BOI Bank of India has reduced interest rates on short-term and medium-term fixed deposits for select periods with effect from April 15. It has withdrawn the special fixed deposit scheme for 400 days term where the interest rate was highest of 7.3 %. Today on 12th April decision came post RBI Reserve Bank of India cut the policy repo rate by another 25 bps to 6 % on Wednesday.
Interest rate on fixed deposits less than Rs 3 crore, maturing between 91 days and 179 days, will be 4.25 % against 4.50 % earlier and 5.75 %, reduced by 25 basis points (Bps), for 180 days to less than 1 year.
