IDBI launches Suvidha Plus FD Scheme at 8.75 per cent

Shimla, Jan 25 (UNI) The Industrial Development Bank of India (IDBI) today announced the launching of ''IDBI Suvidha Plus Fixed Deposit Scheme (ISPFD),'' which offers 8.75 per cent rate of interest per annum, Chairman and Managing Director VP Shetty said.

''The new 600 days term deposit scheme offers 50 basis points higher rate of interest than its earlier version, which was for 500 days only,'' he said in a release here.

Mr Shetty said the new scheme would replace the 500-day tenor fixed deposit scheme, which was launched on August 17 last year that closed today.

Customers stand to earn a good return on their investments by parking a minimum amount of Rs 10,000 or more in the scheme, he said, adding that there was no cap on the quantum of funds that could be invested in it.

He said senior citizens would continue to have 9.25 per cent rate of interest on their investment in the ISPFD.

Investors looking for steady income over a short-to-medium term horizon would find the returns from the new scheme, which would be open for a limited period, very attractive, he said.

Mr Shetty said depositors in the scheme would also have the choice of receiving interest payouts, either on a monthly or a quarterly basis, while deposits that run full term would be eligible for quarterly compounding of interest However, pre-mature withdrawals would attract a penalty of one per cent, he said.

Investors depositing over Rs 50,000 in the new scheme would also be provided zero-balance savings bank account, an international ATM-cum-debit card and internet banking facility beside other facilities, he added.

UNI