Press release 1079

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Press release 1079 Powered By Docstoc
					                       For Immediate Publication / Broadcast / Telecast

PR/1079

               IDBI Bank revises Interest Rates on Deposits and Home Loans


Mumbai, November 2, 2010: The ALCO of IDBI Bank met today to inter alia, review the
interest rates on various products. Keeping in view the Policy Rate hike by the RBI, inflation and
liquidity scenario, IDBI Bank has decided to increase the retail term deposit rates by 10 - 50
basis points (bps) in different maturity buckets. The revised interest rates are effective from
November 4, 2010.
With this revision, the highest interest on retail term deposits would be 8.25 %.

                                                       Rate (%)
           Tenor                   Upto Rs.15 lakh          Above Rs.15 lakh upto Rs.1 cr
                                            Revised from                    Revised from
                             Existing                       Existing
                                       November 4, 2010                November 4 , 2010
  15 - 45 days                3.25            3.25            3.25           3.25
  46 - 90 days                4.50            4.50            4.50           4.50
  91 days < 6 months          5.75            6.00            5.75           6.00
  6 months - 9 months         6.75            6.85            6.75           6.85
  > 9 months < 1 year         6.75            7.25            6.75           7.25
  1 yr < 500 days             7.40            7.60            7.40           7.60
  500 days                    7.50            7.75            7.50           7.75
  > 500 days < 2 years        7.50            7.60            7.50           7.60
  2 years < 1100 days         7.50            8.00            7.50           8.00
  1100 days                   8.00            8.25            8.00           8.25
  > 1100 days - 5 yrs         7.75            8.00            7.75           8.00
  > 5 yrs - 7 yrs             8.00            8.00            8.00           8.00
  > 7 yrs - 10 yrs            8.00            8.25            8.00           8.25
  Tax Savings Suvidha
                              7.75              8.00              NA                 NA
  ( 5 years lock in )


Additional Interest rate for Senior citizen 50 bps above the normal interest rate.
In response to increase in cost of funds where deposit rates have been increased upto 50 bps,
and keeping in view the measures announced       by the RBI in its' second quarter review of
Monetary Policy announced today, IDBI Bank also reviewed its BPLR and decided to increase it
by 25 Basis Points to 13.50% with effect from November 4, 2010. Home Loan rates were also
reviewed and floating rates were kept unchanged except for loans of Rs.75 lakhs and above
where the rate was increased by 25 bps, due to higher capital adequacy requirements.

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