Public sector lender, IDBI Bank has declared a rise in both its lending as well as fixed deposit rates.
The bank has raised deposit rates in the range of 25 to 100 bps across different maturities. Also base rate has been hiked by 50 bps figuring to 9% while benchmark prime lending rate (BPLR) stands at 13.75%, a 25 bps rise.
This implies that loans under base rate will get dearer by atleast 50 bps while the BPLR related ones will see atleast a 25 bps hike.
The rise in deposit rates has come into effect from December 15, 2010. The bank has made the highest rise in case of the 46-90 days deposit where the interest now stands at 5.5% as against 4.5% earlier.
The highest interest rate is 8.75% which will be fetched by the 1100 days deposit which earlier had interest of 8.25% attached to it.
The bank's move follows many other peers like banking major, State Bank of India, ICICI Bank, Punjab National Bank, Canara Bank to name a few.