IDBI Bank has reduced the interest rates on Retail Term Deposit by 40 basis points (0.4 percentage points) on fixed deposits with maturity of more than 6 months and up to 270 days.
For maturity periods of over 271 days, it has reduced the interest rates by 25 basis points.
Senior citizens would get interest rates that are 0.5 percentage points higher on their fixed deposits that have a maturity duration of 1 year or above.
Banks have been cutting interest rates after policy interest rates came down by about 0.75 percentage points this year so far.