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IDBI ups interest rate on Suvidha FDs by 25-50 bps

Written by: Staff
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Mumbai, May 10 (UNI) IDBI has increased the interest rates on its Suvidha fixed deposit (FD) of over one year tenor by 25 to 50 basis points.

The new rates will come into effect from May 15, a release issued here today said.

As against the prevailing rate of 7.25 per cent, a 10-year FD of up to Rs 15 lakh with IDBI will now fetch the maximum rate of interest of 7.5 per cent, while for senior citizens, the rate will be still higher at 8.5 per cent.

Interest rates on FDs of one year to one-and-a-half-year maturity will earn seven per cent interest, as against the existing rate of 6.5 per cent. Similarly, interest rates on FDs of one-and-a-half years to two years and two-years to three-year maturity have been raised by 50 and 25 basis points, respectively, to seven per cent.

FDs of three-year to five-year duration will carry an interest of 7.25 per cent while deposits of five to less than 10-year and 10-year duration will fetch 7.25 per cent and 7.50 per cent interest, respectively.

According to the release, term deposits above Rs 15 lakh to Rs 100 lakh will fetch a higher interest rate of 25 basis points on maturity buckets, beginning 91 days to less than six months through 10 years, than those obtaining on FDs of up to Rs 15 lakh of corresponding maturity.

The maximum rate of interest that IDBI would offer now in the case of such FDs is 7.75 per cent, as against the existing rate of 7.50 per cent on deposits of ten years' duration.

Senior citizens will continue to enjoy 100 basis points higher interest rate than the normal card rate on Suvidha fixed deposit accounts of up to Rs 15 lakh, for each and every maturity category, the release added.

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