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IDBI Bank has merged some of the maturity buckets and increased the interest rates therein, for its domestic retail term deposits (defined as deposits upto less than Rs 1 crore). The revised interest rates would be effective August 16. These will be six per cent, for a tenor of 15-45 days, 8.5 per cent for a tenor of 46 days to 200 days and 8.75 per cent for a tenor of 201 days to one year.
In May 2013, the bank had decided to reduce retail deposit rates in two short-term buckets. For tenor of 91 days to less than 6 months; and 6 months-269 days buckets, the rates were reduced by 50 basis points (bps) (to 7.25 per cent) and 15 bps (to 8.50 per cent) respectively.
