IDBI Bank too hikes deposit rates to fund strong loan demand

The highest rate for senior citizens is 6.55 per cent for tenors ranging from 5 years to more than 5 years and up to 10 years

At a time when banks are looking to aggressively increase mobilisation of deposits to fund demand for loans, IDBI Bank has increased interest rates on term deposits. The lender is offering a peak rate of 6.7 per cent to senior citizens for a select period under a new scheme.

“The bank has also introduced a limited period special 500 days deposit under the Amrit Mahotsav FD (fixed deposit) scheme, offering a peak rate of 6.7 per cent. Amrit Mahotsav is a limited period offer available up to September 30, 2022,” IDBI Bank said. The special offer is effective from Monday.