Equity Market News :-IDBI Bank cuts deposit rates for various buckets

IDBI Bank has lowered interest rates on retail term deposits by 0.5 % for maturity between 31 days to up to 2 years, reported PTI. The new rates on these deposits range from 4.50 % to 6.40 %. For senior citizens, the new rates will be ranging from 4.5% to 6.90 %. All maturity buckets from above 2 years onwards to up to 20 years have been cut by 0.75 % to 6 %. 

 

Senior citizens will get 6.50 % interest for all maturity buckets. On recurring deposits of regular customers, rates are slashed by 0.50-0.75 % to 6.40-6 % for 1 year to up to 10 years. For senior citizens, the recurring deposit rate is reduced by 0.5 % for 1-2 year tenure. For over 2 years to 10 years bucket, rates are down by 0.75 % each to 6.50 %.

 

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