Thursday, August 23, 2012

IDBI Bank rolls out floating rate term deposit

http://www.thehindubusinessline.com/industry-and-economy/banking/article3807560.ece

IDBI Bank has launched a floating interest rate retail term deposit (FRTD).
The rate of interest on the FRTD will move in tandem with a reference rate, which is the average yield at the 364-Days Treasury Bills auctions undertaken by the Reserve Bank of India (RBI) during the preceding three months.
“The interest rate in case of FRTD is anchored to a transparent, market-based rupee benchmark rate,” said the bank. The interest rate on FRTD would be reset every calendar quarter.
The minimum amount of deposit under FRTD will be Rs 10,000 and thereafter in multiples of Rs 1,000 with a cap of Rs 1 crore. The FRTD would have a lock-in period of one year and would be accepted in six maturity slabs, ranging from one year to ten years.

No comments:

Post a Comment