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.
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.
