BoI reduces interest rates on term deposits

Bank of India (BoI) today reduced interest rates on its domestic rupee term deposits.

The rates have been reduced for various maturity terms of 1-year and above for deposits less than Rs 15-lakh and for Rs 15-lakh and above but less than Rs 5-crore, a bank release said here today.

The revised interest rates will be applicable only on fresh deposits and on renewal of maturing deposits with effect from Monday.

For deposits less than Rs 15 lakh and for a maturity of two years to less than three years, the rate has been reduced from 9.50% to 9%.

For three years to less than five years and five years and above, the rates have been reduced from 9.60% to 9.25% and 9.50%, respectively.

The interest rate on floating rate deposit scheme will be 0.25% over the term deposit rates applicable for the relevant tenures of deposits for maturities of three years and above, on the day the deposit is made.

Senior citizens will get an additional 0.5% per annum interest above the card rates on their deposits of six months and above maturity on all deposit schemes uniformally.