Bangalore: To lower the
cost of funds, two government owned banks, Central Bank and IDBI bank
have trimmed their deposit rates by 0.25 -0.5 percent across various
maturities.
Recently, State Bank of India had reduced its deposit rates by nearly
the same margin. IDBI bank said that the revised deposit rates would be
applicable from November 16. Central bank has not announced the rate
reduction yet.
IDBI Deposits with maturities ranging from one year to less than two
years would carry a rate of 6.5 percent as against the current 6.75
percent. Two years to less than 1100 days IDBI deposits would attract a
rate of seven percent as against the earlier 7.25 percent.
In the month of August also, IDBI had reduced the deposit rates. The
rate of interest on auto loans for tenure of three years would range
from 10.50 to 12 percent. Auto loans with a period of five years will
be offered at an interest rate between 10.75 to13 percent.
