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Book fixed deposit at Bank of India: Rates going down from April 15 | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards

Book fixed deposits at Bank of India: Rates going down from April 15

Posted in Fixed Deposits  by Ram Vishnu
April 12, 2009



Bank of India, a public sector bank in India, has announced reductions in fixed deposit rates effective from April 15, 2009. Customers still have time to book their fixed deposits at the existing higher interest rates until that date.

The interest rate cuts range from 0.25% on fixed deposit term of 7-14 days to a reduction of 1.00% on fixed deposit term of over 5 years. The following table illustrates the new rates in comparison to existing interest rates. 

Maturity Rates for FD Amounts Less than Rs. 15 Lakhs
Existing Rate New Rate effective from April 15,
2009
07 days to 14 days 3.25 3.00
15 days to 30 days 4.25 3.25
31 days to 45 days 4.50 3.50
46 days to 90 days 6.00 5.00
91 days to 179 days 6.25 5.50
180 days to 269 days 7.25 6.50
270 days to 364 days 7.50 6.75
1 year to less than 2  years 8.00 7.25
2 years to less than 3 years 8.25 7.25
3 years to less than 5 years 8.25 7.25
5 years and above 8.25 7.25

 

Other banks are also expected to cut their fixed deposit interest rates in the coming days. According to an article in Hindustan Times, the chairman of Corporation Bank said that fixed deposit rates would be cut in Corporation Bank also from April 15. Hence, people interested in investing in fixed deposits would be advised to lock in their rates as soon as possible.




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One Response to “Book fixed deposits at Bank of India: Rates going down from April 15”

  1. SBI cuts its Fixed Deposit Interest Rates from April 13, other banks expected to follow | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards on April 12th, 2009 5:54 pm

    [...] Book fixed deposits at Bank of India: Rates going down from April 15 [...]

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