Mumbai, June 06: Bank of India (BOI) has reduced interest rates on its domestic and non-resident external rupee (NRE) term deposits by 0.25-0.5 per cent in various maturities with effect from June 7. The interest for deposits of 46-90 days tenure and 91-179 days would now be at 4.75 per cent per annum (five per cent earlier), and that for 180-364 days and one year to less than three years at five per cent (5.25 per cent and 5.5 per cent respectively), a BOI release said on Thursday.
Deposits of tenure three years to less than five years would attract an interest of 5.25 per cent (5.75 per cent), it said adding, the other maturity brackets have been left unchanged.
On NRE deposits, the bank has revised interest for one year to less than three years at 5 per cent (5.5 per cent) and for three years and above at 5.25 per cent (5.75 per cent), it added.
BOI said the revised rates would be applicable only on fresh deposits and on renewal of maturing deposits, it said. Bureau Report