BoB cuts term deposit rates by up to 75 bps

State-run Bank of Baroda (BoB) today reduced interest rates on its various maturity deposits by 25-75 basis points.

The rate reduction will be effective from May 27 and will be applicable for all maturities above 181 days, the bank said in a press release here.

The reduction was "led by the conditions of ample liquidity, low-inflation and sluggish credit expansion in the banking industry", the bank said.

A host of banks, including India's largest lender SBI had reduced deposit rates across various maturities in the recent past, taking a cue from the RBI policy signals.