IDBI Bank has decided to increase the retail term deposit rates by 25-50 basis points (bps) in different maturity buckets.
PUBLIC SECTOR lender IDBI Bank today hiked interest rates on short and long term retail deposits by up to 50 basis points.
Keeping in mind the inflation and liquidity scenario, the city-headquartered bank's ALCO (asset liability committee) decided to raise rates on the 46-90 days, 7-10 years and five years tax-saving lock-in deposit buckets, a release by the bank said here.
Under the revised rates effective tomorrow, depositors will get interest rate of 7 per cent per annum from the present 6.50 per cent for deposits up to Rs 1 crore.
The rates for deposits of over 7 years but till ten years have been upped by 25 basis points to 9.25 per cent while those for the tax-saving product, which carries a five year lock-in have also been hiked 25 bps to 9.25 per cent, it added.