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IDBI raises interest rate on Suvidha FD

CHENNAI: IDBI has decided to increase the interest rates on Suvidha fixed deposits of over one year tenor by 25-50 basis points. The new rates come into effect from May 15. As against the prevailing rate of 7.25 per cent, a 10-year FD of up to Rs. 15 lakh with IDBI will now fetch the maximum rate of interest of 7.5 per cent. For senior citizens, the rate would be 8.5 per cent. Interest rates on FDs of one year to one and a half years maturity will earn seven per cent against the existing rate of 6.5 per cent.

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