Bank of India raises rates on term deposits

Leading public sector banking major Bank of India (BoI) today hiked interest rates on its domestic term deposits of various maturities.|

The rates for deposits of less than Rs 15 lakh and for deposits of Rs 15 lakh and above but less than Rs 1 crore come into effect from December 18, the bank said in a statement.

For less than Rs 15 lakh the interest rate on deposits of 180 days to 364 days has been increased to 6.50% from 6.25%. For deposits of one year to less than two years and two years to less than three years, the interest rate would be 7.50%, up from the current 7%.

Deposits of three years and less than five years will now earn an interest of 7.75%, while those of five years and above will earn interest of 8%.

The bank said for an amount of Rs 15 lakh and above but less than Rs 1 crore, the deposits for 180 days to 364 days will fetch an interest of 6.75%.

For deposits of one year to less than two years and two years to less than three years, the interest rate would be 7.5%. Deposits of three years to less than five years and five years and above will be 7.75% and 8%, respectively.

The revised rates will be applicable only on fresh deposits and on renewal of maturing deposits, the bank said.