IDBI Bank introduces special fixed deposit (FD) scheme with up to 7.75% interest rate. Here’s everything you need to know

Fixed deposits (FDs) are one of the most popular and safe investment options in India, as they offer guaranteed returns, tax benefits, and liquidity. FDs are especially suitable for risk-averse investors who want to earn a fixed income without worrying about market fluctuations. However, with the prevailing low-interest rate scenario in the economy, finding a good FD scheme that offers high returns and flexibility can be challenging.

That’s why IDBI Bank has introduced a special FD scheme called “Amrit Mahotsav FD” to commemorate the 75th anniversary of India’s independence. The scheme offers attractive interest rates, special features, and benefits to the customers who want to invest in FDs. The scheme is valid till August 15, 2023, and is available for both general and senior citizens.

What are the features and benefits of Amrit Mahotsav FD scheme?

The Amrit Mahotsav FD scheme has two variants: callable and non-callable. Callable FDs are those that can be withdrawn by the customer before maturity, while non-callable FDs are those that cannot be withdrawn before maturity. The features and benefits of both variants are as follows:

  • Callable variant: The callable variant of Amrit Mahotsav FD scheme offers a tenure of 444 days and an interest rate of 7.65% per annum for general customers and 7.75% per annum for senior citizens. The minimum amount required to open this FD is Rs 10,000 and the maximum amount is Rs 1 crore. The interest is compounded quarterly and paid on maturity. The customers can also avail loan or overdraft facility up to 90% of the deposit amount at a concessional rate of interest.
  • Non-callable variant: The non-callable variant of Amrit Mahotsav FD scheme offers a tenure of 444 days and an interest rate of 7.75% per annum for general customers and 7.85% per annum for senior citizens. The minimum amount required to open this FD is Rs 10 lakh and the maximum amount is Rs 1 crore. The interest is compounded quarterly and paid on maturity. The customers cannot avail loan or overdraft facility on this FD.

Apart from these variants, IDBI Bank has also introduced another special bucket of “Amrit Mahotsav FD for 375 days” offering a peak rate of 7.60% per annum for general customers and 7.70% per annum for senior citizens. This FD is also callable and has a minimum amount of Rs 10,000 and a maximum amount of Rs 1 crore.

How to open Amrit Mahotsav FD scheme?

To open Amrit Mahotsav FD scheme, you need to follow these steps:

  • Visit the nearest IDBI Bank branch or log on to the official website of IDBI Bank https://www.idbibank.in/index.asp
  • Fill up the application form with your personal details, deposit amount, tenure, interest rate, mode of payment, nominee details, etc.
  • Provide your KYC documents such as Aadhaar card, PAN card, address proof, etc.
  • Pay the deposit amount through cash, cheque, or online transfer.
  • Receive your deposit receipt and confirmation.

How to check the status of Amrit Mahotsav FD scheme?

To check the status of Amrit Mahotsav FD scheme, you can use any of these methods:

  • Visit the nearest IDBI Bank branch or log on to the official website of IDBI Bank https://www.idbibank.in/index.asp 
  • Enter your customer ID and password or your deposit account number and PIN
  • Click on “View Fixed Deposit Details” or “Fixed Deposit Enquiry”
  • You will be able to see your deposit details such as balance, interest rate, maturity date, etc.

Conclusion

Amrit Mahotsav FD scheme is a special offer by IDBI Bank to celebrate the 75th anniversary of India’s independence. The scheme offers high-interest rates, special features, and benefits to the customers who want to invest in FDs. The scheme is valid till August 15, 2023, and is available for both general and senior citizens.

If you are looking for a safe and lucrative investment option in these uncertain times, you should consider opening an Amrit Mahotsav FD scheme with IDBI Bank. You can also compare the interest rates and features of other banks’ FD schemes before making a decision.We hope you found this blog useful and informative. If you have any feedback or suggestions for us, please let us know. We would love to hear from you.