As 2024 comes to a close, no bank has revised interest rates on their fixed deposits (FD) in the last week of this year, except IDBI Bank. However, the bank has not revised its FD rates but introduced a new special tenure FD effective December 23, 2024. This new FD offers a maximum of 7.40 per cent to the general public and 7.90 per cent to senior citizens, including the additional 0.50 per cent interest (50 basis points) available for senior citizens.

Here are the details of this new FD and other tenure interest rates offered to seniors by the bank.

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IDBI Bank:

The last time the bank revised its rates was in August this year. Since then, the rates remained the same, but it had extended the last date during October 2024 for its special tenure FDs ending on September 30, 2024, to December 31, 2024. Now, on December 23, 2024, the bank has also launched a new special tenure FD for ‘555 days’, offering seniors the highest 7.90 per cent interest. For other tenures, it offers: 

• 3.50 per cent for 7 to 30 days

• 3.75 per cent for 31 to 45 days

• 5.00 per cent for 46 to 60 days

• 5.25 per cent for 61 to 90 days

• 6.00 per cent for 91 days to six months

• 6.50 per cent for six months 1 day to 270 days

• 6.75 per cent for 271 days to less than one year (except 300 days)

• 7.30 per cent for one year to two years (except 375 days, 444 days, 555 days, and 700 days)

• 7.50 per cent for more than two years to less than three years

• 7.00 per cent for three years to five years

• 6.75 per cent for more than five years to 10 years

• 7.00 per cent for tax saver FD for five years. 

The bank allows premature withdrawal but charges a penalty of 1 per cent on the interest rate applicable on deposits.

Also Read: Year-Ender: 5 Key Changes In EPFO In 2024 

Special Tenure FDs

For its special tenure FDs, the rates are: 

• 7.55 per cent for 300 days

• 7.75 per cent for 375 days

• 7.85 per cent for 444 days

• 7.90 per cent for 555 days

• 7.70 per cent for 700 days. 

IDBI names these special tenure FDs as Utsav callable FDs. All the existing special FDs are valid for application up to March 31, 2025, whereas the newly launched ‘555 days’ FD is valid only up to February 15, 2025. The rates are applicable on the new application as well as the renewals, and existing FDs will keep getting the same interest until renewed.