Public sector Bank of India (BOI) has increased interest rates on fixed deposits (FDs) of less than Rs 2 crore. The new rates will be effective from April 1, 2023.
After the interest rate revision, the bank has increased the interest rates on 501 days special ‘Shubh Aarambh Deposit’.
The new rates will be effective on bank FDs of less than Rs 2 crore. Bank of India is offering an interest rate of 7.65% for senior citizens, 7.15% for regular customers and 7.8% for very senior citizen customers on the ‘Shubh Aarambh Deposit’ programme.
What is the scheme of the bank
- The bank is offering an additional 0.15% interest to Super Senior Citizens (80 years and above) in the 6 months to 10 years bucket. The Bank is offering an interest rate of 7.80% to Super Senior Citizens in a limited period special scheme.
- Offering guaranteed interest of 3.00% on Fixed Deposits below Rs.2 Crore maturing in 7 days to 45 days.
- The bank is promising an interest rate of 4.50% on FDs maturing in 46 to 179 days.
- For deposits of 180 to 269 days, BOI is offering an interest of 5.00% and for deposits of 270 days to less than 1 year, it is offering 5.50%.
- Deposits maturing in more than 1 year and less than 2 years (except 501 days) will fetch an interest rate of 6.00% and Fixed Deposits maturing in 501 days will fetch an interest of 7.15%.
- The bank is offering an interest rate of 6.75% on deposits of 2 years to less than 3 years, while deposits of more than 3 years and less than 5 years will fetch 6.50% interest.
- Deposits with maturity between five and ten years will now earn interest at the rate of 6.00%.
How much interest for senior citizens
Bank of India on its website mentions that ‘senior citizens will be paid an additional premium of 25 bps in addition to the existing 50 bps for all tenors above 3 years on retail term deposits (less than Rs 2 crore). Super Senior Citizens will get an additional interest of 40 bps in addition to the existing 50 bps.
