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IDBI Bank has reduced the retail term deposit rates (i.e. deposits up to an amount less than Rs one crore) in two short-term maturity buckets as a considered response to the signals emanating from RBI’s Monetary Policy for 2013-14, announced on May 3, 2013.
Accordingly, IDBI Bank’s retail deposit rates in two short-term buckets, including 91 days-less than 6 months and 6 months-269 days buckets would stand reduced by 50 basis points (bps) (now 7.25 per cent) and 15 bps (now 8.50 per cent) respectively. Further, it has been decided to rationalize the additional interest payable to Senior Citizens over the normal interest rates to a uniform 50 bps for all Retail Term Deposits having maturity of six months up to 20 years, including for Tax Saving Deposits.
The offer rate on retail deposits less than six months will be identical for normal and senior citizens. The revised interest rates would come into effect from May 13, 2013.
