IDBI Bank Boosts Deposit Rates to 7.85% Amid Slow Deposit Growth Concerns

IDBI Bank has increased its fixed deposit rates to 7.85% for a 444-day tenure. This rate is available for a limited period until September 30, 2024. The bank aims to attract more deposits as the Finance Minister and RBI Governor express concerns over the slow pace of deposit growth compared to credit growth.

In a bid to attract more deposits, IDBI Bank has increased its fixed deposit rate to 7.85 percent for a 444-day tenure, effective only for a limited time.

The bank now offers peak rates of 7.85 percent for 444-day tenures and 7.75 percent for 375-day tenures, as per a recent statement.

Named the Utsav Fixed Deposit, the scheme is designed to offer higher yields, making it a compelling choice for customers. The offer is valid until September 30, 2024, and can be accessed through the bank's website, mobile banking app, or any branch.