Most people in the country prefer to invest in FDs. Investment in FD is safe and good interest is also available. Recently, RBI had increased the repo rate to control inflation.
After this, banks have also increased the interest rates on their FDs. If you want to get FD then this is a good opportunity for you. In this sequence, now Bank of India has started the ‘Shubh Aarambh FD’ scheme. In this scheme, senior citizens will get higher interest rate on FD. Under the scheme, senior citizens will get an additional interest rate of 0.50% and very senior citizens will get 0.65% more interest rate. This ‘Shubh Aarambh FD’ scheme has been launched in the bank. Let us tell you about this FD.
Senior citizens will get benefits
Bank of India has launched its “Shubh Aarambh Deposit” scheme keeping senior citizens in mind. This scheme is designed for very senior citizens of 80 years and above. In this scheme, an additional interest rate of 0.50% will be available for senior citizens and an additional interest rate of 0.65% for very senior citizens. This increased interest rates have been implemented in the bank with immediate effect.
Shubh Aarambh Deposit is offering a very high interest rate of 7.80% on 501 days FD to very senior citizens. The objective of this scheme is to provide a safe investment option. At the same time, an interest rate of 7.65% is being provided for senior citizens in the age group of 60 to 80 years.
Getting great interest
Apart from this, Bank of India is offering great interest rates for FDs ranging from 7 days to 10 years. Deposits with a tenure of 7 days to 10 years will fetch an interest rate of up to 7.40% for very senior citizens and up to 6.75% for regular customers. These revised interest rates are applicable to Domestic, NRO and NRE deposits. For deposits of three years and above, there is an additional interest rate of 0.75% for senior citizens and 0.90% for very senior citizens over and above the normal interest rate.
Apart from this, customers can avail a loan of up to 90% of the outstanding amount of their FD. For more information in this regard, the nearest branch of Bank of India can be contacted. At the same time, information can also be obtained by visiting the official website of the bank https://bankofindia.co.in/.
