Bank of Baroda (BoB), one of the leading public sector lender, has slashed rate of interest, payable on domestic term deposits including NRE of Rs 10 million and above across maturities, upto 0.60%.

''It has been decided to revise the rates of interest payable on domestic term deposits including NRE across maturities for Rs 10 million and above,'' the bank said.

The bank said that the revision will be applicable to the renewal of existing deposits and fresh deposits, effective from Nov. 5, 2015.

For deposits of Rs 10-100 million, the bank has cut the interest rate in the range of 0.25-0.60%. While, for deposits above Rs 100 million to Rs 250 million, the new deposits rates are less by 0.25% to 0.5% for maturities of 46 days to up to 3 years.

For deposits above Rs 250 million to Rs 500 million, the rate of interest has been cut by 0.25-0.50%.

For Rs 500 million to Rs 1 billion, the rate has been cut by 0.25-0.50% and for above Rs 1 billion, the rates are cut in range of 0.25-0.50%.

For NRE term deposits, the rates are cut by 0.50% for various maturities for deposits of Rs 10 million to above Rs 1 billion.

Besides, in respect of deposit of Rs 250 million, BOB said it will have the sole discretion to either accept or reject the offer, depending upon the bank's requirement.

''Branches are advised to obtain prior approval from Treasury through their regional offices before accepting quotes for any single deposit of more than Rs 250 million from any customer.  Branches are also advised to report to treasury immediately on receipt of any deposit in excess of Rs 250 million,'' it added.

Shares of the bank declined Rs 1.95, or 1.19%, to trade at Rs 161.50. The total volume of shares traded was 123,688 at the BSE (11.40 a.m., Thursday).