Bank of India lowers peak interest rate, offers 7% for one-year deposits

The deposit rate for senior citizens for 1-year is 7.5% and 7.65% for super-senior citizens

BS Reporter
BOI, United Bank to raise up to Rs 1,500 crore via bonds

Listen to This Article

In what may be an early sign that interest rates on deposits have started to cool off, state-run lender Bank of India has discontinued the 501-day deposit scheme which offered 7.15%. It is now offering 7% for 1-year deposits. The deposit rate for 1-year deposits has been increased to 7%, from 6.25% with effect from Friday. The deposit rate for senior citizens for 1-year is 7.5% and 7.65% for super-senior citizens.
RBI approves merger of Maratha Sahakari with Cosmos Coop Bank

The Reserve Bank of India has approved the voluntary merger of Mumbai-based Maratha Sahakari Bank with Cosmos Co-operative Bank of Pune.
“The Scheme will come into force with effect from May 29, 2023. All the branches of Maratha Sahakari Bank Ltd., Mumbai (Maharashtra) will function as branches of The Cosmos Co-operative Bank Limited, Pune (Maharashtra) with effect from May 29, 2023, the regulator said.

Maratha Sahakari Bank was under RBI’s restriction from August 31, 2016 with cap on deposit withdrawal.

Also Read

RBI hikes repo rate by 35 bps to 6.25%, cuts FY23 GDP forecast to 6.8%

RBI MPC: Here is what experts have to say about the policy announcement

RBI Monetary Policy: Repo rate up by 25 bps, FY23 inflation pegged at 6.5%

MPC lowers projection for inflation, raises growth outlook a bit in FY24

RBI MPC: When and where to watch policy announcement by Shaktikanta Das

Govt to earn record dividend of Rs 13,800 crore from PSBs for FY23

Indian banks' profitability to stablise, asset quality to improve: S&P

Bank of Maharashtra tops PSU lenders chart in profit, loan growth in FY23

Banks say RBI rules make it difficult to attract top-class talent on boards

Kangra Co-op Bank's account with RBI loses Rs 7.79 cr in cyber fraud case

First Published: May 26 2023 | 11:11 PM IST

Explore News