IDBI Bank extends Amrit Mahotsav special FDs’ last date: Check details

IDBI Bank has extended the validity date for special FDs dubbed as Amrit Mahotsav FD for 375 days and 444 days tenure, according to the bank website.

When is the last to invest in Amrit Mahotsav FDs
The last date to invest in Amrit Mahotsav FDs with tenure for 375 Days and 444 Days is September 30, 2023.

Amrit Mahotsav FD 444 days

The bank gives regular, NRE, and NRO customers an interest rate of 7.15% under the Amrit Mahotsav FD scheme of 444 days. The bank gives senior citizens 7.65%. Also, premature withdrawal and closure is allowed.

Amrit Mahotsav FD 375 days
The bank gives older folks 7.65%. The bank gives regular, NRE, and NRO customers an interest rate of 7.10% under the Amrit Mahotsav FD scheme of 375 days. Also, premature withdrawal and closure is allowed.

IDBI Bank FD Rates
IDBI Bank fixed deposit interest rates range from 3% to 6.80% for FD tenures of between 7 days and 10 years for general citizens and from 3.50% to 7.30% for senior citizens. The rates are effective from July 14, 2023.

Maturity Slab
	General Customers	Sr. Citizen
0-6 Days	NA	NA
07-30 days	3	3.5
31-45 days	3.25	3.75
46- 90 days	4	4.5
91-6 months	4.5	5
6 months 1 day to < 1 year	5.75	6.25
1 Year to 2 Years	6.8	7.3
(except 375 Days and 444 Days)
> 2 Years to 5years	6.5	7.00
> 5 years to 10 years	6.25	6.75
>10 years to 20 years$	4.8	5.30
	Tax Saving FD
5 years	6.5	7

Interest rate on premature withdrawal
According to the IDBI bank website, “Interest payable on prematurely withdrawn deposits will be the rate applicable for the amount and the period for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit). To illustrate as an example, if a deposit is placed for 5 years and after 1 year the depositor wants to close the deposit prematurely, then the interest rate applied will be the rate which was applicable for one year on the original date of deposit.”

Penalty on premature withdrawal
The bank will impose a 1% penalty on the appropriate rate for prematurely closed deposits. Sweep-in withdrawals and partial withdrawals are examples of such closures.