Bank of India increased deposit rate by up to 2.5%
State-owned Bank of India (BoI) on Tuesday increased fixed deposit rates on various maturities by up to 2.5%.
For fixed deposit with a tenor between 15-30 days, the new interest rate will be 4.50% against the existing 2.75%, while 46-90 days fixed deposits will attract an interest rate of 5.50%, an increase of 150 basis points.
The bank increased the interest rate by 250 basis points (2.5%) to 5.50% for term deposits of 31-45 days’ tenor. The deposit rate increase is the maximum in this chunk, the bank informed the Bombay Stock Exchange (BSE).
Click here to know about Property Loan
The interest rate on term deposits of between two to three years’ tenor will go up by 75 basis points to 9% from 1st May, while interest on the five-eight years’ maturity slab has been increased by 25 basis points to 8.75%.
Meanwhile, Lakshmi Vilas Bank also announced modification on interest rate on term deposits. The bank has increased the interest rates on 1-2 years by 40 basis points to 10.50%.
Source: [moneycontrol]
Processing your request, Please wait....
