State owned Bank of India is order to recover resources hiked its deposit rates by up to 0.75 per cent in certain maturities. The hike will come into effect from May 1.
Few days back the Reserve Bank of India has revised CRR. It is being considered that revision of rates has come at a time when banks’ margins have come under pressure due to hike of 0.75 per cent in CRR and even in the recent months there has been slow down in the credit take off.
In a press meet bank official told the reporters the increase in deposit rates will be subject to review by end- June.
The official said, "The rates have been revised with a view to mobilize funds from deposits in the beginning of the financial year. We will review our rates by June 30, after which they might be revised again ".
The bank sources said the revised rates for deposits having a maturity one year to less than two years, will stand at 9.15 per cent as against the existing 8.50 per cent while for two to three years, the new rate is 9.25 per cent (8.75 per cent).
Likewise, deposits having a maturity period of three to five years has been marked a rate of 9.50 per cent as against the existing 8.75 per cent.
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