Utsav Fixed Deposit: The bank said that this increase makes ‘Utsav Fixed Deposit’ even more attractive for customers seeking higher yield.
Utsav Fixed Deposit: To attract more deposits, IDBI Bank on Tuesday (August 20) increased the interest rate on 444-day fixed deposit (FD) to 7.85%. This increase has been done for a limited period.
Utsav Fixed Deposit: Revised FD rate
IDBI Bank said in a statement that now interest will be given at the rate of 7.85% and 7.75% per annum respectively on fixed deposits (FDs) with a duration of 444 days and 375 days. The bank said that this increase makes ‘Utsav Fixed Deposit’ even more attractive for customers seeking higher yield.
Utsav Fixed Deposit: Offer period
According to the statement, this offer is valid till September 30, 2024. Customers can easily avail the Utsav Fixed Deposit through the bank’s website or mobile banking app or any branch of the bank.
Apart from this, IDBI Bank will continue to offer competitive rates on other special periods under the Utsav Fixed Deposit scheme. Under this, interest is given at a maximum rate of 7.70% for a period of 700 days, while it is 7.55% for a period of 300 days.
Both the Finance Minister and the RBI Governor have expressed concern over the slow pace of deposit growth compared to credit growth. RBI Governor Shaktikanta Das had expressed concern over domestic savings moving towards alternative investment options and asked banks to take advantage of their vast branch network to raise deposits through new products and services.
On Monday, Finance Minister Nirmala Sitharaman, while chairing a review meeting with public sector bank heads, had asked them to make efforts to raise deposits by running special campaigns.
