Bank of India cuts deposit rates by up to 50 bps

State-owned Bank of India has slashed deposit rates across certain maturities by up to 50 basis points.

The downward revision on select maturities is effective from August 3, Bank of India said in a filing to the Bombay Stock Exchange today.

The rate cut has come a week after the Reserve Bank's quarterly review of the annual monetary policy, in which key policy rates were left unchanged.

With reduction, interest rate for deposits having maturity in between 46 days and 90 days has been reduced to 4 per cent against 4.5 per cent earlier, it said.

At the same time, term deposit in between 180 days to 269 days earn interest rate of 6 per cent compared to 6.25 per cent, it added.

Deposit rate for above one year has been reduced by 25 basis points to 6.5 per cent, it added.

Last month, the country's largest lender, State Bank of India, also reduced deposit rates across certain maturities above six months by 0.25-0.5 per cent.

Deposit rate having a maturity of one year to less than two years was slashed to 6.5 per cent, against 7 per cent earlier.