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Mumbai Jan. 29 Bank of India has hiked the interest rates on domestic term deposits across maturity of one year and above, effective February 1.

For deposits of less than Rs 15 lakh with a maturity of one year to less than two years and two years to less than three years, interest rates have been increased to 8.25 per cent per annum (7.5 per cent).

For deposits of Rs 15 lakh and above but less than Rs 1 crore for one year to less than two years and three years to less than five years, the rates have been hiked to 8.5 per cent per annum.

"The 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, on the day the deposit is made. The rate will be reset at the beginning of each calendar quarter, " said a press release by the bank.

More Stories on : Fixed Deposits | Interest Rates | Public Sector Banks

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