• PAGE ONE
• INDEX
• HOME

Bank of India cuts some deposit rates

Our Bureau

MUMBAI, March 30

BANK of India has decided to revise the interest rate on domestic term deposits as well as non-resident (rupee) term deposits for maturities of three years with effect from April 1, 2000.

The revised interest rates on term deposits for three years and above will be 10 per cent annually from the existing 10.5 per cent, non-resident (external) term deposits for three years to seven years (maximum) 10 per cent (10.5) and for non-resident non -repatriable (NRNR) term deposits, for three years (maximum), the interest will be 10.5 per cent (11). The rates of interest in respect of other maturities remain the same, the release said.

An additional interest rate of 0.5 per cent is also payable on domestic bulk deposits (single deposit of Rs. 1.5 lakhs and above to less than Rs. 10 crores) for maturities of less than one year only.

There is no change in respect of interest rates on single deposits of Rs. 10 crores and above for maturities of less than one year.

For single deposits of Rs. 15 lakhs and above but less than Rs. 10 crores up to one year, maturity additional interest at 0.5 per cent per annum.