Banks have started offering higher returns on FDs amid fierce competition to raise more deposits. While leading banks such as SBI and HDFC were the first to raise interest rates on FDs, smaller banks such as IDBI have followed suit for fear of getting left behind in the race.
SBI introduced a new category of super senior citizens above 80 years — who will get 10 basis points more than senior citizens. This scheme has been adopted by IDBI Bank as well. IDBI Bank has launched the ‘IDBI Chiranjeevi-Super Senior Citizen FD’, a fixed deposit product exclusively for individuals aged 80 years and above.
The scheme offers an additional 0.65 per cent interest above the standard fixed deposit rates.