Bank of India Reduces Rate of Interest on Deposits

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Bank Of India - The Interest rates on deposits with the duration of one to two years will now be only 7.25 % against 8 % earlier. Interest rates on the maturity of 7-14 days have been revised down from 3.25 % to 3 %.

Bank of India Interest rates has been reduced by 0.75 % to 1 % in case of other maturities.Eariler there were two separates slabs for deposit for between one year to less than two years and those above two years.

Now, there will be only one slab that of one year & above and for the Senior Citizen would get 0.5 % interest more than the card rates on their deposits.

Penalty has also been waived on premature withdrawal of all domestic rupee term deposits with effect from December 1 2008 irrespective of date of deposit and amount.

The revised interest rate would be applicable only on fresh deposits and on renewal of maturing deposits with effect from April 15. The Interest rate will be reset at the beginning of each quarter in case of change in the anchor rate.

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