IDBI raises interest rate on term deposits by up to 0.5 pc

Tags: News
State-run IDBI Bank today announced a revision in its interest rate offerings on term deposits by raising it by 0.50 per cent in the longer term.

However, the bank has also cut the interest rates on term deposits by up to 0.25 per cent 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.

It modified the under-5 years deposit bucket by offering a single rate for deposits of 501 days to 5 years at 9 per cent.

Earlier, it had three fragmented offerings in the category and one of them could fetch a depositor 9.25 per cent, the statement said.

The interest rate on the 500 days deposit is also cut by 0.10 per cent to 9.30 per cent, it said. All the revisions in the rates are applicable from January 1, 2014, it added.

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