BoI trims deposit rates by 0.25-0.5%

Public sector lender, Bank of India (BoI), has slashed its deposit rates by 0.25-0.5 per cent across various tenures, effective from Monday.

The bank has reduced interest rates for 1 year to less than 2 years and 2 years and above maturity deposits to 6.5 per cent as compared to 6.75 per cent earlier, a BoI release said here today.

Deposits in 180 days-269 days and 270 days-364 days maturities will now carry 6 per cent (6.25 per cent) and 6.25 per cent (6.5 per cent), respectively, the bank said.

The lender has also reduced rates for 46 days-90 days maturity deposits to 4 per cent (4.5 per cent), the bank said. The rate revisions will be applicable for deposits less than Rs 1 crore, the bank said.

Senior citizens will get 0.5 per cent interest more than the card rates on all deposits of six months and above tenure, the bank said.