Bank of India increases deposit rates

The announcement by the Mumbai-headquartered bank follows similar moves by its peers, including State Bank of India, IDBI Bank, Kotak Mahindra Bank and Dena Bank among others, which have hiked their respective interest rates in line with the higher interest rate scenario.

Bank of India`s revised rates are effective yesterday and the minimum size of a deposit has to be Rs 1 lakh, it said in a statement issued here.

Revisions have been done across deposit sizes, starting from those under Rs 15 lakh to Rs 5 crore and above, it said.

Under the revised interest rates, a 180-269 days deposit under Rs 15 lakh will fetch an interest of 7.25 per cent as against 6.50 per cent earlier while one for 270-364 days will earn the depositor 7.50 per cent per annum compared to 6.75 per cent earlier, the statement said.

In another move, for deposits of Rs 1-crore and above, the daily rate of interest will be quoted by the bank`s treasury department on the core banking system (CBS) ticker after taking into account liquidity position and the market conditions for 1 year and above but less than 2 years bucket, it said.