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Bank of India raises deposit rates

Bank of India increased the interest rates rupee term deposits, with effective from Aug 4, 2008.

04 Aug 2008

Bank of India increased the interest rates on rupee term deposits, effective from August 4, 2008. The interest rate for deposits with a maturity period of one year to less than two years stands at 9.50 percent (as against 9.25 percent), for two years to less than three yeas at 9.60 percent (as against 9.25 percent).

The bank raised its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 13.25 per cent in July 2008.

Senior citizens will get an additional interest of 50 basis points over the card rates on their fixed deposits of six months and above maturity on all deposit schemes uniformly.

For floating rate deposit scheme, the interest rate will continue to be 25 basis points over the term deposit rates applicable for the relevant tenure of deposits, for maturities of three years and above, (i.e. our anchor rates) on the day the deposit is made. In case there is a change in the anchor rate, the rate is to be reset at the beginning of each calendar quarter.

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