After latest hike, the one Year MCLR rate has been revised upward at 8.40%. The one-year rate is used to fix most consumer loans, such as auto, personal and home loans.
The overnight MCLR rate has been revised upward to 7.65%, while that of one month to six months tenure hiked by 20 basis points to 7.8% and 8.3% respectively, the bank said.
IDBI Bank's Marginal Cost of Fund based Lending Rate ( MCLR ) w.e.f. 12-01-2023
Overnight MCLR 7.65%
One Month MCLR (1M) 7.80%
Three Month MCLR (Q) 8.10%
Six Month MCLR (HY) 8.30%
One Year MCLR (Y) 8.40%
Two Year MCLR (2Y) 9.00%
Three Year MCLR (3Y) 9.40%
IDBI Bank latest FD rates
Earlier, the bank had hiked the interest rate on retail term deposits of less than ₹2 crore effective 19 December. Following the revision, the bank is currently offering interest rates on deposits maturing in 7 days to 10 years that range from 3.00% to 6.25% for the general public and 3.50% to 7.00% for senior citizens.
IDBI Bank has increased the rate of interest on deposits and now offers interest on 700 days tenure. According to the bank’s press release, “IDBI Bank offers 7.60% interest on Retail Amrit Mahotsav Deposit. IDBI Bank has enhanced rate of interest on deposits and now offers interest up to 7.60% for just 700 days, as a limited period offer, effective from December 26, 2022."
