IDBI launches new FD scheme

Mumbai, Aug 16: Industrial Development Bank of India (IDBI) has decided to launch a new fixed deposit scheme, IDBI Suvidha Plus (ISPFD), under its brand IDBI Suvidha Fixed Deposit (ISFD) which has a term period of 500 days.

The scheme, which will open from tomorrow, carries an interest rate of 8.25 per cent per annum.

IDBI chairman and managing director V P Shetty, while announcing the scheme, said eligible customers including individuals, Hindu Undivided Families, companies, trusts, NGOs stand to earn a good return on investment by depositing a minimum amount of Rs 10,000 (and in multiples of Rs 1000 thereafter) in IDBI ''Suvidha Plus''.

There is no cap on the quantum of funds that can be parked in the ISPFD scheme.

Senior citizens will enjoy a higher interest rate of 8.75 per cent per annum on their investments in the IDBI Suvidha Plus FD scheme.

He said investors looking for steady income over a short to medium term horizon will find the returns from IDBI Suvidha Plus fixed deposit extremely attractive. The current offer will be open for a limited period only, he added.

Depositors in the new FD scheme will have the choice of receiving interest payouts either on monthly or a quarterly basis. Premature withdrawal will attract a penalty of one per cent.

Deposits under the scheme are eligible for automatic renewal at interest rates prevailing on the date of renewal. Investors can also avail the loan/overdraft facility against ISPFD, he informed.

UNI