Bank of India has revised fixed deposit interest rates for amounts below Rs 2 crore. After the review, the bank offers interest rates between 3% and 7.25% for tenures ranging from 7 days to 10 years. The new rates are effective from April 1, 2024.
According to the Bank of India website, “The deposit under the specific maturity bucket of 175 days for amount bucket of ‘Rs.2 Cr & above but less than Rs.50 Cr’ stands discontinued and the same will not be available from 01.04. 2024.” “
Latest FD interest rates
For deposits maturing between 7 and 45 days, the bank pays a 3% interest rate to regular citizens. Deposits maturing between 46 and 179 days will earn 4.50 percent interest. On deposits maturing between 180 and 269 days, the bank gives 5.50 percent interest. On deposits maturing between 270 days and less than one year, the bank offers an interest rate of 5.75 percent.
Deposits having one year to less than 2 years will now earn 6.80 percent. The bank offers the highest interest rate of 7.25 percent for a 2-year tenure. It provides 6.75% interest rate on fixed deposit terms ranging from above 2 Years to less than 3 Years. The bank offers 6.50 percent interest rate on FDs for 3 Years to less than 5 Years. The bank offers 6 percent on terms between 5 to 10 years.
MIN. TERM IS 1 YEAR AND MAX. 10 YEARS) | FOR DEPOSITS OF LESS THAN RS.2 CR |
REVISED WEF 01.04.2024 | |
7 days to 14 days | 3 |
15 days to 30 days | 3 |
31 days to 45 days | 3 |
46 days to 90 days | 4.5 |
91 days to 179 days | 4.5 |
180 days to 210 days | 5.5 |
211 days to 269 days | 5.5 |
270 days to less than 1 year | 5.75 |
1 year | 6.8 |
More than 1 Year to less than 2 Years | 6.8 |
2 years | 7.25 |
More than 2 Years to less than 3 Years | 6.75 |
3 Years to less than 5 Years | 6.5 |
5 Years to less than 8 Years | 6 |
8 years and over 10 years | 6 |
Senior Citizen FD rates
According to the Bank of India website, ‘0.50% pa additional 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 Rs.100/ -). Normal RD account & Rs.1000/- for Flexi RD Accounts) up to Rs.2 Crore for terminal deposits of 6 Months & Above up to 10 years. However for deposits of 3 years and above, the additional ROI should be given at 0.75% more than normal ROI.”Super Old Man
Super Senior Citizen is eligible for an additional 0.25% ROI, over and above the regular 0.65% ROI on their Retail Term Deposits (Less than Rs. 2 Cr) for the tenors of 3 years and above and up to 10 years. In such cases effective qualification of additional ROI will be 0.90% pa
MATURITY | INTEREST % (PA) FOR SENIOR CITIZENS | INTEREST % (PA) FOR SUPER DEPRESSIONS |
180 days to 210 days | 6 | 6.15 |
211 days to 269 days | 6 | 6.15 |
270 days to less than 1 Year | 6.25 | 6.4 |
1 year | 7.3 | 7.45 |
More than 1 Year to less than 2 Years | 7.3 | 7.45 |
2 years | 7.75 | 7.9 |
More than 2 Years to less than 3 Years | 7.25 | 7.4 |
3 Years to less than 5 Years | 7.25 | 7.4 |
5 Years to less than 8 Years | 6.75 | 6.9 |
8 years and over 10 years | 6.75 | 6.9 |