Bank of India cuts interest rates on term deposits

16 April 2009

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.