Bank of India (BoI) has reduced its deposit rates by 50 bsis points with effect from July 21, responding to the low inflation rate and easy liquidity conditions.
A few foreign banks, too, have reduced their rates.
Post-reduction, BoI would be offering maximum rate of 10 per cent for deposits over three years compared with 10.5 per cent offered by State Bank of India and Bank of Baroda.
Foreign banks such as ABN Amro, American Express and SBI Commercial have also revised their rates in July for short-tenure deposits.
