IDBI Bank has announced reduction in the interest rate on retail term deposit by 50-150 bps in the maturity bucket of 46-90 days up to 10 years. The new rates will come into effect from January 1, 2009 and has also realigned its maturity buckets.
Furthermore, the Bank is also introducing a longer maturity term deposit of 1100 days with interest rate for normal depositors @9.5% pa and @10% pa for senior citizens in lieu of the existing 890 days term deposit, effective from January 1, 2009.
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