Bank of India slashes deposit rates

Bank of India slashes deposit rates  State-owned Bank of India has decided to cut-down its deposit rates across certain maturities by up to 50 basis points.

The latest move has come a week after the Reserve Bank's quarterly review of the annual monetary policy, in which key policy rates were left unchanged.

 The downward revision on select maturities is effective from August 3. With reduction, interest rate for deposits having maturity in between 46 days and 90 days will earn 4 per cent against 4.5 per cent earlier, while interest rates for deposit in between 180 days to 269 days will attract 6 per cent as compared to 6.25 per cent.

However, deposit rate for above one year has been reduced to 6.5 per cent, while deposit rate having a maturity of one year to less than two years was slashed to 6.5 per cent.