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IDBI Bank Introduces 'Chiranjeevi-Super Senior Citizen FD' Scheme.

Banking & Finance | Dated: 16 Jan 2025

On January 13, 2025, Industrial Development Bank of India (IDBI) Limited, based in Mumbai (Maharashtra), launched the 'IDBI Chiranjeevi-Super Senior Citizen Fixed Deposit (FD)' scheme. This exclusive FD product is tailored for individuals aged 80 years and above, offering them higher interest rates to meet their distinct financial requirements.

🎯 Key Highlights:

  • - The scheme offers a secure investment option with guaranteed returns for super senior citizens.
  • - The IDBI Chiranjeevi-Super Senior Citizen FD rates are applicable for the specific Utsav FD buckets, which include durations of 300 days, 375 days, 444 days, and 555 days.
  • - The interest rates for these buckets are as follows: 7.90% p.a. for 375 days, 8.00% p.a. for 444 days, 8.05% p.a. for 555 days, and 7.85% p.a. for 700 days. These special rates are designed to provide enhanced returns for super senior citizens, ensuring they benefit from higher interest rates for their fixed deposits.

💡 Other Important Facts:

  • (i) The IDBI Chiranjeevi-Super Senior Citizen FD scheme is not applicable to Non-Resident Ordinary (NRO) or Non-Resident External (NRE) term deposits. While premature withdrawal and closure are permitted, they will incur a penalty of 1% on the applicable interest rate. All other terms and conditions of the Fixed Deposit will remain unchanged and applicable to this scheme as well.
  • (ii) IDBI Bank also offers the Utsav Callable FD scheme, which provides different interest rates based on the tenure.
  • (iii) A recent addition to this scheme is the 555-day tenure, offering 7.40% for general citizens and 7.90% for senior citizens, available until March 31, 2025.

📚 Test Your Knowledge:

Which bank Recently launched the 'Chiranjeevi-Super Senior Citizen FD' scheme?

Correct Answer: IDBI Bank

🚀 Quick Recap:

About Industrial Development Bank of India (IDBI)

  • MD & CEO : Rakesh Sharma
  • Headquarters : Mumbai