IDBI Bank Hikes Interest Rates on Utsav Fixed Deposit Schemes
Overview of Interest Rate Hike
IDBI Bank has announced an increase in interest rates for its limited period Utsav fixed deposit schemes. This adjustment is part of the bank's initiative to offer better returns to its customers and enhance its competitive positioning in the financial market.
Details of the Utsav Fixed Deposit Schemes
- Current interest rates are significantly higher than previous offerings.
- The hike aims to make these fixed deposits attractive for potential investors.
Impact on Savings Accounts
Effective from August 01, 2024, IDBI Bank also adjusted its savings account interest rates, now offering a competitive 2.75% interest rate on balances up to Rs. 1 lakh. This change reflects the bank's response to market trends and its commitment to providing value to its customers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.