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.

More Under Finance

Posted Under

Category : Finance (3456)
Type : News (12550)
Tags : Home Loan (60)

0 responses to “IDBI Bank loans become cheaper following 25 bps reduction in Base Rate”

  1. S.Babu says:

    Subject title is reduction of interest for loans whereas the content is on reduction of interest for deposits !!.

Leave a Reply

Your email address will not be published. Required fields are marked *