Bank of India has changed the interest rates to make its fixed deposits attractive. The bank is offering interest on FDs ranging from seven days to 10 years. Senior citizens will get additional interest.
Bank of India has changed the interest rates available on Fixed Deposits of less than two crore rupees. After the change in interest rates, the bank is now offering interest ranging from 3.00 percent to 6.00 percent on fixed deposit schemes ranging from seven days to 10 years. The bank is paying interest at a maximum rate of seven per cent on fixed deposits maturing in one year. According to the official website of Bank of India, the new interest rates for fixed deposits have come into effect from 26 May 2023.
Interest on deposits of 7 to 45 days
The bank is offering interest at the rate of three per cent on deposits maturing within the next 7 to 45 days. At the same time, the bank is offering interest at the rate of 4.50 per cent on deposits maturing in the next 46 to 46 to 179 days. Bank of India is offering interest at the rate of 5.00 per cent on FDs with maturity of 180 days to 269 days. The bank is offering an interest rate of 5.50 per cent on FDs with maturity ranging from 270 days to less than one year.
Highest interest
Bank of India is paying the highest interest on deposits on fixed deposits maturing in one year (12 months). Interest will be given at the rate of seven percent on FD of this period. At the same time, the bank is offering interest at the rate of 6.00 per cent on fixed deposits maturing in one year or more and less than two years.
The bank is offering an interest rate of 6.75 per cent on FDs of two years to less than three years. Bank of India is offering an interest rate of 6.50 per cent on FDs of three years to less than five years. At present, the bank is offering an interest rate of 6.00 per cent on deposits between five and 10 years.
Additional interest to senior citizens
According to Bank of India, senior citizens will get an additional interest of 25 bps on their retail term deposits (less than Rs 2 crore) in addition to the existing 50 bps. This interest rate will be available for all periods of three years and above. Now Bank of India is offering an additional interest rate of 75 basis points to its senior customers for three years TD.
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