IDBI Bank has discontinued Utsav FD with tenures of 300 days and 375 days from April 16, 2025. The validity of the remaining special tenures has, meanwhile, been extended until June 30, 2025.
In a tenure of 444 days, IDBI Bank has cut fixed deposit interest rates from 7.35 to 7.25 percent per annum. In a tenure of 555 days, the bank has cut its interest rates from 7.40 to 7.30 percent. In a tenure of 700 days, interest rates were slashed by 20 basis points to 7 percent.
There is another IDBI Chiranjeevi Super Senior Citizen FD scheme which is meant for resident individuals aged 80 years and above effective from January 13, 2025.
Under Suvidha tax saving fixed deposits, the bank offers 6.5 percent interest with effect from April 16 to general citizens and 7 percent to senior citizens.
Meanwhile, Ujjivan Small Finance Bank has cut its interest rates on fixed deposits by 20 basis points. On an FD of 12-18 months tenure, the revised interest rates are 7.9 percent instead of 8.10 percent.
On a tenure of 18 months, the SFB now offers 8.05 percent per annum instead of 8.25 percent per annum. The new rates came into force from April 24, 2025.
It is worth recalling that most banks revised their interest rates on fixed deposits after the Reserve Bank of India (RBI) cut its repo rate in two consecutive monetary policy committee (MPC) meetings each time by 25 basis points. Now the repo rate – at which RBI lends to commercial banks typically overnight against government securities – stands at 6 percent.
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