In a bid to reduce the cost of funds, two government owned banks, central bank and IDBI have lowered their deposit rates by 0.25 -0.5 percent across various maturities.
Recently, State Bank of India, country's largest lender had also 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 7 percent as against the earlier 7.25 percent.
In August too, IDBI had lowered the auto loan and 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.