OREANDA-NEWS. September 17, 2012. IDBI Bank has decided to reduce its floating and fixed interest rates on housing loans. The revised rates will come into effect from September 7, 2012. While the Floating Interest Rates in respect of all loans have been reduced by 25 bps subject to Base Rate, the Fixed Rate on Home Loans has been reduced to 11.50% p.a. for all loans for a period of 3 to 5 years. The Bank has also reduced processing fee by 50% or more on home loans. Further, the Bank has also effected certain changes in card rates applicable to some of the allied home loan products.

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 994 branches and 1589 ATMs. The Bank had an aggregate balance sheet size of Rs. 2,71,899 crore and total business of Rs 3,59,527 crore as on June 30, 2012. IDBI Bank's operations during the quarter ended June 30, 2012 resulted in a net profit of Rs.427 Crore. The Bank's operations during the last full financial year (2011-12) had yielded a net profit of Rs. 2032 crore.