IDBI Bank, a public sector universal bank, on Thursday said it has decided to reduce its interest rates on new floating rate Home Loans above Rs. 30 lakh by a further 25 basis points (bps).
Loans up to Rs. 75 lacs would now be available at Base Rate (BR) - currently at 10.50% p.a- while on such loans above Rs. 75 lakh, the pricing would be Base Rate (BR) plus 25 bps.
Further, interest on Home Loan Interest Saver (HLIS) product would go down by 25 bps across all loan slabs, subject to minimum of Base Rate.
The revised rates will come into effect from November 1.
These reductions come close on the heels of downward revision effected in the same products only recently, in September 2012.
The Bank has also decided to reduce the Retail Term Deposit Rates by between 25-50 bps in seven maturity buckets having maturity of '270 days up to 20 years'.
Incidentally, the Bank had introduced a new maturity bucket "above 10 years up to 20 years" for deposits up to Rs. 1 crore, effective October 1, arguably the first PSU Bank to do so, to meet specific business requirements, subject to certain conditions.