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With the banking system reeling under surplus liquidity, IDBI Bank has reduced interest rates, ranging from 50 to 75 basis points, on retail term deposits (RTD) with effect from April 5.
In the case of the first seven maturity buckets, starting from 15-30 days to one-two years, the public sector bank has cut interest rates by 50 basis points across the board. One basis point equals one-hundredth of a percentage point.
Following the rate cut, the highest interest rate that the bank now offers is 6.40 per cent (earlier 6.90 per cent) on deposits of one-two years maturity.
In the case of the next six maturity slabs, starting from more than two years to less than three years and more than 10 years and up to 20 years, IDBI Bank has effected a steeper rate cut of 75 basis points. Deposits in these maturity slabs will fetch a uniform interest rate of 6 per cent, compared with 6.75 per cent earlier.
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