Mumbai: IDBI Bank on Friday announced slashing
interest rates on deposits by 25 basis points to 50 basis
points (quarter to half a percentage point) across different
maturities, effective August 12.
The lender has also announced reduction of one percentage
point in lending rates for automobile loans.
The bank has not made any changes in rates for deposits
up to six months and all changes are for duration beyond six
months. For majority of slabs, the reduction is only 25 basis
points, or quarter of a per cent, but in case of a few slabs,
the drop is 50 basis points, or half a percent.
The rate of interest for deposit of one year to two year
will be 6.75 percent against 7.25 percent at present.
The highest rate of 8 percent is for deposits with a
duration of 7-10 years.
The bank said it has reviewed its lending rate on auto
loans and brought it down by one percentage point. The revised
fixed rate of interest for a three-year tenor would range from
10.50 percent-12 percent and for five years between 10.75
percent and 13 percent.
Bureau Report
First Published: Friday, August 07, 2009, 20:07