BoI slashes deposit rates

By Mumbai: | 03 Dec 2003

1

Mumbai: Bank of India has reduced the interest rate on rupee deposits for select maturities by 0.25 percentage points, effective from 1 December.

However, interest rates on three-to-five years' maturity period have been raised by 0.25 percentage points. Recently, the bank trimmed its prime lending rate by 0.50 percentage points.

The new rates will be applicable only to fresh deposits and to renewal of maturing deposits, said a press release.

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