BOI slashes interest to 3.5% for deposits up to R50 lakh

Public lender Bank of India has reduced interest rate on savings bank accounts by 50 basis points to 3.5 percent on deposits of up to R50 lakh. However, the bank will continue to pay 4 percent interest on deposits of above ~50 lakh.“The bank is introducing two tier saving bank rate with effect from today ,” Bank of India said in a regulatory filing on Thursday.