Mumbai: Public sector lender Bank of Baroda on Wednesday reduced the rates on deposits maturing in more than one year by five basis points, effective Friday.

One basis point is a hundredth of a percentage point.

The bank will be offering 9.05% interest on deposits maturing in one year and above instead of 9.10% it used to offer earlier, the bank said in a filing with the exchanges.

Rates on various deposit baskets maturing between seven days and one year remain unchanged