Bank of India hikes rates on select term deposits
01 Nov 2010
Bank of India today announced an upward revision of deposit rates for term deposits of select maturities effective 1 November 2010.
For deposits of Rs15 lakh to less than Rs1 crore, the revised rates are: 91 days to 179 days - 6.25 per cent (5.50 per cent earlier); 180 days to 269 days - 6.50 per cent (6.0 per cent); 270 days to less than 364 days - 6.75 per cent (6.0 per cent); 1 year to less than 2 years except for 555 days - 7.50 per cent (7.0 per cent).
For deposits of Rs1 crore and less than Rs5 crore the revised rates are: 91 days to 179 days - 6.25 per cent (5.50 per cent); 180 days to 269 days - 6.75 per cent (6.0 per cent); 270 days to less than 364 days - 7.0 per cent (6.0 per cent); 1 year to less than 2 years except for 555 days - 7.75 per cent (7.0 per cent).
Senior citizens (public other than staff) will get 0.5 per cent per annum interest more than the card rates on their deposits of six months and above maturity on all term deposits of Rs5,000 and above uniformly till further notice.
Senior citizens ex-staff members will get 1.5 per cent per annum additional interest (0.5 per cent for senior citizens+1 per cent per annum applicable to staff members) on their deposits for periods of 6 months and above on fresh/renewal of deposits up to Rs15 lakh only.
Bank of India said it has discontinued floating rate deposit scheme effective 1 September 2009. However, the existing deposits under the scheme will continue to earn 0.25 per cent over the term deposit rates applicable for the relevant existing tenures of deposits, for maturities of three years and above (ie the anchor rate), on the day the deposit was made.
