Bank of India raises term deposit rate

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Mumbai, Aug 2 (UNI) State-run Bank of India today announced that it will raise raise its interest rate on term deposits for two fixed maturity periods by 25 basis points and 35 basis points respectively, with effect from August 4, 2008.

The domestic rupee term deposits Rs 15 lakh and above but less than Rs 10 crore for maturity buckets of one to two years would earn an interest of 9.50 per cent per annum, against existing 9.25 per cent. While, for more than two to three year on the same amount the interest rate has been increased to 9.60 per cent from 9.25 per cent, the bank today said in a statement.

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