Public sector Bank of India has revised interest rates on domestic rupee term deposits of less than Rs15 lakh, Rs15 lakh and above but less than Rs1 crore and Rs1 crore and above for various maturities effective 15 April.

For deposits less than Rs15 lakh, the maximum interest payable will now be 3.00 per cent against 3.25 per cent earlier for periods up to a fortnight; 3.25 per cent against 4.25 per cent for deposits of 15 to 30 days; 3.50 per cent against 4.50 per cent for deposits of 31 to 45 days; 5.00 per cent against 6.00 per cent for deposits of 46 to 90 days maturity;  5.50 per cent against 6.25 per cent on deposits of 91 days to 179 days;  6.50 per cent against 7.25 per cent for deposits of 180 to 269 days' maturity; 6.75 per cent against 7.50 per cent for deposits of 270 to 364 days' maturity;  7.25 per cent against 8.00 per cent for deposits of 1-2 years; 7.25 per cent against 8.25 per cent for deposits of 2 to 3 years; 7.25 per cent against 8.25 per cent for deposits of 3-5 years and 7.25 per cent against  8.25 per cent for deposits of up to 5 years maturity.

For deposits above Rs15 lakh but less than Rs1 crore, the maximum interest payable will now be 3.00 per cent against 3.25 per cent earlier for periods up to a fortnight; 3.25 per cent against 4.25 per cent for deposits of 15 to 30 days; 3.50 per cent against 4.50 per cent for deposits of 31 to 45 days; 5.00 per cent against 6.00 per cent for deposits of 46 to 90 days maturity;  5.50 per cent against 6.25 per cent on deposits of 91 days to 179 days;  6.50 per cent against 7.25 per cent for deposits of 180 to 269 days' maturity; 6.75 per cent against 7.50 per cent for deposits of 270 to 364 days' maturity; 7.25 per cent against 8.00 per cent for deposits of 1-2 years; 7.25 per cent against 8.25 per cent for deposits of 2 to 3 years; 7.25 per cent against 8.25 per cent for deposits of 3-5 years and 7.25 per cent against  8.25 per cent for deposits of up to 5 years maturity.

For deposits Rs1 crore and above, the maximum interest payable will now be 1.50 per cent against 2.25 per cent earlier for periods up to a fortnight; 2.25 per cent against 3.25 per cent for deposits of 15 to 30 days; 3.50 per cent against 3.50 per cent for deposits of 31 to 45 days; 5.00 per cent against 6.00 per cent for deposits of 46 to 90 days maturity;  5.00 per cent against 6.25 per cent on deposits of 91 days to 179 days;  6.00 per cent against 6.75 per cent for deposits of 180 to 269 days' maturity; 6.00 per cent against 7.25 per cent for deposits of 270 to 364 days' maturity;  7.00 per cent against 7.50 per cent for deposits of 1-2 years; 7.00 per cent against 7.50 per cent for deposits of 2 to 3 years; 7.00 per cent against 7.50 per cent for deposits of 3-5 years and 7.00 per cent against 7.50 per cent for deposits of up to 5 years maturity.

The effective annualised rate of return on deposits of less than Rs15 lakh will now be 6.50 per cent (6.55 per cent earlier) for 180 to 269 days; 6.75 per cent (6.86 per cent) for 270 to 364 days; 7.25 (7.44) for 1-2 year maturity;  7.25 per cent (7.72 per cent) for maturities of 2-3 year maturity; 7.25 per cent (8.01 per cent) for 3-5 year maturities and  7.25 per cent (8.64) for maturities above five years.

For deposits of Rs15 lakh and above but less than Rs1 crore, the effective annualised rate of return will now be 6.50 per cent (6.55 per cent earlier) for 180 to 269 days; 6.75 per cent (6.86 per cent) for 270 to 364 days; 7.25 (7.44) for 1-2 year maturity;  7.25 per cent (7.72 per cent) for maturities of 2-3 year maturity; 7.25 per cent (8.01 per cent) for 3-5 year maturities and  7.25 per cent (8.64) for maturities above five years.

For deposits of Rs1 crore and above, the effective annualised rate of return will now be 6.00 per cent (6.04 per cent earlier) for 180 to 269 days; 6.00 per cent (6.09 per cent) for 270 to 364 days; 7.00 per cent (7.18 per cent) for 1-2 year maturity;  7.00 per cent (7.44 per cent) for maturities of 2-3 year maturity; 7.00 per cent (7.71 per cent) for 3-5 year maturities and  7.00 per cent (8.29) for maturities above five years.

The interest rate on floating rate deposit scheme will be 0.25 per cent over the term deposit rates applicable for the relevant tenures of deposits for maturities of three years and above (anchor rate); on the day the deposit is made. The rate will be reset at the beginning of each calendar quarter in case of change in the anchor rate, BoI said in a release.

Senior citizens (public other than staff) will get 0.5 per cent per annum interest more than the card rates on their deposits of six months and above maturity on all deposit schemes uniformly till further notice. Senior citizens ex-staff members will get 1.5 per cent per annum additional interest (0.5 per cent for senior citizen+1 per cent per annum applicable to staff members) for their deposits for periods of 6 months and above  on  fresh/renewal of deposits  up to  amount of Rs15 lakh only.

It has been decided to waive the penalty on premature withdrawal of all domestic rupee term deposits effective 1 December 2008 irrespective of date of deposit and amount (earlier the deposit amount was Rs25 lakh and above effective 1 April 2005.

The revised  interest  rates on  domestic  rupee  term deposits of less than  Rs15 lakh, Rs15 lakh and above  but less than Rs1 crore and Rs1 crore and above  will be applicable only on fresh deposits and on renewal of maturing deposits effective  15 April 2009, the bank said in the release.