Bank of India hikes interest rates

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Mumbai, Aug 18 (UNI) The Bank of India has revised its interest rates, effective from August 20, on Domestic Rupee Term Deposits for various maturity buckets of deposits less than Rs 15 lakh and for Rs 15 lakh and above but less than Rs 10 crore.

While there is no change in rates for deposits upto maturity period of 179 days, for deposits ranging between 180 and 364 days the new rates would be 0.50 per cent more at eight per cent, while for term deposits of one year to 399 days it would be up by 0.25 per cent at 9.75 per cent, for deposits upto 400 days the revision upward was 0.5 per cent at 10 per cent.

The new rates for deposits from 401 days to five years and above would be 9.75 per cent.

The Bank said interest rate on Floating Rate Deposit Scheme will be 0.25 per cent over the Term Deposit rates applicable for the relevant tenures of deposits for maturities of three years and above (i.e. anchor rate); on the day the deposit is made.

The rate will be reset at the beginning of each calendar quarter in case of change in anchor rate.

Senior Citizens (public other than staff) would get 0.5 per cent p.a interest more than the card rates on their deposits of six months and above maturity on all deposit schemes uniformally till further notice.

The revised interest rates on Domestic Rupee Term Deposits will be applicable only on fresh deposits and on renewal of maturing deposits with effect from August 20.

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