Bank of India on Thursday launched 444 days fixed deposit scheme with an attractive interest rate of 5.50% per annum. Senior citizens will get an additional interest of 0.50% per annum.
The state-owned bank said this in a statement term deposit The scheme has been launched on the occasion of the upcoming 117th Foundation Day of the Bank, which will be celebrated on 7th September 2022, with an aim to reaffirm its commitment to pass on the benefits of policy rate changes to its customers and general public.
The Bank, in its endeavor to serve all sections of the society. salariedEntrepreneurs, self-employed, farmers, etc. have always taken all possible measures keeping value for the customers at the center level, it said.
Notably, this offer is available across all branches of the Bank and online platforms including Internet Banking and BOI Mobile App. However, the offer is valid for a limited period.
Senior citizens will also get an additional interest of 0.50% p.a. under the special fixed deposit.
Also, the bank has increased its ROI on fixed deposits of various tenors by 40 basis points.
According to the Bank of India website, the interest rate on fixed deposits is . is less than 2 crore has been revised from June 23.
The bank offers 5.50% interest rate on fixed deposits below 2 crores for 444 days. This will be the highest rate in the maturity bucket.
An interest rate of 5.40% is offered on tenures ranging from 445 days to less than 3 years. Meanwhile, an interest rate of 5.35% is applicable on tenures above 3 years and up to 10 years.
Bank of India gives 5.30% on tenure from 1 year to 443 days. Whereas the rate has been fixed at 4.35% for maturities ranging from 180 days to less than 1 year. The rate is 3.85% for tenures ranging from 46 days to 179 days.
An interest rate of 2.85% is offered on tenures ranging from 7 days to 45 days.
Minimum deposit amount is 1 Lac.
Notably, the bank will pay an additional premium of 25 basis points to senior citizens over and above the existing 50 basis points on their retail TD (less than). 2 crore) for all periods of 3 years and above. This creates a total additional rate of 75 basis points that one would earn on their deposits for a period of 3 years and above.
Bank Of India Latest FD Rates
| maturity bucket | Deposits less than Rs 2 crore |
| 7 days to 14 days | 2.85* |
| 15 days to 30 days | 2.85 |
| 31 days to 45 days | 2.85 |
| 46 days to 60 days | 3.85 |
| 61 days to 90 days | 3.85 |
| 91 days to 179 days | 3.85 |
| 180 days to 269 days | 4.35 |
| 270 days to less than 1 year | 4.35 |
| 1 year to 443 days | 5.3 |
| 444 days | 5.5 |
| 445 days to < 2 years | 5.4 |
| 2 years to < 3 years | 5.4 |
| 3 years to < 5 years | 5.35 |
| 5 years to < 8 years | 5.35 |
| 8 years and up to 10 years | 5.35 |