Bank of India lowers term deposit rates by 0.10%

Bank of India (BoI) has lowered its term-deposit rates by 0.10 per cent to 1.25 per cent in select maturities with effect from today.

For deposits of less than Rs 15 lakh it has lowered the interest rate to 6.5 per cent from 7 per cent for maturity between 31 days to 45 days, the public sector bank it said in a BSE filing.

For maturity of one year to less than two years, the rate has been slashed by 0.25 per cent to nine per cent and for 555 days maturity it has been cut by 0.10 per cent to 9.25 per cent, it added.

While for maturity of eight years and above and up to 10 years, the new rate will be 8.75 per cent from 9 per cent.

For deposits of Rs 15 lakh and above but less than Rs 1 crore, maturity of 31-45 days will attract 6.50 per cent interest rate from 7 per cent, 9 per cent from 9.25 per cent for maturity of one year to less than two years and 9.25 per cent from 9.35 per cent for 555 days maturity.

Also, for maturity of five years to less than eight years the new rate will be 8.75 per cent from 9 per cent and for eight years and above up to 10 years, the rate has been slashed by 0.25 per cent to 8.75 per cent.

BoI has also cut the interest rate by 0.25 per cent to 4.25 per cent for deposits of Rs one crore and above but less than Rs 10 crore for maturity of 7-14 days.

For 15-30 days, the rate has been slashed by 0.25 per cent to 4.75 per cent and for 31-45 days the rate has been cut by 1.25 per cent to 6.75 per cent from 8 per cent earlier.

For 91-179 days, the new rate will be 7.75 per cent from 8 per cent while for 180-269 days, it will be 8.25 per cent from 8.50 per cent.

Earlier, State Bank of India and Oriental Bank of Commerce also cut interest rates on select maturities.

Shares of BoI settled lower by 0.20 per cent at Rs 297.50 apiece on the BSE.