With effect from 7 July, the interest rate on Savings Bank (SB) deposits to £ 1 lakh has been reduced from 2.75% to 2.5%, while the green deposit rate has been reduced to 6.7% of 7% for a term of office of 999 days. | Photocredit: Bijoy Ghosh/Businessline
The Bank of India (BOI) has reduced the interest rates on its deposits of Savings Bank (SB) and Green Deposit Products, has apart from costs for non-maintenance of the minimum balance in all SB accound arrangements and reduced interest rates for housing loan with 50 basic points.
The interest rate on SB deposits to RS. 1 Lakh is parried from 2.75% to 2.5% from 7 July.
The bank of the public sector said in a statement that all other rates under the Spaarborgs category remain unchanged.
These revisions are tailored to the recent reduction of the repo speed and are aimed at maintaining a balanced speed structure between deposits and loans, while it ensures efficient transfer of monetary policy.
The interest rate of the green deposit has been reduced to 6.7% of 7% for a term of office of 999 days, applicable to deposits ranging from RS. 1 lakh to less than RS. 10 Crore, with effect from July 7.
Home and shopping loans
BOI has also reduced its interest rates for housing loans with 50 basis points, so that both new and existing borrowers benefit. With this revision, the minimum interest rate on home loans now starts at 7.35%, depending on the credit score of the borrower. The new speed structure will take effect on June 16, 2025.
In addition, interest rates for selected existing shopping, including vehicle loans, have been reduced with 50 basis points. The bank has announced that its interest rate of the educational kings now starts with 7.5% for students who register for renowned QHEIs (high -quality higher education institutions) throughout the country.
BOI has abandoned costs for non-maintenance of the minimum balance in all savings bank account schemes with immediate effect.
Bank of India, one of the leading banks of the country, responds to a policy frequency environment, has announced a series of important revisions in the deposit and credit products, in addition to the full distance of minimum balance fines on savings accounts. These changes are aimed at tuning for market dynamics, improving financial flexibility and delivering more value to customers in segments.
As of July 7, 2025, the bank has rationalized the interest rates on its green deposit and savings spot products. The interest rate of the green deposit has been revised to 6.7% per year of 7% per year for a term of office of 999 days, applicable to depositos ranging from £ 1 lakh to less than £ 10 crore. Similarly, the interest rate on savings is up to £ 1 lakh or less than £ 10 crore.
Similarly, the interest rate on savings deposits to RS is. 1 Lakh has been adjusted from 2.75% PA to 2.5% PA All other rates under the Savings Deposit category remain unchanged. These revisions are tailored to the recent reduction of the repo speed and are aimed at maintaining a balanced speed structure between deposits and loans, while the efficient transfer of monetary policy is guaranteed.
Bank of India has also reduced its interest rates for housing loans with 50 basis points, which benefits both new and existing borrowers. With this revision, the minimum interest rate on housing loans now starts at 7.35%, depending on the cibil score of the borrower. The new speed structure will take effect on June 16, 2025.
Further expanding its customer -oriented approach, the bank has reduced the interest rate of the educational loan to a low as 7.5% for students who register for renowned QHEIs (high -quality higher educational institutions) throughout the country. In addition, interest rates for selected existing shopping, including vehicle loans, have been reduced with 50 basis points. These changes are intended to make credit more affordable and accessible, while continuing to offer competitive and flexible loan options.
In an important step in the direction of inclusive banking, the Bank of India has immediately in force of costs for non-maintenance of the minimum balance in all savings bank account schemes. This initiative eliminates fines for non-maintenance, reducing the financial burden for customers, increases the flexibility of the account and improves overall customer satisfaction.
As a trusted banking partner for all segments from students to seniors, Bank of India continues to realize its promise of barrier-free, customer-first banking.
Published on July 8, 2025
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