BoI reduces deposit rates by up to 0.5 percent
By Neelima Shankar
Aug 4, 2009
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State-run, Bank of India (BoI), has revised its deposit rates downwards by up to 50 basis points across various term maturities amounting less than Rs1 crore.

The new rates came into effect August 3, 2009 onwards.

The deposit rates on maturities of 1 year to less than 2 years and of 2 years and above has been reduced by 25 basis points to 6.5 percent against the earlier rate of 6.75 percent.

Term deposits with maturity of 180-269 will earn interest at rate of 6 percent (against 6.25 percent earlier). The interest rate on deposits with maturity period between 270-364 days has been lowered to 6.25 percent from the earlier 6.5 percent.

The bank has also revised rates on deposit with a maturity period of 46-90 days to 4.0 percent from the earlier 4.5 percent.

The interest rate offered on the floating rate deposit scheme is 0.25 percentage points above the term deposit card-rates for maturities of three years and above.

The rates will be reset at the beginning of each quarter with changes in the anchor rate.

The interest rates for ex-staff senior citizens is 1.5 percentage points above the set card rates for fresh/renewal deposits amounting up to Rs15 lakh and with maturity period of 6 months or above.

Senior citizens will earn an additional of 0.5 percent over the specified card rates on all deposits with maturity above six months.

The benchmark prime lending rate (BPLR) of the bank is currently pegged at 12 percent.


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