Bank of India slashes rates on FCNR deposits

Mumbai: Bank of India has revised the interest rates on its FCNR deposits downward by 20-to-35 basis points in some categories effective 29 June 2002.

For dollar deposits with a maturity of one-to-two years, interest rates are now 2.05 per cent (2.25 per cent). For a maturity of two-to-three years rates are now 2.90 per cent (3.25 per cent). For deposits with a maturity of three years rates are now 3.50 per cent (3.85 per cent).

Rates on pound deposits (GBP) with a maturity of one-to-two years and two-to-three years remain unchanged at 4.25 per cent and 4.75 per cent, respectively. Rates on deposits with a three-year maturity are now 4.90 per cent (5.00 per cent). In the meantime, rates on euro deposits remain unchanged at 3.35 per cent for one-to-two years, 3.80 per cent for two-to-three years and 4.10 per cent for three-year maturity deposits.

Japanese yen deposits also remain unchanged for maturities of one-to-two years and two-to-three years at 0.05 per cent and 0.10 per cent for maturities of three years.