BoI hikes term deposit rates by 0.25-0.6%

Deposits up to Rs 10 crore and having a tenure of 1-2 years, will now attract an interest rate of 9.25 per cent (8.85 per cent), BoI said in a press release.     

Similarly, for deposits having maturity 2-3 years and 3-5 years, the rates have been revised to 9.25 per cent (8.85 per cent) and 9.5 per cent (8.9 per cent), the bank said.     

For deposits having maturity period, five years and above, the new rate will be 9.5 per cent (8.9 per cent), the bank said.     

The revision will be applicable to the short term deposits having a tenure six months to one year also, BoI said.