IDBI Bank revised term deposit rates
Posted on: 01/Jan/2014 10:53:56 AM
IDBI Bank on Tuesday announced a revision in its interest rate offerings on term deposits by raising it by 0.50 percentage points in the longer term. However, the bank has cut the interest rates on term deposits by up to 0.25 percentage points by modifying time buckets.
Under the new scheme, it hiked the rate to 9 per cent for deposits of over 7 years but under 10 years, while those in the 5-7 years bucket will fetch 9 per cent as against the earlier 8.75 per cent, it said in a statement.
IDBI Bank modified the under-5 years deposit bucket by offering a single rate for deposits of 501 days to 5 years at 9 per cent. The interest rate on the 500 days deposit is also cut by 0.10 percentage points to 9.30 per cent, statement said.
The revisions in rates are applicable from January 1, 2014.
