Festive Season Gift: Bank Of India Introduces 400 Days Fixed Deposit At 8.10% Interest Rate

One of the top public sector banks in India, Bank of India (BOI), is offering its customers a festive season gift: a special 400-Day retail term deposit in an amount bucket of less than Rs. 3.00 Crs at an extremely attractive rate. Interest rates for the general public are 7.30%, for elderly people they are 7.80%, and for super senior citizens, the interest rate applicable is 7.95%.

The bank is providing super senior citizens with an exceptional 7.95% annual rate of interest, senior citizens with a 7.80% annual rate, and other customers with a 7.30% annual rate under callable deposits with a premature withdrawal option. For less than Rs. 3.00 Cr., resident Indians, NREs, and NROs who deposit in domestic rupees are eligible for this special 400-day fixed deposit. Starting on September 27, 2024, all branches will offer this Special 400-day Retail Term Deposit.

The BOI Special 400-Day FD Scheme can be opened through digital channels (BOI Omni Neo App/ Internet Banking).

Bank of India FD Rates

Effective as of 27th September, PSU Bank is offering the below interest rates on fixed deposits of less than Rs 3 Cr.

The bank is giving an interest rate of 3.00% on fixed deposits that mature in 7 to 45 days, and BOI is guaranteeing an interest rate of 4.50% on those maturing in 46 to 179 days. In terms of term deposits maturing in 180 days to less than a year, BOI is offering an interest rate of 6.00; for those maturing in one year to less than two years, (apart from 400 days), the rate is 6.80%. The maximum interest rate for deposits maturing over 400 days will now be 7.30%, while the interest rate for deposits maturing over two years will now be 6.80%.

"The deposit under the specific maturity bucket of 333 days for amount bucket of "less than Rs.3 Cr" stands discontinued and the same will not be available from 27.09.2024," mentioned Bank of India on its website.

Senior citizens who are 60 years of age or older but under 80 years of age are eligible for an additional rate of interest of 0.50%, while super senior citizens who are 80 years of age or older are eligible for an additional rate of interest of 0.65% on retail term deposits under Rs 3 Cr for tenors of at least 6 months but not more than 3 years. Super senior citizens will receive an additional 0.25% interest rate over and above the current 0.65%, while senior citizens are eligible for an additional 0.25% interest rate over and above the existing 0.50% on tenors of three years and above and up to ten years.

Recently, on September 25, Bank of India raised Rs. 2,500 crore in Basel III compliant Tier II bonds at a 7.49% annual interest rate via the NSE Electronic Bidding Provider Platform. The amount of the base issue was Rs. 1,000 crore, with a Rs. 1,500 crore Green Shoe option. The bank got 76 bids totalling Rs. 6,046 crore. Bonds of Rs. 2,500 crore were distributed to 42 bidders out of this.

"The Tier II capital is raised for augmenting the overall capital of the Bank and for enhancing the long term resources in accordance with the RBI guidelines. The funds raised by the Bank through this issue is not meant for financing any particular project. The Bank shall utilize the proceeds of this issue for its normal business activities," said Bank of India in a stock exchange filing.