The public sector bank, Bank of India, has increased the interest rates on some of its bulk fixed deposits. The interests have been raised for deposits of Rs. 10 crore and more for certain specific maturities.
While making the announcement, the bank said, "...has informed the BSE that the bank has revised the interest rate for the deposit of Rs 10 crore and above for the time bucket of 1 year and above to less than 2 years to 9 per cent (earlier 8.75 per cent)."
The revised rates have come into effect from December 27.
Recently, Dena Bank and Federal Bank had also hiked their fixed deposit rates.