Bank of India (BOI) hikes rates of interest on mounted deposits: Details right here

The public sector lender Bank of India (BOI) hiked rates of interest on mounted deposits of lower than ₹2 Cr. As per the official web site of the financial institution, the brand new charges are efficient as of 01.10.2022. Just sooner or later after the Reserve Bank of India (RBI) raised the repo charge by 50 foundation factors to five.90% on Friday, the BOI introduced greater rates of interest on time period deposits. BOI is now giving retail buyers an rate of interest vary of two.85% to five.75% on mounted deposits maturing in 7 days to 10 years. Investors in BOI mounted deposits will now get a most rate of interest of 6.05% on accounts that mature in 555 days.

BOI FD Rates

On deposits maturing in 7 days to 45 days, BOI will now provide an rate of interest of two.85% and on time period deposits maturing in 45 days to 179 days, the financial institution is now providing an rate of interest of three.85%. Fixed deposits maturing in 180 days to lower than 1 yr will now provide an rate of interest of 4.35% and time period deposits maturing in 1 Year to 554 Days will now fetch an rate of interest of 5.50%. BOI is now providing a most rate of interest of 6.05% on deposits maturing in 555 Days and the financial institution is now providing an rate of interest of 5.50% on time period deposits maturing in 556 Days to three Years. Bank of India will now give an rate of interest of 6.00% on mounted deposits maturing in 3 to five years, and an rate of interest of 5.75% on deposits maturing in 5 to 10 years.

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BOI FD Rates (bankofindia.co.in)

BOI has talked about on its web site that “Additional premium of 25 bps, over & above the prevailing 50 bps will probably 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.”

“The period of deposit should be for 6 months & above , for availing benefit of additional rate applicable to Senior Citizens / Staff/Ex-Staff Senior Citizen. The Senior Citizen / Senior Citizen Staff/Ex-staff should be the first account holder and his/her age should be more than 60 Years at the time of placing the deposit,” talked about Bank of India on its web site.

For the advantage of senior residents, Bank of India has said on its web site that “0.50% p.a. extra charge of curiosity over and above card charges for General Public for minimal deposits of Rs.5000/-(in case of Term Deposits) & Rs.100/- (in case of Normal RD account & Rs.1000/- for Flexi RD Accounts) as much as Rs.2 Crore for time period deposits of 6 Months & Above to 10 years. However for deposits of three yrs & above, the extra ROI must be given at 0.75% over & above regular ROI.”

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