From correspondents in Maharashtra, India, 10:30 PM IST

Leading public sector lender, Bank of India (BoI), announced a hike in its deposit rates from 0.25 to 0.5 percent, effective Wednesday.

According to a release issued by the bank late Monday evening, deposits having a maturity from six months to one year will now earn 8 percent.

For one year to 399 days and 400 days, the interest rates have been revised to 9.75 per cent and 10 percent, against the existing 9.5 percent, whereas for 401 days to two-year maturity and 2-3 years it has been revised to 9.75 percent against the earlier 9.5 percent and 9.6 percent.

Similarly, 3-5 year deposits and five years and above deposits will now earn a rate of 9.75 percent as compared to the earlier 9.5 percent.

The bank also said in a statement that the interest rate on floating rate deposit scheme will be 0.25 percent over the term deposit rates applicable for the relevant tenures for maturities of three years and above.

The bank is also offering a 0.5 percent rate for senior citizens, more than the card rates on all deposit schemes six months and above maturity on all deposit schemes.

(Staff Writer, © IANS)