Public sector lender IDBI Bank has announced an increase in interest rates of its fixed deposits by as much as 50 bps.

Interest rate hike has been observed in deposits of tenor 46-90 days, 7-10 years and five years tax saver ones.

Following the revision, deposits of Rs 1 crore and above would attract 7% interest instead of 6.50% earlier.

Tenor of 7 years to 10 years will now fetch interest of 9.25% while the tax saver ones will also have interest of 9.25%.

The tax saver deposits have a lock in of 5 years.