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IDBI Bank reduces deposit rates by 0.5-1%

New Delhi, May 16, 2009

State-run, IDBI Bank slashed its deposit rates by 0.5-1 percent effective from May 21.

Deposits, below Rs 15-lakh, having a maturity of 1 year-2 years will now carry a rate of 7.5 percent as against 8 percent earlier, while those having a 2 years-less than 1,100 days tenure, will offer 7.75 percent (8.25 percent), a press release issued here said.

Also, interest rate for 1,100-days deposits has been revised to 8 percent (8.5 percent) and rate for 1,100-days-5 years has been reduced to 7.75 percent (8.25 percent), the release said.

Rate for 15-45 days maturity deposits to 3.25 percent (4.25 percent) and that for 46-90 days maturity to 4.25 percent (5.25), it said.

Similarly, interest rate for 5 years-10 years deposits has been cut to 8.25 percent (8.75 percent).

IDBI Bank has also trimmed the rates for deposits above Rs 15-lakh and upto Rs 1 crore in the above maturities.  

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