Mumbai, July 29, 2011: The ALCO of IDBI Bank reviewed the interest rates on retail term deposits and keeping in view the measures announced by RBI, inflation and liquidity scenario, the Bank has decided to increase the retail term deposit rates by 25-150 basis points (bps) in different maturity buckets. The revised interest rates are effective from August 1, 2011.
| Tenor | | |||
| | Upto Rs.15 lakh | Above Rs.15 lakh upto Rs.1 cr | ||
| | Existing | Revised w.e.f August 1, 2011 | Existing | Revised w.e.f August 1, 2011 |
| 15-45 days | 4.50 | 6.00 | 4.50 | 6.00 |
| 46-90 days | 7.00 | 7.00 | 7.00 | 7.00 |
| 91 days < 6 months | 7.75 | 8.00 | 7.75 | 8.00 |
| 6 months- 269 days | 8.25 | 9.00 | 8.25 | 9.00 |
| 270 days- 1 year | 9.00 | 9.25 | 9.00 | 9.25 |
| 1 year 1 day-499 days | 9.25 | 9.50 | 9.25 | 9.50 |
| 500 days | 9.50 | 9.50 | 9.50 | 9.50 |
| >500 days -5 years | 9.25 | 9.50 | 9.25 | 9.50 |
| > 5 yrs-7 yrs | 9.25 | 9.50 | 9.25 | 9.50 |
| >7 yrs – 10 yrs | 9.25 | 9.50 | 9.25 | 9.50 |
| Tax Savings Suvidha (5 years lock in ) | 9.25 | 9.50 | - | - |
Additional Interest rate for Senior citizens is 50 - 75 bps above the normal interest.
In response to increase in cost of funds/deposits and keeping in view the market conditions, IDBI Bank also reviewed its Base Rate and BPLR and decided to increase both Base Rate and BPLR by 75 bps each to 10.75 % and 15.25 % respectively. The revised Base Rate and BPLR will be effective from August 1, 2011.
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