Savings accounts will get less interest.
Now 2.75 percent interest will be available on deposits of less than Rs 1 lakh in savings account. The interest rate has been cut by 0.15 percent. Earlier the interest rate was 2.90 percent. The interest rate on deposits above Rs 1 lakh is 2.90 per cent.
If your savings account (Savings Account) Public Sector Bank of India (Bank of India) then there is bad news for you. Now you will get less profit on deposit in savings account. BOI has cut interest rate on savings account by 0.15 percent. The bank has cut the interest rate on deposits up to Re 1 in savings account. In addition, BOI has fixed deposits of less than Rs 2 crore (Fixed Deposits) rates have also been revised. According to the bank’s website, the new rates have come into effect from May 1, 2022.