New Delhi: State-owned Bank of Baroda on Friday said it has slashed deposit rates in the range of 0.15-0.40 percent 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 percent.
On deposits of Rs 1-10 crore, the rates are down in the range of 0.25-0.40 percent 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 percent.
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 percent.
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 percent 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 percent.
Also, leading private sector lenders such as ICICI Bank, HDFC Bank and Axis Bank have effected cuts in their deposit rates.
