Public sector Bank of India has said that now 2.75 percent interest will be available on deposits up to Rs 1 lakh in savings account. Apart from this, the rates of FD have been revised.
New Delhi. The customers of the public sector Bank of India have suffered a major setback. Actually, the bank has cut interest rates on its savings account and fixed deposits. BOI has cut the interest rate on savings account by 0.15 percent. The bank has cut interest rate on deposits up to Rs 1 lakh in savings account, while the bank has revised the rates of FDs below Rs 2 crore. The new rates of the bank have become effective from May 1, 2022.
0.15 percent reduction in interest rate on savings account
According to the bank’s website, if a savings account holders have a balance of up to Rs 1 lakh in their bank account, then they will now get only 2.75 percent annual interest. At the same time, 2.90 percent annual interest will be given if the balance is more than Rs 1 lakh. In case of balance up to Rs 1 lakh, the interest rate has been reduced by 0.15 percent. There is no deduction in interest rate for balance above Rs 1 lakh.
New FD rates of Bank of India
The bank will now offer 2.85 per cent interest rate on fixed deposits of less than Rs 2 crore for a maturity period of 7 to 45 days. The bank will give 3.85 percent interest on deposits maturing in 46 days to 90 days and 91 days to 179 days. FDs maturing in less than a year from 180 days to 269 days and 270 days will now get 4.35 percent interest from Bank of India.
The interest rate on Rupee FDs maturing in 1 year and above but less than 2 years will be 5.00 per cent, while the interest rate on deposits of 2 years and above but less than 10 years will be 5.20 per cent.