"It has been decided to revise the rates of interest payable on domestic term deposits including NRE across maturities for Rs 1 crore and above," the bank said in a regulatory filing.
BOB said that the revision will be applicable to the renewal of existing deposits and fresh deposits, effective from November 5, 2015.
For deposits of Rs 1-10 crore, the bank has cut the interest rate in the range of 0.25-0.60 per cent.
And for deposits above Rs 25 crore to Rs 50 crore, the rate of interest has been cut by 0.25-0.50 per cent.
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For Rs 50 crore to Rs 100 crore, the rate has been cut by 0.25-0.50 per cent and for above Rs 100 crore, the rates are cut in range of 0.25-0.50 per cent.
For NRE term deposits, the rates are cut by 0.50 per cent for various maturities for deposits of Rs 1 crore to above Rs 100 crore.
"Branches are advised to obtain prior approval from Treasury through their regional offices before accepting quotes for any single deposit of more than Rs 25 crore from any customer.
"Branches are also advised to report to Treasury immediately on receipt of any deposit in excess of Rs 25 crore.