Home/ Industry / Banking/  This govt bank offers nearly 8% interest rate on this special fixed deposit

Bank of India (BOI) has come up with a special fixed deposit scheme offering higher interest rates. BOI today annonced 'Star Super Triple Seven Fixed Deposit' scheme, it is a limited-time offer. As the name implies, under the newly launched Fixed Deposit Scheme depositors can earn an interest rate of 7.25% and up to 7.75% for senior citizens on a deposit for 777 days.

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.

Bank of India has been offering highly competitive Interest rates on all its Fixed Deposits. In addition to this new offering, the bank has raised the interest rate on its existing 555-day Fixed Deposit scheme to 6.30%. On other time buckets from 180 days to less than 5 years, the bank has raised the interest by 25 basis points.

Bank of India(BOI) on Monday announced raised the marginal cost of funds-based lending rates (MCLRs). Bank of India's one-year MCLR will be priced at 7.95 per cent from November 1, 2022 as against 7.80 per cent at present, the lender said in its regulatory filing.

Union Bank of India and Canara Bank also offer more than 7% interest rate on term deposits. 

Union Bank of India offers interest ranging from 3% to 7% on FDs with maturities ranging from 7 days to 10 years. on the maturity period of 599 days.

Canara Bank has launched a special fixed deposit plan for a tenure of 666 days. According to this plan, the lender is offering an interest rate of 7% to its general customers, while senior citizens will receive 7.5% on these deposits.

After consecutive repo rate hikes by the Reserve Bank of India (RBI), banks have been hiking the interest rates on FDs. The State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank are among some of the lenders that have hiked interest on term deposits recently.


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Updated: 02 Nov 2022, 01:27 PM IST
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