Home/ Money / Personal Finance/  Bank of India (BOI) revises FD rates, promising up to 7% on 1 year tenure effective from today

The public sector lender Bank of India (BOI) has revised its interest rates on fixed deposits of less than 2 Cr. Following the revision the bank is offering interest rates ranging from 3.00% to 6.00% on deposit tenors of 7 days to 10 years. Deposits maturing in 1 year will now fetch a maximum interest rate of 7%. As per the official website of Bank of India (BOI) the new FD rates are effective as of 26.05.2023.

BOI FD Rates

The bank is giving a 3.00% interest rate on fixed deposits that mature within the next 7 to 45 days, while BOI is offering a 4.50% interest rate on deposits maturing in the next 46 to 179 days. BOI is now offering interest rates 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 less than one year.

The maximum interest rate on deposits is now 7% for those maturing in one year, and the interest rate is now 6.00% for deposits maturing in one year or more but less than two years. The bank is giving an interest rate of 6.75% on FDs maturing in 2 years to less than 3 years, and BOI is offering an interest rate of 6.50% on FDs that mature in 3 years to less than 5 years. Currently, BOI is providing an interest rate of 6.00% on deposits with terms between 5 and 10 years.

BOI FD Rates
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BOI FD Rates

“Additional rate of interest of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above 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," mentioned Bank of India on its website.

The state-owned Bank of India's consolidated profit 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 profit climbed. Core net interest income for the bank increased by more than 37% to 5,493 crore. At the same time last year, the net interest margin improved from 2.56 percent to 3.15 percent. Its non-interest income for the reporting quarter doubled from 1,587 crore a year earlier to 3,099 crore. The gross non-performing assets (GNPA) ratio decreased due to improved asset quality, going from 9.98% in Q4 FY22 to 7.31% in Q4 FY 23.

For the fiscal year 2022–2023, the bank has recommended 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 receive Dividend on Equity Shares.

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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Updated: 26 May 2023, 02:27 PM IST
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