IDBI lowers interest rates on deposit, auto loans

IDBI Bank today announced slashing interest rates on deposits by 25 basis points to 50 basis points (quarter to half a percentage point) across different maturities, effective August 12.

The lender has also announced reduction of one percentage point in lending rates for automobile loans.

The bank has not made any changes in rates for deposits up to six months and all changes are for duration beyond six months. For majority of slabs, the reduction is only 25 basis points, or quarter of a per cent, but in case of a few slabs, the drop is 50 basis points, or half a per cent.

 

The rate of interest for deposit of one year to two year will be 6.75 per cent against 7.25 per cent at present.

The highest rate of 8 per cent is for deposits with a duration of 7-10 years.

The bank said it has reviewed its lending rate on auto loans and brought it down by one percentage point. The revised fixed rate of interest for a three-year tenor would range from 10.50 per cent-12 per cent and for five years between 10.75 per cent and 13 per cent.