IDBI slashes home loan, deposit rates

IDBI Bank today slashed interest on home loans by 0.25 per cent and the deposit rates in select brackets by up to 0.50 per cent.

Home loans of up to Rs 75 lakh will be available at par with its base rate at 10.50 per cent while those above Rs 75 lakh will have 0.25 per cent more in interest over the base rate, the bank said in a statement.

A slew of lenders, led by State Bank of India, have cut home loan rates as the bankers shift their focus on the retail segment following a slowdown in the corporate segment.

The city-based lender also cut its deposit rate by up to 0.50 per cent after Bank of India.

Under the new scheme, deposits of up to Rs 15 lakh over seven years but up to 10 years will fetch an interest of 8.50 per cent per annum as against the earlier 9 per cent while the 500-day deposit product will fetch an interest of 9 per cent versus the earlier 9.25 per cent.

It has also introduced a new product having a maturity of over 10 years but up to 20 years up to Rs 1 crore today, the statement said, adding that deposits in this bucket will fetch 8.50 per cent.

All the revised rates, both on deposits and advances, are applicable from November 1 (tomorrow).