The Hindu Business Line : Bank of India hikes domestic term deposit rates

Bank of India hiked the interest rates on domestic rupee term deposits of maturity of one year to less than two years and two years to less than three yeas, between 25-35 basis points, with effect from August 4, 2008, said a press release from the bank.

A month ago, the bank had increased its benchmark prime lending rate by 50 basis points to 13.25 per cent.

Several banks have announced a hike in both BPLR and deposit rates after the Reserve Bank of India hiked the repo and CRR in the monetary policy announcement.

Senior citizens will get an additional 50 basis points more than the card rates on their deposits of six months and above maturity on all deposit schemes uniformly, till further notice, the bank said in a press release.

The interest rate for floating rate deposit scheme will continue to be 25 basis points over the term deposit rates applicable for the relevant tenure of deposits, for maturities of three years and above, (i.e. our anchor rates) on the day the deposit is made. The rate is to be reset at the beginning of each calendar quarter in case there is a change in the anchor rate, said the release.

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