IDBI Bank, on Friday, cut its fixed deposit rate offering in two maturities by up to 0.50 percentage points. The bank cut the offering on the 91 days to less than six months deposit by 0.50 percentage points to 7.25 per cent while the same for six months to 269 days product now goes down by 0.15 percentage points to 8.50 per cent, a bank statement said. The revisions are effective from May 13.
Additional interest
The bank also rationalised the additional interest payable to senior citizens at 0.50 percentage points over the normal for deposits of over six months to up to 20 years.
