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MUMBAI, Dec. 2

BANK of India has modified the maturity buckets for interest rates on domestic as well as non-resident external rupee (NRE) term deposits.

The new maturity buckets introduced for the domestic term deposits are 3 years to less than 5 years for which the interest rate would be 6.50 per cent and five years and above with an interest rate of 6.75 per cent.

In respect of non-resident external rupee (NRE) term deposits, the new maturity buckets are of one year to less than two years would carry an interest rate of 5.25 per cent, two years to less than three years 5.50 per cent and three years to seven years 5.75 per cent.

The bank has also revised interest rates in the domestic term deposits in the maturity bucket of five years and above to 6.75 per cent (6.50 per cent).

Interest rates on NRE term deposits have also been revised downwards by 75 to 100 basis points.

For amount up to Rs 15 lakh and above but less than Rs 1 crore and for a maturity of six months to less than one year the new rate is 5.00 per cent (5.75 per cent).

For one year to less than two years the rate is 5.25 per cent (6.25 per cent). For two years to less than three years the rate is 5.50 per cent (6.25 per cent). For three years to seven years the rate is 5.75 per cent (6.50 per cent).

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