A recent press report said that Bank of India has raised interest rates by 25-75 basis points on fixed deposits of select maturities with immediate effect, according to a notice on the BSE.
The individual services of the bank include bank deposits, international banking, education loans, home loan; personal loan etc. The bank has announced the revised interest rates. According to the new interest rates for deposits of less than Rs 15 lakh, having maturity of 7-14 days, the revised rate is 4 per cent from 2.5 per cent; for deposits of 15-30 days the rate is increased to 4.5 per cent from 2.75 per cent, for deposit of 31- 45 days the rate is 5.5 per cent from 3 per cent and for deposits of 46-90 days the rate has been increased to 5.5 per cent from 4 per cent.
For deposits of two years to less than three years, the revised rate is 9 per cent and for deposits of three years to less than five years is raised to 8.5 per cent from 7.75 per cent. The bank is looking for growth of 21 per cent in credit and 20 per cent in deposits in the year 2011-12 fiscal.