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The Bank of India has cut down its interest rate on saving bank accounts by 50 basis points to 3.5 percent on deposits of up to Rs 50 lakh.
The bank, however, is going to continue to pay 4 percent interest on deposits of above Rs 50 lakh.
Bank of India has said in a regulatory filing that “The bank is introducing two tier saving bank rate with effect from today.”
The bank has said that the customers maintaining savings bank balance up to Rs 50 lakh will get 3.5 percent whereas those maintaining above Rs 50 lakh are going to continue to earn an interest of 4 percent per annum.
