Public sector lender, Bank of India today reduced deposit rates in select maturities by 0.25 per cent from Friday.
Deposits having a maturity of 180-days to 269-days will now offer 5.75 per cent interest to depositors as against 6 per cent earlier, a press release said.
Similarly, deposits under 270-days to 364-days maturity bucket, will offer, 6 per cent as compared to 6.25 per cent earlier, the bank said.
Interest rates in other maturities remain unchanged, the bank said.
Senior citizens will earn 0.5 per cent interest more than the card rates on their deposits of six months and above maturity on all deposit schemes, the bank said.
The lender has also waived the penalty on premature withdrawal of all domestic rupee term deposits effective from December 1, 2008 irrespective of date of deposit and amount.