IDBI Bank has hiked interest rate by 0.25 per cent on fixed deposits having maturity of 365 days and above, effective from Monday.

The new rate for fixed deposits in maturity bracket of 365 days and upto three years would be 5.5 per cent (5.25 per cent being earlier rate), Rahul Vodhra, IDBI Bank deputy head (retail liabilities) said.

Similarly, the rate for deposits with over three-year maturity would be 5.75 per cent (5.5 per cent), Vohra said.

The fixed deposits, for senior citizens, with over six-month tenure would get additional 0.5 per cent interest rate, he said adding, the private sector bank would give 0.25 per cent bonus rates on deposits of over Rs 15 lakh (Rs 1.5 million) for tenure upto six months.