IDBI Bank reduces interest rates on term deposits

Wednesday, 29 April 2009, 11:53 Hrs   |    1 Comments
Printer Print Email Email
New Delhi:Taking a cue from the State Bank of India, the state-run IDBI Bank Wednesday announced cut in its interest rates on retail term deposits by 25-50 basis points across various maturity buckets.

The bank has also realigned its maturity buckets by bifurcating the three-year-five-day to 10 years maturity bucket into two separate buckets : three-year-five-day to five years, and five years to 10 years.

The revised rates will be effective from May 4, the bank said in a statement Wednesday.

The country's largest bank, State Bank of India, had cut deposit rates by 25 basis points to 50 basis points across maturity buckets April 9.

IDBI posted a net profit of 859 crore for the fiscal year ended March 31.
Source: IANS
SPOTLIGHT
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..