IDBI Bank extends Utsav FD till March 2026, revises interest rates for senior and super senior citizens

IDBI Bank has revised the interest rates on its fixed deposits and extended the deadline for the Utsav FD scheme to 31 March 2026. The announcement was made through an update on the bank's official website. The revised rates, effective from Friday, apply to retail term deposits of less than Rs 3 crore and include special products for senior and super senior citizens.

Higher returns for seniors and super seniors

Under the revised structure, general depositors will now earn between 3 per cent and 6.55 per cent, depending on the tenure. For senior citizens, the bank is offering higher returns, with rates between 3.50 per cent and 7.05 per cent. On regular deposits of one to three years, the maximum rate is 6.55 per cent, while seniors can earn up to 7.05 per cent for the same tenure. Rates gradually taper for longer tenures, with deposits of five to ten years fetching 5.95 per cent for general customers and 6.45 per cent for seniors, while the ten-to-twenty-year slab carries 4.80 per cent and 5.30 per cent respectively.

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Utsav FD deadline pushed

The bank has extended the deadline for its Utsav Fixed Deposit scheme from September 30, 2025 to March 31, 2026. The scheme offers higher returns on special tenures of 444, 555 and 700 days. Depositors placing funds for 444 days will receive 6.60 per cent (general) and 7.10 per cent (senior), while the 555-day option offers 6.65 per cent and 7.15 per cent respectively. For 700 days, the rates stand at 6.50 per cent for general depositors and 7.00 per cent for seniors.

Exclusive Chiranjeevi FD for super seniors

To recognise its oldest customers, IDBI Bank has rolled out the Chiranjeevi Fixed Deposit for individuals aged 80 years and above. With effect from 19 September, super senior citizens can earn up to 7.30 per cent on a 555-day deposit, 7.25 per cent on 444 days and 7.15 per cent on 700 days. This product positions IDBI among the few lenders catering specifically to this age group with tailored rates.

Tax saver and green deposits

Other products have also seen revisions. The Suvidha Tax Saving FD, with a five-year lock-in, now offers 6.35 per cent for general customers and 6.85 per cent for seniors. The Vasundhara Green Deposit, with a tenure of 1,111 days, carries the same 6.35 per cent and 6.85 per cent rates. The bank’s Systematic Savings Plan (SSP and SSP Plus) has also been aligned with the updated slab-wise structure.

Penalty for early withdrawal

IDBI has maintained a penalty of 1 per cent for premature withdrawals. The bank clarified that in such cases, the interest payable will be based on the rate applicable on the original date of the deposit for the actual tenure completed, minus the penalty. This rule applies to both partial withdrawals and sweep-ins.