Public sector lender, Bank of India has raised interest rates on fixed deposits by as much as 75 basis points.
The revised rates will be applicable for deposits of minimum amount of Rs 1 lakh, the bank said. The new rates have come to effect from January 3, 2011.
Deposits in the range of Rs 15 lakh to Rs 5 crore have undergone revision in terms of rates, said the bank.
Interest rate will be 7.25% for deposit of 180-269 days under Rs 15 lakh as compared to 6.5% earlier. The 270-364 days deposit will earn the customer an interest of 7.5% as against 6.75% earlier.
In case of deposits of Rs 1 crore and above, the bank has decided to calculate interest on daily basis which will be quoted by the treasury department of the bank using core banking system (CBS). The liquidity condition as well as market condition in the 1 year and above but less than 2 years will be taken into consideration, the bank said.