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IDBI slashes interest rates on retail term deposits

IDBI slashes interest rates on retail term deposits
IDBI Bank: Quotes, News
BSE 34.00BSE Quote0.5 (-1.47%)
NSE 33.95NSE Quote0.5 (-1.47%)
IDBI Bank slashed interest rates on retail term deposits in two short-term maturity buckets. The rates will be applicable from May 13, 2013.

The bank's retail deposit rates in two short-term buckets - 91 days to less than six months were cut by 50 basis points (bps) to 7.25 per cent and in six months to 269 days bucket by 15 bps to 8.5 per cent, the bank said in a statement.

This move came after hints from RBI's Monetary Policy for 2013-14, announced on May 3, 2013, the bank said.

Further, it has been decided to rationalize the additional interest payable to Senior Citizens over the normal interest rates to a uniform 50 bps for all Retail Term Deposits having maturity of six months up to 20 years, including for Tax Saving Deposits.

Accordingly, the offer rate on retail deposits less than six months will be identical for normal and senior citizens. The revised interest rates would come into effect from May 13, 2013.

Shares of the bank were seen trading at Rs 87.90 lower by 0.11% on BSE at 2.20 pm IST. It touched an intra-day low of Rs 87.85 and high of Rs 88.75.

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