Bank of India raises deposit rate by up to 2.5 per cent

MUMBAI: State-owned Bank of India (BoI) today raised fixed deposit rates on various maturities by up to 2.5 per cent.

The bank increased the interest rate by 250 basis points (2.5 per cent) to 5.50 per cent for term deposits of 31-45 days' tenor. The deposit rate increase is the maximum in this slab, the bank informed the Bombay Stock Exchange (BSE).

For fixed deposits with a tenor between 15-30 days, the new interest rate will be 4.50 per cent against the existing 2.75 per cent, while 46-90 days fixed deposits will attract an interest rate of 5.50 per cent, an increase of 150 basis points.

The interest rate on term deposits of between 2 to 3 years' tenor will go up by 75 basis points to 9 per cent from tomorrow, while interest on the 5-8 years' maturity slab has been increased by 25 basis points to 8.75 per cent.

Meanwhile, Lakshmi Vilas Bank also announced revision on interest rate on term deposits. The bank has increased the interest rates on 1-2 years by 40 basis points to 10.50 per cent.

Source: EconomicTimes