IDBI Bank reduces Base Rate

Mumbai, July 28, 2016: IDBI Bank reduces its Base Rate from 9.75% p.a. to 9.65% p.a. The Benchmark Prime Lending Rate (BPLR) is also reduced from 14.25% p.a. to 14.15% p.a. The revision in the rates shall be effective fromAugust 01, 2016.

The Bank has recently reduced its Marginal Cost of Funds based Lending Rates (MCLR). The reduction in benchmark rates is expected to positively impact loan growth; both in the retail consumer segment, corporate sector lending, thereby supporting the growth impulses in the economy.

The Bank has also changed retail deposit rates by 10-25 bps in selected buckets of ‘15-30 days’, ‘31-45 days’ and ‘3 years to less than 5 years.’