Mumbai: IDBI Ltd has slashed the rates of interest on fixed home loans by around 100 basis points that will be effective from September 1. But, the floating interest rates remained the same at 11.25%.

The bank has also hiked interest rates on fixed deposits (FDs) for a few maturities.

According to the press release from the bank, for fixed loans, the interest rate for loans up to 3 years has been slashed to 12.5% from 13.5-14%, and for loans up to 5 years, the rate is slashed to 12.75% from 13.75-14.25%.

The other banking institutions that has cut down home loan rates is Bank of Baroda that has contracted the home loan rate up to 50 basis points in August.

The IDBI bank has also increased depository rates on FDs up to Rs 15 lakh for a period of 9-12 months to 7.75% from 7.25%; 8.5% for 12-18 months, 8.5% for 18-24 months, 8.5% for 2-3 years, 8.75% for 3-5 years; 8.75% for 5 years to less than 10 years; and 8.75% for 10 years.