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After SBI, BOI slashes interest rate to 3.5% for deposits up to Rs 50 lakh

Bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh.

Press Trust of India  |  New Delhi 

Bank of India, BOI
Bank of India

Public lender of has reduced on savings accounts by 50 basis points to 3.5 per cent on deposits of up to Rs 50 lakh.

However, the will continue to pay 4 per cent interest on deposits of above Rs 50 lakh.


"The is introducing two tier saving rate with effect from today," of said in a regulatory filing today.

BOI said customers maintaining savings balance up to Rs 50 lakh will get 3.5 per cent while those maintaining above Rs 50 lakh will continue to earn an interest of 4 per cent per annum.

On July 31, slashed on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below. Other lenders, including private ones such as and Axis bank, have followed suit.

Earlier this month, had reduced on savings accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh.

Another PSU lender, of Baroda had slashed the rate to 3.5 per cent on deposits of up to Rs 50 lakh. Karnataka too has tweaked the rate on savings accounts.

First Published: Thu, August 24 2017. 13:13 IST
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