IDBI Bank hikes interest rates on deposits by up to 0.75%
Leading public sector lender IDBI Bank announced a hike in its interest rates on deposits across various tenures by up to 0.75% with immediate effect. According to a release issued by the bank late Monday evening, deposits up to Rs 15 lakh having a maturity period of 1-2 years will now earn an interest rate of 8% while those above Rs 15 lakh will attract 10.25% as against 9.5% earlier. Similarly, deposits of 2-3 years, 3-5 year deposits and 5 years deposits upto 15 lakh will now earn a rate of 9.5%, 9.25% and 9.25% respectively. While, deposits above Rs 15 lakh with the same maturity period will offer 9.75%, 9.5% and 9.5% respectively. The bank also said in a statement that the interest rate on deposit scheme of 91 days to six months and six months to one year tenure will now carry 0.5 % more interest rate. The bank is also offering a 0.5% rate for senior citizens, more than the card rates on all deposit schemes six months and above maturity on all deposit schemes, except the 15-45 days deposit plan.
