The Bank Of India (BOI) has revised Fixed Deposit (FD) rates on fixed deposits of less than Rs 2 crore. According to the official website of BOI, the new FD rates are effective from May 26, 2023.
BOI Rate of Interest in Domestic/NRO Term Deposit
BOI is offering a 3% interest rate on FDs that reach maturity within a period of 7 to 45 days and 4.50% interest rate for deposits maturing between 46 and 179 days. The bank has recently introduced new interest rates, with a rate of 5% for deposits maturing within 180 days to 269 days, and a rate of 5.5% for deposits with a maturity period of 270 days to less than one year.
For longer-term deposits, the maximum interest rate is now 7% for those that mature within one year. Deposits with a maturity period of one year or more but less than two years earn an interest rate of 6%.
The bank offers an interest rate of 6.75% for fixed deposits maturing between 2 years and less than 3 years. BOI provides a competitive rate of 6.50% for fixed deposits with a maturity period of 3 years to less than 5 years. Presently, BOI offers an interest rate of 6% on deposits with terms ranging from 5 to 10 years.
BOI Fixed Deposit Rates For Senior Citizens
Bank of India announced on its website that Senior Citizens will receive an additional interest rate of 25 bps above the existing 50 bps on their retail Term Deposits (up to Rs. 2 Crore) for all tenors of 3 Years and above, totalling 75 bps. Similarly, Super Senior Citizens will enjoy an additional interest rate of 40 bps above the existing 50 bps on their retail Term Deposits (up to Rs. 2 Crore) for all tenors of 3 Years and above, resulting in a total of 90 bps.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
