Bank Of India Cuts Deposit, Loan Rates After Repo Cut

Bank of India has slashed its savings deposit interest rate by 25 bps to 2.50% for balances up to ₹100,000 and reduced rates on home, education, and vehicle loans by 50 bps following the RBI's repo rate cut.

The bank revised its green deposit rate to 6.70% for 999-day tenure and announced that home loan rates now start at 7.35%, depending
on borrower credit score.

Education loan rates have been reduced to as low as 7.50% for students at top institutes, while vehicle loan rates were also trimmed.
Additionally, the lender waived non-maintenance charges on all savings accounts, aiming to ease customer burden and boost flexibility.

The changes follow the RBI’s 50-bps repo rate cut to 5.50% on June 6.