A cut of just 0.05 percent on this special period scheme
Bank of India of the public sector has reduced interest rates on different duration fixed deposits (FD). Along with this, this government bank has also closed the 400 -day special FD scheme, on which 7.30 percent interest was being given to ordinary citizens. The bank said in a statement that the new rates will be implemented from April 15, 2025. Let us tell you that all banks have been making loans cheaper since the Reserve Bank of India (RBI) has cut the repo rate. In addition, banks are also cutting the interest rates of FDs.
25 basis points reduced interest on FD scheme with a duration of 179 days from 91 days
Bank of India has deducted 25 basis points in interest on the FD scheme with a duration of 179 days from 91 days. After this change, now an FD of this period will get an interest of 4.25 percent instead of 4.50 percent. FD schemes with a duration of 180 days to 1 year have also been cut by 25 basis points and now it will get an interest of 6.00 percent. However, the bank has cut 20 basis points on the FD scheme with a duration of one year. After this change, now the FD scheme with this period will get an interest of 7.00 percent.
A cut of just 0.05 percent on this special period scheme
This bank of the public sector reduced just 5 basis points on FD schemes of more than 1 year and less than 2 years. Now the interest given on this period FD scheme has been reduced from 6.80 percent to 6.75 percent. Let us tell you that in the link of reducing interest rates after the repo rate cut, tomorrow (Monday) Bank of Maharashtra and State Bank of India also announced to reduce loan interest rates. Both banks have cut loan interest rates by 25 basis points, or 0.25 percent.
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