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Bank
of India modifies rates
Our
Banking Bureau
3 December 2002
 Mumbai:
Bank
of India has modified the maturity buckets for interest
rates on domestic as well as non-resident external rupee
(NRE) term deposits.
The
new maturity buckets introduced for the domestic term
deposits are 3 years to less than 5 years for which the
interest rate would be 6.50 per cent and five years and
above with an interest rate of 6.75 per cent.
In
respect of non-resident external rupee (NRE) term deposits,
the new maturity buckets are:
- One
year to less than two years — interest rate of
5.25 per cent
- Two
years to less than three years — 5.50 per cent
- Three
years to seven years — 5.75 per cent.
The
bank has also revised interest rates in the domestic term
deposits in the maturity bucket of five years and above
to 6.75 per cent (6.50 per cent).
Interest
rates on NRE term deposits have also been revised downwards
by 75 to 100 basis points.
 Rs
15 lakh and above but less than Rs 1 crore (maturity of
six months to less than one year) — 5 per cent (5.75
per cent).
One year to less than two years — 5.25 per cent (6.25
per cent).
Two years to less than three years — 5.50 per cent
(6.25 per cent).
Three years to seven years — 5.75 per cent (6.50
per cent).
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