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Wednesday, Nov 10, 2004

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Bank of India hikes deposit rates

Our Bureau

Mumbai , Nov. 9

BANK of India today announced an increase in interest rates on domestic rupee deposits by 25-50 basis points across various maturities.

Bank of India is the first among public sector banks to announce interest rate hikes on deposits. These new rates come into effect from November 10.

The bank has hiked rates in most of shorter tenor deposits by 50 basis points, while in case of longer tenor the hike is to the effect of 25 basis points.

For a maturity period ranging from 7-14 days the interest rates on a minimum deposit of Rs 1 lakh is 3.50 per cent. The interest rate for maturity period of 15 days to 45 days is 4.50 per cent; for 46 days to 364 days - 5 per cent; 1 year to less than 2 years - 5.25 per cent; two years to less than 3 years - 5.25 per cent; 3 years to less than 5 years - 5.50 per cent and 5 years and above - 5.75 per cent.

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