IDBI Bank cuts deposit rates by up to 75 bps

IDBI Bank has reduced interest rates, ranging from 50 to 75 basis points, on retail term deposits (RTD) with effect from April 5, 2017.

Following the rate cut, the highest interest rate that the bank now offers is 6.40% (earlier 6.90%) on deposits of one-two years maturity. 

In the case of the next six maturity slabs, starting from more than two years to less than three years and more than 10 years and up to 20 years, IDBI Bank has effected a steeper rate cut of 75 basis points. Deposits in these maturity slabs will fetch a uniform interest rate of 6% compared with 6.75% earlier.
Takeaways from above News-
  • IDBI Bank reduced deposits rates by up to 75bps
  • IDBI Bank headquarter is in Mumbai
  • MD & CEO of IDBI Bank is Mr. Mahesh Kr. Jain

If you have any other takeaways, do share with us in the comment section
Source- The Indian Express

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