Bank of India revises rates for fixed deposits

Mumbai: Bank of India has raised its interest rates by up to 1.5 percent for fixed deposits of up to Rs 1 crore on select maturities.

For fixed deposits of Rs 1 crore and above, the state-run bank, however, has lowered interest rate by up to 0.5 percent.

"The bank has revised Term Deposit Rates in some maturities with effect from September 1, 2012," Bank of India said in a filing to the BSE.

The bank has raised rates for maturity of 31 days to 45 days for deposits of less than Rs 15 lakh to 7 percent from 5.5 percent currently.

For maturity of 46 days to 90 days, it has been revised upwards to 7 percent from 5.5 percent.

For deposits above Rs 15 lakh and above but less than Rs 1 crore, the rate has been increased to 7 percent (from 5.5 percent) for maturity of 31 days to 45 days. For maturity of 46 days to 90 days, it has been increased to 7 percent (from 5.5 percent).

However, for deposits of Rs 1 crore and above the bank has proposed to slash the rates to 7.5 percent from 8 percent for maturity of 46 days to 90 days. While, for maturity of 91 days to 179 days, the rate will be cut to 8 percent from 8.25 percent.

Similarly, for deposits of Rs 1 crore and above maturing in 270 days but less than one year, the rate has been cut to 8.5 percent from 8.75 percent.

Shares of BoI ended at Rs 265.05 apiece on the BSE today, down 0.45 percent from the previous close.

PTI