BoI hikes domestic term deposit rates; ends floating rates

11 Mar 2010

1

Bank of India today announced an upward revision of interest rates on domestic term deposits by 25-150 basis points, effective immediately.

The new rates are applicable for domestic deposits of below Rs15 lakh, Rs15 lakh and above but less than Rs1 crore and Rs1 crore and above, for various periods, the Bank said in a filing with the Bombay Stock Exchange (BSE).

For deposits of less than Rs15 lakh for 180-269 days and for two to three years, a 25 basis-point increase in interest rates is being offered.

Interst on deposit rates in the 270-364 day segment and those for more than three years is up 50 basis points.

For deposits above Rs1 crore, the bank has raised the interest rates by 75-150 basis points across various tenures.

BoI said it has discontinued the floating rate deposits scheme with effect from 1 September 2009 and no fresh deposits could be accepted under this scheme. The outstanding DBD and FDR accounts under Floating Rate Deposits Scheme will continue till their maturity date but no further renewals will be done under this scheme. 

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