BANK of India has cuts interest rates on domestic as well as NRE/NRNR deposits of some maturities by 0.25 -0.50 basis points with effect from August 27, 2001 and as per a press release, the bank has reduced interest rates on domestic deposits for one year and above but less than 2 years from 8.50 per cent

to 8.25 per cent and for 3 years and abovematurity from 9.50 per centto 9.00 per cent in respect of single deposit of amounts less than Rs 15 lakh and from 9.50 per cent to 9.25 per cent in respect of single deposit of Rs 15 lakh and above but less than Rs one crore for maturity of 3 years and above.

The deposit rates for a period of up to one year which were made effective from August 1, 2001 as well as for other maturities and amounts less than Rs one crore remain unchanged and the interest rates on NRE & NRNR deposits have also been changed effective from August 27, 2001.

Under the NRE deposits, for the period of six months to less than one year, and for amounts less than or above Rs 15 lakh, the rate remains unchanged at 7.25 per cent.

For one year to less than two years and for an amount less than Rs 15 lakh, the rate is now 8.75 per cent (9 per cent); for Rs 15 lakh and above the rate remains unchanged at 9 per cent.

For two years to less than three years the rate remains unchanged at 9.50 per cent for amounts less than and above Rs 15 lakh.

For three to seven years the rate for an amount less than Rs 15 lakh is 9.50 per cent (10 per cent) and for amounts above Rs 15 lakh the rate is now 9.75 per cent.

For NRNR deposits with a maturity of 6 months to less than one year and for an amount less than and above Rs 15 lakh, the rate remains unchanged at 7.25 per cent.

For one year to less than two years and for an amount less than Rs 15 lakh, the rate is 8.75 per cent (9 per cent). For amounts above Rs 15 lakhs the rate remains unchanged at 9 per cent.

For two years to less than three years the rates remained unchanged at 9.50 per cent for amounts less than and above Rs 15 lakhs.

For a period of a maximum of three years, the rates for amounts less than Rs 15 lakh is 9.50 per cent (10 per cent) and for rates above Rs 15 lakh, 9.75 per cent (10 per cent).

The revised rates would be applicable on fresh deposits and on renewal of maturing deposits.