BOI slashes interest rates on term deposits

Mumbai, Aug 11 (UNI) Public-owned Bank of India (BOI) today slashed interest rates on Fixed Deposits (FD) in various maturities effective from Monday.

For deposits having tenure two to three years, the rates were slashed to 9.00 per cent from the existing 9.50 per cent, while rates for those from three years to five years were trimmed to 9.25 per cent from 9.60 per cent.

Deposits having tenure above five years will get an interest rate of 9.50 per cent as aginst the earlier 9.60 per cent.

The bank, in a statement, said the revisions have been mooted for deposits less than Rs 15 lakh and for Rs 15 lakh and above but less than Rs 5 crore.

However, senior citizens will get an additional 0.5 per cent interest above the card rates on deposits of 6 months and above maturity on all deposit schemes uniformally.

The bank said the revised rates will be applicable only on fresh deposits and on renewal of maturing deposits with effect from Monday.

Many banks, including State Bank of India, Dena Bank, Union Bank of India (UBI), HDFC and ICICI Bank had mooted a cut in deposit rates recently in order to absorb the impact of recent CRR hike.

UNI