Diabytes
Bank of India News
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Starting June 10, borrowers can expect slightly lower interest rates on loans like home and personal loans.
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RBI Repo Rate Cut: In addition to the repo rate cut, the RBI also reduced the Cash Reserve Ratio (CRR) by 100 basis points, from 4 per cent to 3 per cent.
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RBI Repo Rate: Meanwhile, private sector major HDFC Bank has lowered interest rate on savings accounts by 25 basis points to 2.75 per cent which is the lowest among peers in the private sector.
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Also, the public sector bank has reduced Rate of Interest on its short-term & medium-term Fixed Deposits for various maturities w.e.f 15th April 2025.
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This move is expected to make loans cheaper, encouraging more borrowing by individuals and businesses.
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According to the bank, the funds raised from these long-term bonds will be utilised for financing infrastructure projects and affordable housing, in line with the Reserve Bank of India’s (RBI) guidelines.
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Bringing the much needed festive joy for customers Bank Of India has launched a Special 400 Days Fixed Deposit offering upto 8.10% interest rate.
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The Tier II capital is raised for augmenting the overall capital of the Bank and for enhancing the long term resources in accordance with the RBI guidelines, said Bank of India.
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The revised FD rates are effective from 1st September 2024, and this offer is for Limited Period, Bank of India added.
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Bank of India has said that it has continued its “666 Days - Fixed Deposit”, offering the best interest rate of 7.30% for customers & general public.
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The Base Issue size was Rs.2,000 crore with Green Shoe option of Rs.3,000 crore.
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Bank of India had declared dividend of Rs.2.80 per equity share (28%) for the financial year 2023-24.
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BOI Rakshak Salary/ Pension Savings Scheme, the bank will offer numerous benefits to all Ranks of the Indian Coast Guard, Veterans, Recruits and Agniveers.
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The bank has increased the mark-up by 10 bps from the existing level of 2.75 percent to 2.85 percent.
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With a 30-year tenor home loan at 8.3 percent, the starting EMI (monthly installment) is as low as Rs 755 per lakh.
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Check the reasons why RBI has imposed monetary penalty on Bank of India and Bandhan Bank.
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Bank of India's festive offer on Farm Mechanization and Krishi Vahaan schemes is valid until 31 March 2024.
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The Bank of India Super Special Fixed Deposit is applicable for specific maturity period of 175 days with effect from 1st January, 2024, said the company.
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The Nari Shakti Savings Account can be opened at all 5132 domestic branches and also through digital platforms.
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Implemented by the RBI on April 1, 2016, MCLR serves as the minimum lending rate below which a bank is not allowed to lend.
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