Public sector Bank of India has increased the interest rate on fixed deposits. The new interest rate is applicable from January 10. The bank is now offering a minimum of 3 per cent and a maximum of 7.05 per cent interest on term deposits.
The interest rate has been increased on FDs of less than Rs 2 crore. The bank has increased the interest on special FDs of 444 days. The bank said that after this amendment, interest of 7.05 will be available on the special scheme of 444 days for general customers.
Additional benefit of 50 basis points to senior citizens
Senior citizens will get an additional benefit of 50 basis points in interest. The interest rate for them has been increased to 7.55 percent. For general customers, the interest rates on other term deposits maturing in 7 days to 10 years are between 3 percent to 6.75 percent. The revised interest rates are applicable for Domestic, NRO and NRE deposits.
6% interest on 1 year FD
If you get FD done in Bank of India, then you will get 4.50% interest on FD of 46-179 days. 5 percent on 180-269 days, the interest rate on FDs ranging from 1 year to less than 2 years has gone up to 6 percent. The interest on FD of 444 days has now gone up to 7.05 per cent.
6% return on FD of 5-8 years
The interest rate on FDs ranging from 2 years to less than 3 years has gone up to 6.75 percent. The interest on FDs ranging from 3 years to less than 5 years has gone up to 6.50 per cent. Interest rate has been increased to 6% on FDs from 5 years to less than 8 years and 6% on FDs from 8 years to 10 years.
