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Bank of India on Thursday launched a 444 days term deposit scheme with a compelling interest rate of 5.50% per annum. Senior citizens will get an additional interest of 0.50% per annum.

In a statement, the government-owned bank said this special term deposit scheme is launched on account of the Bank’s ensuing 117th Foundation Day to be celebrated on 7th Sept 2022, with an intent to reaffirm its commitment to pass on the benefits of policy rate changes towards its customers & general public.

The Bank, in its endeavour to serve all sections of society viz. salaried, entrepreneurs, self-employed, farmers, etc, has always taken all possible measures, keeping value for customers at the centre stage, it said.

Notably, the offer is available at the bank's all branches and online platforms including internet banking and BOI Mobile App. However, the offer is valid for a limited period.

Under the special term deposit, senior citizens will also get the additional interest of 0.50% per annum.

Also, the bank has hiked its ROI up to 40 basis points on term deposits of various tenures.

As per the Bank of India's website, the interest rate on term deposits less than 2 crore has been revised with effect from June 23 onward.

The bank offers a 5.50% interest rate on term deposits below 2 crore for 444 days. This would be the highest rate in the maturity buckets.

An interest rate of 5.40% is offered on tenures from 445 days to less than 3 years. Meanwhile, an interest rate of 5.35% is applicable on tenures starting above 3 years and up to 10 years.

Bank of India gives a 5.30% rate on 1 year to 443 days tenure. While the rate is set at 4.35% on maturity period from 180 days to less than 1 year. The rate is 3.85% for tenures starting from 46 days to 179 days.

An interest rate of 2.85% is given on tenures beginning from 7 days to 45 days.

The minimum deposit amount is 1 lakh.

Notably, the bank will pay an additional premium of 25 basis points, over and above the existing 50 basis points to senior citizens on their retail TD (less than 2 crore) for all the tenors of 3 Years & above. This makes the total additional rate of 75 basis points that the elders will earn on their deposits for 3 years and above tenures.

Bank of India latest FD rates

Maturity BucketsDeposits less than Rs.2 Cr
7 days to 14 days2.85*
15 days to 30 days2.85
31 days to 45 days2.85
46 days to 60 days3.85
61 days to 90 days3.85
91 days to 179 days3.85
180 days to 269 days4.35
270 days to less than 1 year4.35
1 Year to 443 Days5.3
444 Days5.5
445 Days to < 2 Year5.4
2 Year to < 3 Year5.4
3 Year to < 5 Year5.35
5 Year to < 8 Year5.35
8 Year and upto 10 year5.35
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