"Banks are revising their rates downwards in view with the international developments," BoB deputy general manager KC Chakraborty, said. BoB will offer 4.50 per cent for dollar deposits maturing between 6 months to less than one year with that on three year deposits at 5 per cent. BoI said on that dollar deposits for six months to less than one year, it will 4.50 per cent, for one year to less than three years 5 per cent, and for three years maturity, the same is fixed at 5 per cent.

BoI said that for pound sterling deposits, the rate for maturity of six months to less than one year will be 5.00 per cent, whereas for maturity of one to three years,it will 5.50 per cent. In the case of euro deposits, the rates continue at the existing level of 2.75 per cent for six months to less than two years and 3 per cent for two years to three years. For Japanese yen deposits, the rate will continue as 0.20 per cent for six months to less than one year, 0.50 per cent for one year to less than three years and for three years maturity, the rates is 0.60 per cent.

BoB said that for pound sterling deposits, the rate of interest offered for the maturity period 6 months to less than 1 year is 5 per cent and for that on 1 year to 3 years at 5.50 per cent. In case of Deutsche Mark deposits, the rate is 2.75 per cent for 6 months to less than 1 year, 3.25 per cent for 1 year to less than 2 years and 3.50 per cent for 2 years to less than 3 years.

In case of yen, BoB will offer 0.10 per cent for 6 months to less than 1 year, 0.20 per cent for 1 year to less than 3 years and 0.30 per cent for 3 years. For euro, it is 2.75 per cent for six months to less than 1 year, 3.25per cent for one year to less than two years and 3.50 per cent for 2 years to 3 years. The revised rates are applicable for fresh deposits and renewal of old deposits. The maturity for fresh/renewed Deutsche mark deposits should not fall beyond December 31, 2001, a BoB release said.