Bank of India modifies rates

Mumbai: Bank of India has modified the maturity buckets for interest rates on domestic as well as non-resident external rupee (NRE) term deposits. .

The new maturity buckets introduced for the domestic term deposits are 3 years to less than 5 years for which the interest rate would be 6.50 per cent and five years and above with an interest rate of 6.75 per cent.

In respect of non-resident external rupee (NRE) term deposits, the new maturity buckets are:

• One year to less than two years — interest rate of 5.25 per cent
• Two years to less than three years — 5.50 per cent
• Three years to seven years — 5.75 per cent.

The bank has also revised interest rates in the domestic term deposits in the maturity bucket of five years and above to 6.75 per cent (6.50 per cent).

Interest rates on NRE term deposits have also been revised downwards by 75 to 100 basis points.

Rs 15 lakh and above but less than Rs 1 crore (maturity of six months to less than one year) — 5 per cent (5.75 per cent). One year to less than two years — 5.25 per cent (6.25 per cent). Two years to less than three years — 5.50 per cent (6.25 per cent). Three years to seven years — 5.75 per cent (6.50 per cent).