Industrial Development Bank of India Limited (IDBI), India's leading public sector lender has cut down interest rate on retail term deposits by 25 bps to 50 bps in different maturity buckets and has also realigned its maturity buckets.

With the latest revision, additional Interest rate for Senior citizens will be 50 bps above the normal interest rate. Penalty of 1% on the premature withdrawal of deposit is applicable.   

IDBI Bank Ltd has also revised its Retail Lending rates on Auto Loans and has trim down the interest rates by 100 bps across all segments.

In a separate release, the bank has informed that the revised fixed rates of interest for a 3 year and 5 year tenor shall range from 10.50% - 12.00% and 10.75% - 13.00% per annum.