IDBI Bank Amrit Mahotsav FD

With its Amrit Mahotsav FD scheme, IDBI Bank has introduced a special 500-day deposit offering 6.70 percent interest.

Additionally, a special bucket of 500 days for US dollar designated FCNR (B) deposits offers a peak interest rate of 3.63 percent.

With effect from Monday, the bank has also revised the interest rates on term deposits across various tenors.

On select tenors, the bank now offers the highest rate of 6.55 percent.

As liquidity in the banking system has narrowed, most banks are raising deposit rates to increase credit off-take.

With the August monetary policy, the Reserve Bank of India increased the repo rate by 50 basis points.