IDBI Bank reduces interest rates on term deposits

April 29th, 2009 - 5:37 pm ICT by IANS  

State Bank of India New Delhi, April 29 (IANS) Taking a cue from the State Bank of India, the state-run IDBI Bank Wednesday announced cut in its interest rates on retail term deposits by 25-50 basis points across various maturity buckets.
The bank has also realigned its maturity buckets by bifurcating the three-year-five-day to 10 years maturity bucket into two separate buckets : three-year-five-day to five years, and five years to 10 years.

The revised rates will be effective from May 4, the bank said in a statement Wednesday.

The country’s largest bank, State Bank of India, had cut deposit rates by 25 basis points to 50 basis points across maturity buckets April 9.

IDBI posted a net profit of Rs.859 crore for the fiscal year ended March 31.

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