Bank of India has cut term deposit rates by 50 bps on deposits above Rs 10 crore, maturing between 13 months and 2 years. With effect from Thursday, BoI will offer a deposit rate of 8.25% against 8.75%, earlier.
For deposits above Rs 400 crore, maturing between 364 days and 13 months, the bank has cut the rates by 20 bps to 8.75% compared with 8.95% earlier.
Since December, a number of banks have cut their deposit rates. After RBI had cut repo rate by 25 bps on January 15, banks were expected to trim their base rates to make borrowing competitive in a market where credit offtake has remained below 11%.