Public sector, Bank of India (BoI) has revised down its term deposit rates by 25 to 100 basis points with effect from April 15th. The lender has reduced the interest rates across term deposits with various maturities. The revised interest rates of the bank stand as follows: | Maturity | Rate of Interest Now | Rate of Interest Earlier |
|---|
7days to 14 days | 3% | 3.25% | 15 days to 30 days | 3.25% | 4.25% | 31 days to 45 days | 3.50% | 4.50% | 46 days to 90 days | 5.00% | 6% | 91 days to 179 days | 5.50% | 6.25% | 180 days to 269 days | 6.50% | 7.25% | 270 days to 364 days | 6.75% | 7.50% | 1 year to less than 2 years | 7.25% | 8% | 2 years and above | 7.25% | 8.25% |
Earlier the bank had two slabs for deposits between 1 year to less than 2 years and 2 years and above but now there is only one slab of 1 year and above that offers an interest rate of 7.25%. Further BoI said that the bank will offer an additional 50 basis points to senior citizens for the term deposits with tenure of six months and above. These revised interest rates will only be applicable for new deposits and renewal of maturing deposits. The bank has also waived off the penalty on premature withdrawal of all domestic rupee term deposits with effect from December 1st, 2008. The penalty has been removed irrespective of date and amount of the deposit. Moreover the deposit scheme with floating rate will yield an additional 25 basis points over the term deposit rates or the anchor rate on the date of deposit. The interest rate under these deposits will be revised after every quarter if the anchor rate changes. Recently the largest lender, SBI has also reduced its deposit rates while both UCO Bank and Bank of Baroda have declared to cut the rate within this week. |
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