As per the bank website, IDBI Bank has lowered interest rate on long-term deposits by 15 bps and short term deposits rate in the range of 25 -50 bps. The new rates come into effect from July 19.
FD interest rates for the one-to-two- and two-to-three-year tenure for deposits of less than 2 crore was cut down by 15 bps to 7.05% and 6.9%, respectively. For deposit maturity between 7 days and 10 years, the FD rates are in the range of 3.5-7.10%.
Also, SBI in May reduced deposit rates for long term deposits by 5-15 basis points while at the same time increasing rates by 10bps for other tenures of one year to less than two years.
"Deposit rates have remained stable in recent times as banks have found it challenging to pass through rate cuts given their tight liquidity conditions," said analysts at KIE.