Taking a cue from the leading public sector banks, such as SBI and Central Bank of India, IDBI Bank cut home loan rates and deposit rates for new customers on Tuesday. The new interest rates are effective from Wednesday.
The interest rate for home loans up to Rs 20 lakh has been reduced by one percent from 10.75 percent to 9.75 percent, while for loans more than Rs 20 lakh, the reduction is 0.5 percent from 10.75 percent to 10.25 percent.
IDBI deposit rates have also been reduced by 0.25-0.5 percent on certain maturities. New deposit rates will be applicable from March 6. For a deposit having 1,100 days maturity, the new rate of interest would be 9.25 percent instead of 9.5 percent earlier. | 
