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23 Jun 2024, Edition - 3267, Sunday

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Bank of India plans cut in savings account rate

Covai Post Network


Bank of India (BoI) is considering to reduce savings bank account rate on the lines of State Bank of India and
also interest rate on deposits, a top bank official has said.

“A cut on both the SB rate and interest on deposits are on the card. Savings bank account rate cut may not happen immediately, but it is under consideration,” bank Executive Director R S Sankaranarayana told mediapersons here.

Posting a Rs 88 crore profit in the first quarter of this fiscal, the bank expects to do a good business, he said.

Sankaranarayanan, who was here to take part in an exporters’ meet last night, said the bank was looking for quality business and through its good customers to get newer ones.

Export credit was at 13 per cent of the bank’s total advance of Rs3.85 lakh crore.

The bank would focus on retail, rural, housing and SME sectors, he said, adding that the thrust would also be on recovering and controlling slippages.

On base rate, Shankaranarayanan said that the bank’s one year marginal cost of funds-based lending rate was 8.4 per cent and the bank had effected 135 basis point recently.

About GST preparedness, he said the bank had engaged a consultant and the bank’s systems were in tune with new tax regime requirements. “Test runs have been successful, but the new tax regime is evolving and all banks are gearing up to comply with the norms,” Shankaranarayanan said.

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