IDBI cuts term deposit rates

IDBI has reduced interest rates on some of its term deposits with effect from November 12.

The interest on its 360-day deposits have been reduced by 0.75 bps from 9.50% to 8.75%, the bank said in a statement issued here today.

For deposits of 500 and 800 days as also on deposits of five years, the bank has reduced interest rates by 0.50 bps from 9.50% to 9%.

Interest rates on its tax-savings deposits have also been reduced by 0.50 bps to 9% per annum.

The bank has also realigned interest rates for deposits of less than 360 days and more than two years to three years by 0.25-0.50 bps.