BoI lowers interest rates on certain maturity slabs

MUMBAI, JULY 19: Bank of India (BoI) today announced lowering of interest rates on certain maturity slabs of domestic and non-resident ex...

MUMBAI, JULY 19: Bank of India (BoI) today announced lowering of interest rates on certain maturity slabs of domestic and non-resident external (NRE) deposits with effect from July 21.

For maturity slab of 61 days to 179 days, interest rate from July 21 would be reduced by 0.5 per cent to 5.5 per cent, for one year to less than two years by one per cent to eight per cent and for three years and above by 0.5 per cent to 10 per cent, according to BoI.

Interest rates on domestic deposits for maturity slabs of 15-45 days, 46-60 days, 180 days to less than one year and two years to less than three years remain unchanged at five per cent, 5.5 per cent, seven per cent and 9.5 per cent respectively.

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BoI has effected a one per cent reduction on NRE deposits for maturity slab of one year to less than two years to eight per cent and 0.50 per cent cut maturity of three years to seven years. Interest on six months to less than one year and on two years to less than three years remain unchanged at seven per cent and9.5 per cent.

Differential interest rates on domestic bulk deposits of above Rs 15 lakh also remain unchanged.

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