IDBI revises interest rates on term deposits

Mumbai, Nov 13: Industrial Development Bank of India Limited (IDBI Ltd.), has revised the interest rates on its term deposits with effect from November 12, 2007. The rate of interest on 360 days deposits has been reduced by 75 bps to 8.75% p.a. and on 500/800 days, 5 years and tax savings deposits has been reduced by 50 bps to 9.00% p.a. The Bank has also realigned interest rates for deposits of less than 360 days and more than 2 years to 3 years by 25-50 bps.

The rate table is given below :

Maturity Slab Existing Rates (%) New rates (%)
(Up to Rs 15 lakh)

15-30 days 4.75 5.00

31-45 days 5.00 5.50

46-90 days 5.75 6.00

91 days upto 6 months 6.25 6.50

>6 months upto 9 months 6.75 7.00

>9 months upto 359 days 7.75 8.00

360 days 9.50 8.75

361 days upto 499days 7.75/8.50 8.50

500 days 9.50 9.00

>2 yr upto 799 days 8.50 8.75

800 days 9.50 9.00

801 days & above upto 3 years 8.50 8.75

5 years 9.50 9.00

For further details please visit IDBI website "�www.idbi.com

About IDBI

IDBI Ltd, a universal bank, rides on a state"�of-the-art Information Technology (IT) platform to structure and deliver personalized banking services and customized financial solutions to its clients. With an aggregate balance sheet size of Rs.1,08,640 crore as on September 30, 2007, the Bank is fast spreading its wings across the country.

IDBI's operations during the first six months of FY08 resulted in a net profit of Rs. 309 crore. During the full financial year ended March 31, 2007, the new generation public sector bank had earned a net profit of Rs.630 crore.