BoI hikes interest rate of fixed deposit by 75 bps

Bank of India, a public sector lender has raised its fixed deposit rates by up to 75 basis points for various maturities.

The revised rates have come into effect from 1 Nov, 2010.

The bank has revised rates ahead of the Reserve Bank’s second quarter policy review.

After revision, the interest rate for 91-179 days, will be higher by 75 basis points at 6.25 per cent for all deposits less than Rs one crore, BoI said in a filing to the Bombay Stock Exchange.

While, for deposits of 180-269 days the interest rate has been hiked by 50 basis points to 6.50 per cent.

For deposits between 270-364 days, the rate has been hiked by 75 basis points to 6.75 per cent and for all deposits for 1 year to less than two years, the rates has been raised by 50 basis points to 7.5 per cent.