BOR slashes interest rates on term deposits

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Mumbai, Oct 11 (UNI) Private lender Bank of Rajasthan (BOR) has mooted a cut in its deposit rates with effect from October 1.

For deposits having maturity one year to two years, rates have been brought down to 9.00 percent from the existing 9.50 percent while for deposits having maturity over 2 years, rates were revised to 9.00 percent from 9.25 percent at present.

However, senior citizens will get 0.50 percent additional rate of inrterest on their term deposits, bank said in a statemenrt.

BOR had recently revised the rates for its tax saving term deposit scheme to 9.00 percent per annum while for senior citizens the rates were revised to 9.50 per annum.

This apart, the bank has also introduced a new slab of interest rates on deposits for a period of 555 days which will be 9.50 percent per annum for general public and 10.00 per annum for senior citizens, which will be effective from October 8.

The rate cut has come a few days ahead of the mid-term monetary policy of the Reserve bank due on October 30.

For deposits, having maturity of 271 days to less than one year, it has been revised to 7.75 percent, for 180 days to 270 days to 7.50, 121 days to 179 days to 6.25 percent, from 91 days to 120 days to 6.00 percent, for deposits having tenure 46 days to 90 days to 5.50 percent, 15 days to 45 days to 5.00 percent and for deposits of maturity from 7 days to 14 days, rate was revised to 4.00 percent.


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