Bank of India and United Bank of India reduced rate by 0.25 and 1.75 percent

Bank of India (BOI) and United Bank of India (UBI) on 5 July 2012 reduced the rate of interest by 0.25 percent and 1.75 percent. BOI slashed the rate on fixed deposits where as UBI reduced the rate for farm loans.

BOI slashed interest rate on fixed deposit of 2-3 years by 0.25 percent to 9 percent and for 1 to 111 days the term deposit will be 9.10 percent beside 9.30 percent. The new rates are effective from 2 July 2012. While the interest rates on other maturities remain unchanged.

The other bank UBI slashed interest rate on various categories of farm loans by up to 1.75 per cent. It will offer crop loans, investment credit and loans up to 50 thousand rupees at base rate only. The revised interest rates are effective from 1 July 2012. Currently, UBI base rate or bank lending rate is 10.50 percent.