It has been reported that for the period of 1 to three years, Bank of Baroda has reduced its rates by 0.15% and for deposits maturing after five years the bank has reduced the rate by 0.25%. From 1st January,2015 the new rates are applicable. The rate for the 1-3 years has been reduced to 8.75% from 8.90% and for the five yeras and above the rate is 8.50%, earlier it was 8.75%.BoB had earlier trimmed its deposit rates in early October by 15-30 bps for deposits having maturities of one year and above.
Prior to this, last month State bank of India, ICICI bank, HDFC bank have also reduced thier rates. Allahabad Bank also reduced its term deposit rates by 15 bps.