NEWS & ADVICE : FIXED DEPOSITS
Cut in short-term deposit rates: BOI
By Neelima Shankar
Oct 8, 2012
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The public sector lender, Bank of India recently has said in a filing to the Bombay Stock Exchange (BSE) that the bank has cut down its shot-term deposit rates ranging between 25 and 50 basis points for different maturities with effect from October 8.

On other hand BOI has lowered its rate by 10 basis points for its special 555 days deposit.


Deposit rate refers to the amount of money paid out by a bank or financial institutions on deposits. Banks pay deposit rates on savings and other investment accounts.


 


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