Public sector lender Bank of India has reduced its deposit rates by 0.25-0.5 percentage points across various tenures, effective 3 August.
For deposits of 1 year to less than 2 years and 2 years and above maturities the revised deposit rate would be 6.5 per cent against 6.75 per cent earlier, a BoI release said.
For deposits in the 180-269 days and 270-364 days maturities, the new rates would be 6 per cent (against 6.25 per cent earlier) and 6.25 per cent (against 6.5 per cent), respectively, the bank said.
BoI also reduced deposit rates for 46-90 days maturity to 4.0 per cent (from 4.5 per cent).
The revised rates will be applicable for deposits of less than Rs1 crore, the bank said.
The interest rate on floating rate deposit scheme will be 0.25 percentage points over the term deposit rates applicable for the relevant tenures of deposits for maturities of three years and above (anchor rate); on the day the deposit is made. The rate will be reset at the beginning of each calendar quarter in case of change in our anchor rate, BoI said.
Senior citizens (public other than staff) will get 0.5 percentage points more than the card rates on their deposits of six months and above maturity on all deposit schemes uniformly till further notice.
Ex-staff senior citizens will get 1.5 percentage points additional interest (0.5% for senior citizen+1% p.a. applicable to staff members) for their deposits for periods of 6 months and above on fresh/renewal of deposits up to amount of Rs15 lakh only.