Bank of India Slashes Savings Deposit Rate to 2.5%, Adjusts Green Deposit Rates
Bank of India (BOI) has reduced interest rates on savings deposits by 25 basis points to 2.50%. The bank also lowered rates on 999-day green deposits from 7.00% to 6.70%. This move aligns with a broader trend in the banking sector, as other major banks like HDFC Bank have also implemented similar rate cuts. The changes will impact returns for BOI's savings account holders and green deposit investors.

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Bank of India (BOI) has announced a significant reduction in its interest rates, affecting both savings deposits and green deposits. The move comes as part of a broader trend of rate adjustments in the banking sector.
Savings Deposit Rate Cut
Bank of India has decreased its savings deposit rate by 25 basis points, bringing it down to 2.50%. This adjustment represents a notable change for the bank's customers who hold savings accounts.
Green Deposit Rate Adjustment
In addition to the savings rate cut, BOI has also revised the interest rates on its green deposits. Specifically, the 999-day green deposits will now earn an interest rate of 6.70%, down from the previous rate of 7.00%. This 30 basis point reduction reflects the bank's recalibration of its deposit offerings.
Industry Trend
Bank of India's decision to lower interest rates aligns with similar moves by other major players in the banking industry. For instance, HDFC Bank recently implemented rate cuts on both fixed deposits and savings accounts. This trend suggests a broader shift in the banking sector's approach to interest rates.
Impact on Customers
These rate adjustments will have implications for Bank of India's customers:
- Savings account holders will see a decrease in the interest earned on their deposits.
- Investors in green deposits, particularly those with 999-day terms, will experience a reduction in returns.
As banks continue to adjust their interest rates, customers may need to reassess their savings and investment strategies to optimize their returns in the current financial landscape.
Bank of India's move to reduce rates across different deposit categories reflects the dynamic nature of the banking sector and its response to broader economic factors. Customers are advised to stay informed about these changes and consider their financial options accordingly.
Historical Stock Returns for Bank of India
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
---|---|---|---|---|---|
-0.08% | -0.71% | -8.96% | +17.47% | -2.68% | +137.58% |