Bank of India has raised the interest rate on ultra-long maturity deposits (eight years and up to 10 years) of up to Rs 15 lakh by 50 basis points to 7.50 per cent even as it kept the rates unchanged on all other maturity buckets.
The change in interest rate is effective from July 19. According to Mr A.A. Badshah, General Manager, Bank of India, the bank wants to attract more retail deposits at the long-end of the maturity bucket as these deposits are stable. With demand for funds coming from the infrastructure sector, a robust pool of long-term deposits will help it bring down the asset-liability mismatches.
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