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Bank of India Hikes Fixed Deposit (FD) Rates; Get Up To 7.25% Return From The PSU
The public sector lender Bank of India (BOI) has announced interest rate hikes on its fixed deposits of less than Rs 2 Cr. Following the revision the bank is now offering an interest rate of up to 7.25%. On deposits maturing in 7 days to 10 years, the bank is now offering interest rate ranging from 3.00% to 6.00%. As per the official website of the bank, the revised interest rates are effective as of 01.04.2024.
BOI FD Rates
On deposits maturing in 7 days to 45 days, the bank is now offering an interest rate of 3% and on those maturing in 46 days to 179 days, BOI is now promising an interest rate of 4.50%. Bank of India is now offering an interest rate of 5.50% on a deposit tenure of 180 days to 269 days and the bank is now paying an interest rate of 5.75% on a deposit tenure of 270 days to less than 1 year.
Deposits maturing in 1 year to less than 2 years will now fetch an interest rate of 6.80% and those maturing in 2 Years will now fetch a maximum return of 7.25%. The bank is now paying an interest rate of 6.75% on term deposits maturing in less than two years and less than three years, whereas BOI is currently offering an interest rate of 6.50% on deposits maturing in three years to less than five years. Deposits that mature in five to ten years will now provide a six per cent interest rate.
| MATURITY (FOR NRE RUPEE TERM DEPOSITS, MIN. TENOR IS 1 YEAR AND MAX. 10 YEARS) | FOR DEPOSITS OF LESS THAN RS.2 CR REVISED W.E.F 01.04.2024 | FOR DEPOSITS OF RS.2 CR & ABOVE BUT LESS THAN RS.10 CRS REVISED W.E.F 01.04.2024 |
|---|---|---|
| 7 days to 14 days | 3 | 4.5 |
| 15 days to 30 days | 3 | 4.5 |
| 31 days to 45 days | 3 | 4.5 |
| 46 days to 90 days | 4.5 | 5.25 |
| 91 days to 179 days | 4.5 | 6 |
| 180 days to 210 days | 5.5 | 6.25 |
| 211 days to 269 days | 5.5 | 6.5 |
| 270 days to less than 1 year | 5.75 | 6.5 |
| 1 Year | 6.8 | 7.25 |
| Above 1 Year to less than 2 Years | 6.8 | 6.75 |
| 2 Years | 7.25 | 6.5 |
| Above 2 Years to less than 3 Years | 6.75 | 6.5 |
| 3 Years to less than 5 Years | 6.5 | 6 |
| 5 Years to less than 8 Years | 6 | 6 |
| 8 years & above to 10 Years | 6 | 6 |
| Source: Bank Website |
"The deposit under the specific maturity bucket of 175 days for amount bucket of "Rs.2 Cr & above but less than Rs.50 Cr" stands discontinued and the same will not be available from 01.04.2024," mentioned Bank of India on its website.
"Senior Citizen with age of 60 years (completed) & above but less than 80 years will be eligible for additional rate of interest of 0.50% on their Retail Term Deposits (Less than Rs. 2 Cr) for the tenors of minimum 6 months & above (but less than 3 years). Super Senior Citizen with age of 80 years (completed) & above will be eligible for additional rate of interest of 0.65% on their Retail Term Deposits (Less than Rs. 2 Cr) for the tenors of minimum 6 months & above (but less than 3 years)," the bank has stated on its website.
Bank of India has further highlighted on its official website that "Senior Citizen are eligible for an additional 0.25% ROI, over & above the regular (as per para 6) 0.50% ROI on their Retail Term Deposits (Less than Rs. 2 Cr) for the tenors of 3 years & above and up to 10 years. In such cases effective eligibility of additional ROI will be 0.75% p.a. Super Senior Citizen are eligible for an additional 0.25% ROI, over & above the regular (as per para 6) 0.65% ROI on their Retail Term Deposits (Less than Rs. 2 Cr) for the tenors of 3 years & above and up to 10 years. In such cases effective eligibility of additional ROI will be 0.90% p.a."
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