IDBI Bank reduces deposit rates by 0.5-1%

State-run,IDBI Bank today slashed its deposit rates by 0.5-1 per cent effective from May 21.         

Deposits, below Rs 15-lakh, having a maturity of 1 year-2 years will now carry a rate of 7.5 per cent as against 8 per cent earlier, while those having a 2 years-less than 1,100 days tenure, will offer 7.75 per cent (8.25 per cent), a press release issued here said.         

Also, interest rate for 1,100-days deposits has been revised to 8 per cent (8.5 per cent) and rate for 1,100-days-5 years has been reduced to 7.75 per cent (8.25 per cent), the release said.         

Rate for 15-45 days maturity deposits to 3.25 per cent (4.25 per cent) and that for 46-90 days maturity to 4.25 per cent (5.25), it said.         

Similarly, interest rate for 5 years-10 years deposits has been cut to 8.25 per cent (8.75 per cent).         

IDBI Bank has also trimmed the rates for deposits above Rs 15-lakh and upto Rs 1 crore in the above maturities.