Taking a cue from the cut announced by Reserve Bank of India in interest rate on savings accounts offered by banks, Bank of Baroda has reduced deposit rates by 0.25-0.75 per cent across all maturities effective March 10.

As per the downward revision, deposits for up to Rs 1.5 million in the tenor 15-45 days would attract an interest of 4.5 per cent (earlier 4.75 per cent), BoB said in a release in Mumbai on Tuesday.

The rate for deposits of 46-90 days, 91-180 days and 181 days to one year would now be 4.75 per cent (5.25 per cent), five per cent (5.5 per cent) and five per cent (5.75 per cent) respectively.

BoB said a rate of 5.25 per cent (six per cent) has been fixed for deposits of 1-3 years while that for three years and above, the interest would be 5.5 per cent (six per cent).

In case of deposits above Rs 1.5 million, the revised rates would be higher by 0.25 per cent in all the maturity brackets compared to those offered for deposits below this amount.

Last month, BoB has raised the interest rates on certain categories of domestic term deposits upwards by 0.25 to 0.50 per cent.