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Bank Of India Revises Fixed Deposit Rates Below Rs. 2 Cr, Now Offers 7% On 1 Yr tenure
Bank of India (BOI), a public sector lender, has revised the interest rates on fixed deposits (FDs) below Rs. 2 Crore. According to the BOI's official website, the revised rates are effective from 26 May 2023.
Now, the bank offers interest rates ranging from 3% to 7% on maturity period ranging from 7 days to 10 years. The bank offers maximum interest rates of 7% on deposits maturing in 1 year. Senior Citizens will continue to get an additional interest rate on their FDs. For the NRE Rupee Term Deposits, the minimum tenor is 1 Year and the Maximum is 10 Years, according to the bank. The minimum deposit amount is Rs. 1 lakh.
Interest Rates For Domestic/NRO Term Deposits Below Rs 2 Cr w.e.f. 26/05/2023
| Maturity Buckets | Interest rates (% p.a.) |
|---|---|
| 7 days to 14 days | 3.00* |
| 15 days to 30 days | 3 |
| 31 days to 45 days | 3 |
| 46 days to 90 days | 4.5 |
| 91 days to 179 days | 4.5 |
| 180 days to 269 days | 5 |
| 270 days to less than 1 year | 5.5 |
| 1 Year | 7 |
| Above 1 Year to less than 2 Years | 6 |
| 2 Years to less than 3 Years | 6.75 |
| 3 Years to less than 5 Years | 6.50# |
| 5 Years to less than 8 Years | 6.00# |
| 8 years & above to 10 Years | 6.00# |
Source - bankofindia.co.in
According to the bank's official website, "#Senior Citizen- Age 60 years or above but less than 80 years, Super Senior Citizen- Age 80 Year & above. Additional rate of interest of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps."
Furthermore, "Additional rate of interest of 40 bps, over & above the existing 50 bps will be paid to Super Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 90 bps."
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