Trickle-Down Effect: Now, BoB Lowers Deposit Rates

New Delhi, Apr 24 (PTI) State-owned Bank of Baroda today said it has slashed deposit rates in the range of 0.15-0.40 per cent for various maturities in several brackets.

"The bank has decided to revise the rates of interest payable on term deposits, applicable to the renewal of existing and fresh deposits, with effect from April 27, 2015," it said in a filing to the BSE.

With this downward revision, there are changes in various maturities, rates of interest on domestic term deposits, Non Resident Ordinary Rupee (NRO) & Non Resident Rupee (NRE) deposits, it said.

For deposits below Rs 1 crore, on maturities between 91 days and up to 10 years, it has cut rates in the range of 0.15-0.30 per cent.

On deposits of Rs 1-10 crore, the rates are down in the range of 0.25-0.40 per cent for maturities between 91 days and up to 3 years.

Furthermore, the bank has brought down interest rates on deposits ranging between Rs 10 crore and Rs 25 crore by 0.25 per cent.

The maturities for this range are from 91 days to up to 3 years.

For deposits of Rs 25-50 crore maturing between 91 days and up to 4 years, the rates are slashed by 0.25 per cent.

Similarly, for deposits in the range of Rs 50 crore to above Rs 100 crore maturing in 91 days to 1 year, deposits will attract a rate 0.25 per cent less.

Also, it has lowered interest rates on deposits in categories such as NRE term deposits.

Over a dozen public sector banks have revised downwards their term deposit rates across maturities in the range of 0.07-0.75 per cent.

Also, leading private sector lenders such as ICICI Bank, HDFC Bank and Axis Bank have effected cuts in their deposit rates.

PTI