IDBI Bank has slashed the interest rates on deposits in the range of 25 basis points to 50 basis points across various maturities effective August 12. Along with this, the bank 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.
The interest rate for deposit of one year to two year will be 6.75 per cent as against 7.25 per cent currently. The highest rate of 8 per cent is for deposits with tenure of seven to 10 years. Besides this, the bank said it has reviewed its lending rate on auto loans and reduced by one percentage point. The revised fixed rate of interest for a three-year tenor would vary from 10.50 per cent -12 per cent and for five years between 10.75 per cent and 13 per cent.
The interest rate for deposit of one year to two year will be 6.75 per cent as against 7.25 per cent currently. The highest rate of 8 per cent is for deposits with tenure of seven to 10 years. Besides this, the bank said it has reviewed its lending rate on auto loans and reduced by one percentage point. The revised fixed rate of interest for a three-year tenor would vary from 10.50 per cent -12 per cent and for five years between 10.75 per cent and 13 per cent.
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