Bank of India slashes interest rates on savings and green deposits
Bank of India (BoI) is making money matters a bit easier after the RBI's recent repo rate cut.
They're lowering interest rates on some deposits and loans, plus scrapping minimum balance penalties on savings accounts starting July 7.
Changes in deposit rates
Savings account interest for up to ₹1 lakh drops from 2.75% to 2.5% per year, and the special Green Deposit rate (for a 999-day term between ₹1 lakh-₹10 crore) dips from 7% to 6.7%.
Best part? No more charges if you don't keep a minimum balance in your savings account.
Home, education, and vehicle loan rates all reduced
Home loan interest rates are down by 0.5%, now starting at 7.35% (depending on your credit score).
Education loans for top institutions begin at 7.5%, and vehicle loans also get a similar cut—making borrowing just that little bit lighter on your wallet, in line with RBI's push for easier credit.