Private sector lender IDBI Bank on Monday hiked interest rates for various schemes across tenure, according to a report in HT’s sister publication Mint, that cited information available on the bank’s website.
The bank’s Marginal Cost of Funds-Based Lending Rate (MCLR), interest rates on bulk term deposits are among the rates that have been hiked, the report further said, adding that the revised rates will be considered effective from March 10 (bulk term deposits) and March 12 (MCLRs).
IDBI Bank MCL rates
After the revision, the private lender’s overnight MCLR is at 7.8%, while those for one month and three months are at 7.95% and 8.25% respectively. For tenures of six months, one year, two years and three years, these have been increased to 8.45%, 8.5%, 9.1% and 9.5%, respectively.
| Tenure | Hiked MCLR |
| Overnight | 7.8% |
| 1 month | 7.95% |
| 3 months | 8.25% |
| 6 months | 8.45% |
| 1 year | 8.5% |
| 2 years | 9.1% |
| 3 years | 9.5% |
IDBI Bank bulk term deposit interest rates
| Maturity slabs | ₹2 crore- ₹5 crore | > ₹5 crore- ₹10 crore | > ₹10 crore- ₹50 crore | > ₹50 crore- ₹100 crore | > ₹100 crore- ₹200 crore | > ₹200 crore- ₹500 crore | > ₹500 crore |
| 7-14 days | 5.01% | 5.51% | 5.51% | 5.61% | 5.61% | 5.61% | 5.61% |
| 15-30 days | 5.11% | 5.51% | 5.81% | 6.11% | 6.31% | 6.31% | 6.31% |
| 31-45 days | 5.31% | 5.51% | 5.81% | 6.37% | 6.37% | 6.37% | 6.37% |
| 46-90 days | 6% | 6.46% | 7.01% | 7.11% | 7.14% | 7.14% | 7.14% |
| 91-180 days | 6.71% | 6.75% | 7.11% | 7.4% | 7.4% | 7.4% | 7.4% |
| 181-250 days | 6.81% | 6.85% | 7.11% | 7.11% | 7.11% | 7.11% | 7.11% |
| 251-270 days | 6.91% | 6.91% | 7.11% | 7.11% | 7.11% | 7.11% | 7.11% |
| 271 days to <1 year | 7.01% | 7.01% | 7.11% | 7.11% | 7.11% | 7.11% | 7.11% |
| 1 year | 7.11% | 7.26% | 7.36% | 7.41% | 7.46% | 7.46% | 7.46% |
| >1 year to >1 year 3 months | 7.16% | 7.51% | 7.61% | 7.61% | 7.61% | 7.61% | 7.61% |
| >1year 3 months to 2 years | 7.11% | 7.11% | 7.11% | 7.11% | 7.11% | 7.11% | 7.11% |
| >2 years to 36 months | 6.91% | 6.91% | 6.91% | 6.91% | 6.91% | 6.91% | 6.91% |
| >36 months to 5 years | 6.61% | 6.81% | 6.81% | 6.81% | 6.91% | 6.91% | 6.91% |
| >5-7 years | 6.51% | 6.71% | 6.71% | 6.71% | 6.81% | 6.81% | 6.81% |
| >7-10 years | 6.41% | 6.71% | 6.71% | 6.71% | 6.81% | 6.81% | 6.81% |
IDBI FD interest rates
In February, IDBI upped interest rates on fixed deposits, with effect from thirteenth of that month.