Home / Money / Personal Finance /  Bank of India (BOI) hikes interest rates on fixed deposits: Details here

The public sector lender Bank of India (BOI) hiked interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new rates are effective as of 01.10.2022. Just one day after the Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 5.90% on Friday, the BOI announced higher interest rates on term deposits. BOI is now giving retail investors an interest rate range of 2.85% to 5.75% on fixed deposits maturing in 7 days to 10 years. Investors in BOI fixed deposits will now get a maximum interest rate 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 offer an interest rate of 2.85% and on term deposits maturing in 45 days to 179 days, the bank is now offering an interest rate of 3.85%. Fixed deposits maturing in 180 days to less than 1 year will now offer an interest rate of 4.35% and term deposits maturing in 1 Year to 554 Days will now fetch an interest rate of 5.50%. BOI is now offering a maximum interest rate of 6.05% on deposits maturing in 555 Days and the bank is now offering an interest rate of 5.50% on term deposits maturing in 556 Days to 3 Years. Bank of India will now give an interest rate of 6.00% on fixed deposits maturing in 3 to 5 years, and an interest rate of 5.75% on deposits maturing in 5 to 10 years.

BOI FD Rates
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BOI FD Rates (bankofindia.co.in)

BOI has mentioned on its website that “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 of 3 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," mentioned Bank of India on its website.

For the benefit of senior citizens, Bank of India has stated on its website that “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."

ABOUT THE AUTHOR

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).
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