MUMBAI: IDBI Bank has said it will offer a new 500-day deposit that offers 6.7% interest as part of the Amrit Mahotsav (75 years of independence) scheme. The bank has also hiked interest rates on term deposits across various tenors from August 22. The highest rate offered under its regular fixed deposits is now 6.55%.
With larger public-sector banks like SBI, Bank of Baroda and Canara Bank offering more than 6% on term deposits, mid-sized banks are likely to hike their deposit rates again. Almost all banks offer senior citizens a rate that is higher by 25-50 basis points (100bps = 1 percentage point).
