Public-sector lender Bank of Baroda (BOB) has trimmed rate of interest, payable on bulk deposits of Rs 1 crore and above across maturities, by 0.25-0.60 per cent.
“It has been decided to revise the rates of interest payable on domestic term deposits including NRE across maturities for Rs 1 crore and above,” the bank said in a regulatory filing.
BOB said that the revision will be applicable to the renewal of existing deposits and fresh deposits, effective from November 5, 2015.
For deposits of Rs 1-10 crore, the bank has cut the interest rate in the range of 0.25-0.60 per cent.
While, for deposits above Rs 10 crore to Rs 25 crore, the new deposits rates are less by 0.25 per cent to 0.50 per cent for maturities of 46 days to up to 3 years.
And for deposits above Rs 25 crore to Rs 50 crore, the rate of interest has been cut by 0.25-0.50 per cent.
For Rs 50 crore to Rs 100 crore, the rate has been cut by 0.25-0.50 per cent and for above Rs 100 crore, the rates are cut in range of 0.25-0.50 per cent.
For NRE term deposits, the rates are cut by 0.50 per cent for various maturities for deposits of Rs 1 crore to above Rs 100 crore.
Besides, in respect of deposit of Rs 25 crore, BOB said it will have the sole discretion to either accept or reject the offer, depending upon the bank’s requirement.
“Branches are advised to obtain prior approval from Treasury through their regional offices before accepting quotes for any single deposit of more than Rs 25 crore from any customer.
“Branches are also advised to report to Treasury immediately on receipt of any deposit in excess of Rs 25 crore.”