Bank of India increases bulk deposit rates

Bank of India has increased the interest rate on bulk deposits of Rs 10 crore and above for one to less than two years maturity to 9 per cent (from 8.75 per cent) with effect from December 27.

According to a Finance Ministry directive, bulk deposits and certificate of deposits, put together, cannot exceed 15 per cent of public sector banks’ total deposits.

A couple of days ago, Dena Bank and Federal Bank had upped their deposit rates.

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