IDBI Bank revised interest rates on deposit, auto loans

IDBI Bank announced cut in interest rates on deposits by 25 basis points to 50 basis points (quarter to half a percentage point) across different maturities. The revised rates will come into effect from August 12.

The bank has also reduced 1% point in lending rates for auto loans.

The bank for up to six months did not change rates for deposits and all changes are for duration beyond six months. In most 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.

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

The bank is offering the highest rate of 8% for deposits for the duration of seven to 10 years.

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