Bank of india: Bank of India has announced a big relief for customers. The bank has cut interest rates on home loan, education loan and deposit schemes. The fellow has removed the charge for not having a minimum balance on the savings account. Till now banks like PNB, SBI and Bank of Baroda are giving these service to customers. Bank of India has joined the counting of banks who do so. This change has come into force from 7 July 2025.
Home loan is now cheaper
The bank has cut the interest rates of home loan by 50 basis points i.e. 0.50%. Now the minimum interest rate will start from 7.35% annually, which will depend on the CIBIL score of the customers. This rate will apply to both new and pre -running loan cases.
Relief on education loan
Now the education loan for studies at the country’s Quality Higher Education Institute will be available only at 7.5% annual interest rate. With this, students will get cheap finance for higher studies.
Car and other retail loans are also cheap
The bank has also cut the interest rate of 50 basis points on several retail loan products including car loan and vehicle loan. This will now make a loan for common customers to be cheaper and easier than before.
Minimum balance on savings account Of Rules end
The bank has completely eliminated penalty charges for not having minimum balance in all savings accounts. This means that even if there is no minimum amount in your account, there will be no extra fee.
Interest on green deposit
The Green Deposit Scheme i.e. the interest rate on the 999 -day special plan has been reduced from 7% to 6.7% per annum. This change will be applicable to the amount ranging from Rs 1 lakh to Rs 10 crore. The bank has reduced the interest rate on savings deposits up to Rs 1 lakh from 2.75% to 2.5% annually. However, there has been no change in interest rates on the amount of more than 1 lakh.
Why these changes were made?
Bank of India said that this change is as softening in the recent interest rates of RBI. This wants the bank to promote credit growth and provide better service to customers. These decisions of Bank of India will provide direct relief to common customers. Especially for those who are planning to take home loan or education loan. Also, the removal of minimum balance penalty will benefit small account holders.