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IDBI Bank cuts deposit rates by 0.25-0.50% points

Mumbai, June 23, 2009

IDBI Bank cut its interest rates on retail term deposits by 25-50 basis points in various tenors and also realigned its maturity periods.

The revised interest rates would be effective from June 25, the bank said in a statement here today.

The interest rate on five-year Tax Savings Suvidha deposits has also been reduced to 8 per cent from 8.5 per cent per annum.

The interest rate has been reduced from 6.75 per cent to 6.50 per cent for deposits of up to Rs 15 lakh for a period more than six months and less than a year.

For those above Rs 15 lakh and up to Rs 1 crore, the interest rate for the period between six months and less than one year has been cut to 6.75 per cent from 7 per cent.

For the period between one year and two years the new interest rates for deposits of up to Rs 15 lakh and between Rs 15 lakh and up to Rs 1 crore are 7.25 per cent (7.5 per cent) and 7.25 per cent (7.75 per cent), respectively.

For the period more than 2 years and less than 1,100 days, the revised rates for up to Rs 15 lakh will be 7.5 per cent (7.75 per cent) and for amounts above Rs 15 lakh and up to Rs 1 crore 7.5 per cent (7.75 per cent).

The revised rates for 1,100 days for amounts up to Rs 1 crore would be 7.75 per cent (8 per cent earlier).

For more than 1,100 days and up to five years, the interest rates for amounts up to Rs 1 crore would be 7.5 per cent (7.75 per cent).

The revised rate for a period more than five years and up to seven years would be 8 per cent (8.25 per cent) for up to Rs 1 crore.

For a period more than seven years and up to 10 years, the bank has maintained its interest rates at the same level of 8 per cent.   

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