IDBI Bank, a leading publicly owned lender, has announced that it has revised its deposit rates downward by 0.5-1%. The revised rates will be effective from May 21, 2009.    

The bank authorities stated in a communiqué that deposits, below Rs 15-lakh, with a maturity period between 1 year-2 years will now attract a rate of 7.5 per cent as against 8 per cent earlier, while those having a 2 years-less than 1,100 days tenure, will earn 7.75 per cent, as compared to 8.25%.         

Also, for 1,100-days deposits, the interest rate has been reduced from 8.5% to 8 per cent and rate for 1,100-days-5 years has been revised to 7.75 per cent from 8.25% earlier.         

Similarly, deposits with a maturity period of 15-45 days will now offer rate of 3.25 per cent compared to earlier rate of 4.25% and that for 46-90 days maturity deposits, the rates have been reduced to 4.25 per cent from 5.25%.         

The bank authorities said that interest rate for 5 years-10 years deposits has been slashed to 8.25 per cent as compared to 8.75% earlier.

IDBI Bank has also trimmed the rates for deposits above Rs 15-lakh and upto Rs 1 crore in the above maturities.