Home/ Industry / Banking/  Bank of India (BOI) hikes FD rates, non-senior citizens can get up to 7.15% on this tenor

The public sector lender Bank of India (BOI) has hiked interest rates on fixed deposits (FDs) of less than 2 Cr. The bank presently offers interest rates ranging from 3.00% to 6.00% on deposits that mature in 7 days to 10 years. After the modification, the bank raised interest rates on "Shubh Arambh Deposits," special term deposits with a duration of 501 days, for deposits under 2 crore. The new rates will take effect on April 1, 2023, according to a press statement from the Bank of India. When it comes to the "Shubh Arambh Deposits" programme, BOI gives an interest rate of 7.65% for additional senior citizen customers, 7.15% for regular customers, and 7.8% under a special, time-limited programme for super senior citizen customers.

“Bank is offering additional 0.15% to super senior citizens (80 years and above) across buckets of 6 months to 10 years. Following the revision, bank offers rate of interest rate of 7.80% in limited period special scheme to super senior citizen customers," said Bank of India (BOI) in a statement.

BOI FD Rates

The bank is guaranteeing an interest rate of 3.00% on fixed deposits of less than 2 Cr maturing in the next 7 days to 45 days, and the BOI is promising an interest rate of 4.50% on those maturing in the next 46 days to 179 days. For deposits with tenors of 180 to 269 days, BOI promises an interest rate of 5.00%, and on deposits with tenors of 270 days to less than 1 year, it promises an interest rate of 5.50%.

Deposits maturing in 1 year to less than 2 years (except 501 Days) will fetch an interest rate of 6.00% and those maturing in 501 days will fetch an interest rate of 7.15%. The bank is now providing an interest rate of 6.75% on deposits maturing in 2 years to less than 3 years, while the BOI is also promising an interest rate of 6.50% on deposits maturing in 3 years to less than 5 years. Deposits with maturities between five and ten years will now earn interest at a rate of 6.00%.

BOI FD Rates
View Full Image
BOI FD Rates (bankofindia.co.in)

Bank of India mentioned on its website that an “Additional premium of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen’s on their retail TD (Less than Rs. 2 Cr) for all the tenors above '3 Years' i.e. 75bps. Additional rate of interest of 40 bps, over & above the existing 50 bps will be paid to Super Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 90 bps."

For Senior Citizens, Staff, and Ex-Staff Senior Citizens to receive the additional rate, the deposit term must be 6 months and above.

“0.50% p.a. additional rate of interest over and above card rates for General Public for minimum deposits of Rs.5000/-(in case of Term Deposits) & Rs.100/- (in case of Normal RD account & Rs.1000/- for Flexi RD Accounts) up to Rs.2 Crore for term deposits of 6 Months & Above to 10 years. However for deposits of 3 yrs & above, the additional ROI should be given at 0.75% over & above normal ROI. Similarly, 1.50% p.a. additional rate of interest over and above card rates (for Staff/Ex-Staff Senior Citizens, Spouse in case of deceased Staff/Ex-Staff) on their deposits below Rs.2 Crore (i.e.1% Staff Rate + 0.50% Senior Citizen Rate of Interest) for term deposits of 6 Months & Above to 10 years," said Bank of India on its website.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 02 Apr 2023, 02:35 PM IST
Recommended For You
Get alerts on WhatsApp
Set Preferences My Reads Watchlist Feedback Redeem a Gift Card Logout