IDBI Bank loans become cheaper following 25 bps reduction in Base Rate
Mumbai, April 18, 2012: IDBI Bank’s loans, linked to Base Rate/BPLR, will become cheaper following a 25 bps reduction in Base Rate (to 10.50%) and BPLR (to 15.00%), with effect from April 20, 2012. IDBI Bank has taken this pro-active step, keeping in view the recent policy measures announced by the RBI and the emerging market conditions expected to arise out of the transmission of these monetary measures.
Deposit rates reduced in select buckets
The Bank has also decided to reduce the Retail Term Deposit Rates by 10-50 bps in various buckets having maturity of ‘six months and above’.
Effective April 20, 2012, the revised interest rates on Retail Term Deposits will be as under:
|
Tenor |
Rate (%) |
|||
|
|
Existing |
Revised w.e.f. Apr 20, 2012 |
Existing |
Revised w.e.f. Apr 20, 2012 |
|
|
Up to Rs.15 lakh |
Above Rs. 15 lakh up to Rs.1 Cr |
||
| 15-45 days |
6 |
No change |
6 |
No change |
| 46-90 days |
7 |
No change |
7 |
No change |
| 91 days – <6 months |
8 |
no change |
8 |
no change |
| 6 months – 269 days |
9 |
8.90 |
9 |
8.90 |
| 270 Days – 1 year |
9.25 |
9.00 |
9.25 |
9.00 |
| 1 year 1 day – 499 days |
9.5 |
9.25 |
9.5 |
9.25 |
| 500 days |
9.5 |
9.25 |
9.5 |
9.25 |
| >500 days – 5 yrs |
9.5 |
9.25 |
9.5 |
9.25 |
| > 5yrs – 7 yrs |
9.5 |
9.00 |
9.5 |
9.00 |
| > 7yrs – 10 yrs |
9.5 |
9.00 |
9.5 |
9.00 |
Senior Citizens will be eligible for additional interest of 50-75 bps above the normal interest rate.
Subject title is reduction of interest for loans whereas the content is on reduction of interest for deposits !!.