State-owned IDBI Bank has lowered interest rates on retail term deposits by 0.5 per cent for maturity between 31 days to up to 2 years.
The new rates on these deposits range from 4.50 per cent to 6.40 per cent.
For senior citizens, the new rates will be ranging from 4.5 per cent to 6.90 per cent.
The revised rates are effective today, IDBI Bank said in a statement.
All maturity buckets from above 2 years onwards to up to 20 years have been cut by 0.75 per cent to 6 per cent. Senior citizens will get 6.50 per cent interest for all maturity buckets.
On recurring deposits of regular customers, rates are slashed by 0.50-0.75 per cent to 6.40-6 per cent for 1 year to up to 10 years.
For senior citizens, the recurring deposit rate is reduced by 0.5 per cent for 1-2 year tenure. For over 2 years to 10 years bucket, rates are down by 0.75 per cent each to 6.50 per cent.
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