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Mumbai, Aug. 19 Bank of India has increased the interest rate on domestic rupee term deposits for various maturity buckets, between 15 and 50 basis points. The revised rates will be applicable only on fresh deposits and on renewal of maturing deposits with effect from August 20, the bank said in a press release issued today.

The interest rate on Floating Rate Deposit Scheme will be 0.25 percentage point 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 in case of change in our anchor rate.

Senior citizens will get 0.5 percentage point interest more than the card rates on their deposits of six months and above maturity on all deposit schemes uniformly, the release said.

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

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