Bank of India Reduces Bulk Deposit Rates

Mumbai-based public sector lender Bank of India reduced the rate on interests on bulk deposits in some tenors by 25–50 basis points.

For deposits over Rs 1 crore, the bank will now pay 7.5 per cent for deposits between 46 and 90 days instead of 8 per cent earlier. For deposits between 91 and 179 days, the bank has revised its interest rate to 8 per cent from the earlier 8.25 per cent. The lender will now pay a rate of 8.5 per cent for the depositors who park the money with the bank for nine months to less than a year.

However, it raised deposit rates for retail deposits in short tenors by 150 basis points. The bank will now offer an interest rate of 7 per cent instead of 5.5 per cent earlier for deposits below Rs 1 crore in the tenor of 1 month–3 months.