Public sector lender, Bank of India has increased interest rates of fixed deposits by as much as 75 bps on selected maturities. The revised rates will come into effect from tomorrow, March 10, 2011.
In case of deposits less than Rs 1 crore, those having maturity in the range of 91-179 days will fetch the borrower an interest of 7%.
The 270 days to less than 1 year deposit will now bear interest of 8%, a 50 bps rise while deposits of tenor 1-2 years will have interest of 9%.
The rate hike follows the policy rate hike by Reserve Bank of India in the last review of monetary policy.