BackBank 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.
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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%.
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.
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