November 5, 2008, Ratekhoj.com. Bank of India, a nationalized bank in India has announced on its website a reduction in its Bank Prime Lending Rate (BPLR) by 75 bps (or 0.75%) effective from November 6, 2008. This will reduce interest rates for loans that are linked to the BPLR such as the floating rate home and car loans. Bank of India has also announced that fixed deposit rates are likely to be reduced from December 1, 2008 and that customers can take advantage of the higher deposit interest rates before then.

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