Mumbai, 30 September, 2015: IDBI Bank’s loans, linked to Base Rate will become cheaper following a 25 bps reduction in its Base Rate to 9.75% p.a. with effect from October 05, 2015.
IDBI Bank has taken this pro-active step, keeping in view the recent policy measures announced by the RBI. The reduction in interest rate is expected to positively encourage loan growth; both in the retail consumer segment, as also revitalize fixed capital formation through higher corporate sector lending, thereby supporting the growth impulses in the economy. The BPLR of the Bank has also been reduced by 25 bps to 14.25% p.a. w.e.f. October 05, 2015 in line with the reduction in Base Rate.
The Bank has also decided to reduce the Retail Term Deposit Rates in select buckets by 25 / 50 bps with effect from October 05, 2015.
About the Bank
IDBI Bank is the youngest, new generation public sector universal Bank that rides on a cutting edge Core Banking platform with strong service orientation. This enables the Bank to offer personalized banking and financial solutions to its clients. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers. The Bank offers very competitive rates to the MSME segment wherein it has different schemes for the specific customer segments. IDBI Bank also has a strong focus on agriculture sector and allied activities through its customized products, competitive pricing and personalized services.