"We have hiked some short-term deposit interest rates with effect from August 21," the bank's treasury head, S Anand, said.

"The RBI's measures announced last week signal a hike in short-term interest rates so we have reacted to this," he said.

The RBI on Thursday unveiled a rupee-support package, including a hike in banks' cash reserve ratio to 11 per cent from 10 effective August 29 and a 300 basis point increase in its repo rate to eight per cent.

The measures combined with market intervention helped the rupee recover from a record low of 43.70 per dollar hit in some deals on Thursday.

The rupee was quoted at 42.49/51 in late morning trade on Tuesday.

"The RBI has said the measures are temporary so we have hiked rates only for maturities up to 90 days," Anand said.

IDBI Bank was now offering eight per cent per annum for deposits of 15-30 days against six earlier, nine per cent for 31-45 days against seven and 10 per cent for 46-90 days against nine, he said.

"Larger banks and the older private sector banks need not react in a hurry as they have a larger retail depositor base than us," Anand said.

"Ultimately it all depends on individual bank perceptions of asset-liability maturity mismatch," he said.