Public sector lender, Bank of India has increased rates of fixed deposits for different maturities. The rates have seen a rise by upto 75 bps.
The bank has raised its rates just ahead of the upcoming monetary policy on Thursday.
Deposits having tenor of 91-179 days have rates being raised by 75 bps to 6.25% for all deposits upto Rs 1 crore.
Interest rates for deposits maturing between 180-269 days have seen a 50 bps hike to 6.50%.
For deposits maturing between 270-364 days, it has been hiked by 75 basis points to 6.75 %. All deposits in the tenor of 1 year to less than 2 years will now fetch 7.5%, which is a 50 bps rise.
Deposit rates have also been raised by PNB.