Financial Daily from THE HINDU group of publications
Tuesday, Feb 25, 2003
Financial Daily from THE HINDU group of publications Tuesday, Feb 25, 2003 |
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Money & Banking
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Interest Rates BoI hikes rates on deposits Our Bureau
MUMBAI, Feb. 24 BANK of India (BoI) has raised interest rates by 25 basis points on domestic term deposits of amounts less than Rs one crore, in the maturity bracket of "46 to 90 days'', effective from February 27. For amounts less than Rs 15 lakh in this maturity and for amounts of Rs 15 lakh and above, but less than one crore, the new rates are 5 per cent (4.75 per cent), said a press release. Revised rates will be applicable only on fresh deposits and on renewal of maturing deposits. There is no change in the interest rate structure for non-resident external (NRE) rupee term deposits.
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