Bank of India raises bulk deposit rates.
Mumbai-headquartered public sector lender Bank of India on December 27, 2012 raised interest rate for bulk deposits by 50 basis points to nine per cent for one year to less than two-year tenure. Deposits of more than Rs 10 crore are known as bulk deposits.
“We have hiked the deposit rate in that particular bucket only, which is a part of asset-liability management. Some of the banks were offering nine per cent for one-year deposits, so with this move, we will also stay competitive,” said M S Raghavan, executive director, Bank of India.