Bank of India (BOI) revises FD prices, promising as a lot as 7% on 1 yr tenure environment friendly from within the current day

The public sector lender Bank of India (BOI) has revised its charges of curiosity on mounted deposits of decrease than ₹2 Cr. Following the revision the monetary establishment is offering charges of curiosity ranging from 3.00% to 6.00% on deposit tenors of seven days to 10 years. Deposits maturing in 1 yr will now fetch a most charge of curiosity of seven%. As per the official website online of Bank of India (BOI) the model new FD prices are environment friendly as of 26.05.2023.

BOI FD Rates

The monetary establishment is giving a 3.00% charge of curiosity on mounted deposits that mature inside the next 7 to 45 days, whereas BOI is offering a 4.50% charge of curiosity on deposits maturing throughout the subsequent 46 to 179 days. BOI is now offering charges of curiosity of 5.00% on deposits with a maturity tenor of 180 days to 269 days and 5.50% on deposits with a maturity tenor of 270 days to decrease than one yr.

The most charge of curiosity on deposits is now 7% for these maturing in a single yr, and the speed of curiosity is now 6.00% for deposits maturing in a single yr or further nonetheless decrease than two years. The monetary establishment is giving an charge of curiosity of 6.75% on FDs maturing in 2 years to decrease than 3 years, and BOI is offering an charge of curiosity of 6.50% on FDs that mature in 3 years to decrease than 5 years. Currently, BOI is providing an charge of curiosity of 6.00% on deposits with phrases between 5 and 10 years.

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BOI FD Rates

“Additional cost of curiosity of 25 bps, over & above the current 50 bps will possible be paid to Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of three Years & above i.e. 75bps. Additional cost of curiosity of 40 bps, over & above the current 50 bps will possible be paid to Super Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of three Years & above i.e. 90 bps,” talked about Bank of India on its website online.

The state-owned Bank of India’s consolidated income after tax for the March quarter jumped by 115% to ₹1,388.19 crore. From ₹3,406 crore in FY22 to ₹3,882 crore in FY23, the lender’s income climbed. Core net curiosity income for the monetary establishment elevated by higher than 37% to ₹5,493 crore. At the similar time closing yr, the online curiosity margin improved from 2.56 p.c to a few.15 p.c. Its non-interest income for the reporting quarter doubled from ₹1,587 crore a yr earlier to ₹3,099 crore. The gross non-performing property (GNPA) ratio decreased ensuing from improved asset top quality, going from 9.98% in This autumn FY22 to 7.31% in This autumn FY 23.

For the fiscal yr 2022–2023, the monetary establishment has actually useful a dividend of Rs. 2.00 (or 20%) per share. Therefore, Tuesday, June 20, 2023 is the Record Date for evaluating the eligibility of Members eligible to acquire Dividend on Equity Shares.

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Updated: 26 May 2023, 02:27 PM IST

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