IDBI Bank has increased the loan rates by 20 basis points (bps) during the loan tenure. The new rates are effective from today, January 12, 2023, mentioned IDBI Bank on its website.
After the latest hike, the one year MCLR rate has been revised to 8.40%. The one-year rate is used to fix most consumer loans, such as auto, personal and home loans.
The bank said the overnight MCLR rate has been revised upward to 7.65%, while that for one-month to six-month tenures increased by 20 basis points to 7.8% and 8.3%, respectively.
Marginal Cost of Funds Based Lending Rate (MCLR) of IDBI Bank w.e.f. 12-01-2023
Overnight MCLR 7.65%
One Month MCLR (1M) 7.80%
3 Month MCLR (Q) 8.10%
Six Months MCLR (HY) 8.30%
One Year MCLR(Y) 8.40%
Two Year MCLR (2Y) 9.00%
Three Year MCLR (3Y) 9.40%
Latest FD Rates of IDBI Bank
Earlier, the bank had increased the interest rate on retail term deposits of less than 2 crores effective 19 December. Post revision, the bank is currently offering interest rates on deposits maturing in 7 days to 10 years which ranges from 3.00% to 6.25% for general public and 3.50% to 7.00% for senior citizens.
IDBI Bank has increased the interest rate on deposits and now offers interest on a tenure of 700 days. According to the bank’s press release, “IDBI Bank offers 7.60% interest on Retail Amrit Mahotsav Deposit. IDBI Bank has increased the interest rate on deposits and now offers interest up to 7.60% for 700 days only as a limited period offer with effect from December 26, 2022.”
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