Suresh Khatanhar, Deputy Managing Director, IDBI Bank said, “In the present scenario of volatility in the financial markets as well as uncertainty globally and rising inflation domestically, fixed deposit remains a most preferred avenue of safe investment in Indian market. The Bank offers its highest interest rate of 5.75% and offers additional 75 basis points higher interest rate up to 6.50% to Resident Senior Citizen customers across maturities, under its brand “NAMAN Senior Citizen FD”.
Rates on Retail term deposits less than Rs. 2 Cr for General Public
Rates on Naman Senior Citizen Deposit less than Rs. 2 Cr
had also raised lending and deposit rates following the Reserve Bank’s repo rate hike last week. said interest rates have been raised by 0.20 per cent on domestic term deposits of below Rs 2 crore for select tenors. The Reserve Bank of India (RBI) had last week hiked the repo rate by 0.50 per cent to 4.90 per cent. Repo is the short term lending rate RBI charges to the banks.