IDBI Bank reduced the interest rate on retail term deposit by 50-150 basis points in the maturity bucket of 46-90 days up to 10 years, effective from January 1, 2009.
The bank is also introducing a longer maturity term deposit of 1,100 days with interest rate for normal depositors at 9.5 per cent and at 10 per cent for senior citizens in lieu of the existing 890 days term deposit. This new deposit is available from January 1, 2009.