IDBI Bank (Industrial Development Bank of India) has reduced its interest rates on retail term deposits by 25-50 basis points which would be effective from June 25. For more details or to check the new fixed deposit interest rates see the table at http://www.idbi.com/products/fixeddeposit_interestrates.asp
IDBI is one of India’s leading public sector banks and 4th largest Bank in overall ratings with its 349 centers, 564 branches and 965 ATM’s.
IDBI Bank reduced its interest rates : Important updates :
- The interest rate on five-year Tax Savings Suvidha deposits has also been reduced to 8 % from 8.5 % per annum.
- The interest rate for deposits of up to Rs 15 lakh for a period more than six months and less than a year has been reduced from 6.75 per cent to 6.50 per cent .
- 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).
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