Bank of India revises fixed deposit rates, Check the latest rates here
- Bank of India revises fixed deposit rates for deposits under ₹3 crore and in the range of ₹3 to ₹10 crore offering 3%- 6%, effective August 1, 2024.
Bank of India has revised its fixed deposit (FD) rates for deposits less than ₹3 crore and for deposit ranging from ₹3 crore to ₹10 crore. After the revision, Bank of India offers interest rates on deposit tenors of 7 days to 10 years ranging from 3% to 6% for fixed deposits up to ₹10 crore. As per the official website of Bank of India , interest rates on these deposits are effective from August 1, 2024.
Bank of India is offering maximum interest rate of 7.30% on deposits less than ₹3 crore for 666 days.
The bank will also offer special rates for senior citizens. For citizens above 60 years but less than 80 years of age, it will offer additional interest rate of 0.50% on retail term deposits. For citizens above 80 years of ae, the bank will offer an additional interest rate of 0.65% on retail term deposits.
The revised rates are:
| Maturity period | Deposits less than ₹3 crore | Deposits of ₹3 crore but less than ₹10 crore |
| 7 days to 14 days | 3.00 | 4.50 |
| 15 days to 30 days | 3.00 | 4.50 |
| 31 days to 45 days | 3.00 | 4.50 |
| 46 days to 90 days | 4.50 | 5.25 |
| 91 days to 179 days | 4.50 | 6.00 |
| 180 days to 210 days | 6.00 | 6.50 |
| 211 days to 269 days | 6.00 | 6.75 |
| 270 days to less than 1 year | 6.00 | 6.75 |
| 1 year | 6.80 | 7.25 |
| Above 1 year to less than 2 years (except 666 days) | 6.80 | 6.75 |
| 666 days | 7.30 | 6.75 |
| 2 years | 6.80 | 6.50 |
| Above 2 years less than 3 years | 6.75 | 6.50 |
| 3 years less than 5 years | 6.50 | 6.00 |
| 5 years to less than 8 years | 6.00 | 6.00 |
| 8 years to 10 years | 6.00 | 6.00 |
Previously, HDFC Bank had revised its fixed deposit rates. The Bank had revised its fixed deposit rates for deposits less than ₹3 crore. Post the changes, HDFC Bank is currently offering interest rates on deposit tenors of 7 days to 10 years ranging from 3% to 7% for the general public and 3.5% to 7.5% for elderly individuals. Interest rates on these deposits are effective from July 24, 2024.
ICICI Bank had revised its fixed deposit interest rates with effect from July 2, 2024. The revised rates now range between 3 percent and 7.20 percent for regular citizens and 3.5 percent and 7.75 percent for senior citizens.
Axis Bank too had changed its interest rates on term deposits with effect from July 1, 2024.
The interest rates of Axis Bank also range between 3 percent and 7.2 percent for regular citizens, and 3.5 percent and 7.75 percent for senior citizens
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