Bank of India has reduced interest rate on foreign currency non-resident deposits up to 0.22 per cent, effective from Saturday. There is, however, no change in the rates on yen-denominated FCNR deposits.
The interest rate on dollar in maturity bracket of one year but less than two year stands reduced to 1.23 per cent from 1.31 per cent paid earlier, a BoI press release said in Mumbai on Friday.
Those in two year to less than three year bracket and those above three year would be 1.97 per cent (2.11 per cent earlier) and 2.59 per cent (2.70 per cent) respectively, the release added.
British pound denominated deposits with one year to less than two years would be 4.18 per cent (4.34 per cent) and for those in two years to less than three years is 4.48 per cent (4.65 per cent), it said.
The euro deposits in the one year to less than two years bracket would now attract 2.02 per cent rate (2.22 per cent) and those between two years and less than three years 2.55 per cent (2.77 per cent), it added.