Bank of India alters rates of interest on FDs: Now gives as much as 7.75% on this tenor

The main public sector lender Bank of India (BOI) has revised its rates of interest on mounted deposits (FDs) of lower than ₹2 Cr. As per the official web site of the financial institution, the brand new charges are efficient as of 01.11.2022. Following the change, the financial institution is now offering an rate of interest on deposits with maturities starting from 7 days to 10 years that vary from 2.85% to five.75%. The financial institution is now paying most people an rate of interest of seven.25% and senior residents an rate of interest of seven.75% on deposits that mature in 777 days. The “Star Super Triple Seven Fixed Deposit” programme, which BOI introduced at the moment is already creating extra buzz amongst mounted deposit traders because the identify suggests, the lately launched Fixed Deposit Scheme permits depositors to earn an rate of interest of seven.25% on a deposit for 777 days, and as much as 7.75% for aged individuals.

BOI FD Rates

On deposits maturing in 7 days to 45 days, the financial institution will now provide an rate of interest of two.85% and on these maturing in 46 days to 179 days, BOI will now provide an rate of interest of three.85%. Deposits maturing in 180 days to lower than 1 12 months will now pay an rate of interest of 4.60% and people maturing in 1 Year to lower than 2 Years (besides 555 Days) pays an rate of interest of 5.75%. Bank of India is providing an rate of interest of 6.30% on deposits maturing in 555 Days and the financial institution is providing an rate of interest of 5.75% on these maturing in 2 Years to lower than 3 Years(Except 777 Days). On deposits maturing in 777 days, BOI will now pay an rate of interest of seven.25% and on these maturing in 3 years to five years, BOI will now pay an rate of interest of 6.25%. Fixed deposits maturing in 5 years to 10 years will now pay an rate of interest of 5.75%.

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BOI FD Rates (bankofindia.co.in)

Bank of India has talked about on its web site that “Additional premium of 25 bps, over & above the present 50 bps will likely be paid to Senior Citizen’s on their retail TD (Less than Rs. 2 Cr) for all of the tenors of three Years & above i.e. 75bps.”

While launching its “Star Super Triple Seven Fixed Deposit” scheme today, BOI has said in a release that “When compared to other investment options such as Public Provident Fund, Senior Citizen Savings Scheme, National Savings Certificate, or RBI Bond, Bank of India’s 777-day FD scheme is the most lucrative and a smart investment option.”

The rate of interest on the financial institution’s current 555-day mounted deposit programme has been hiked to six.30% along with this new providing. The financial institution elevated the speed by 25 foundation factors for extra time buckets between 180 days and fewer than 5 years.

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