Bank of India Offers Attractive Interest Rates on Fixed Deposits
Bank of India has revised its interest rates to make its fixed deposit schemes more attractive to customers. The bank is offering interest on fixed deposits ranging from seven days to 10 years. Senior citizens can also avail additional interest on their fixed deposits.
Interest Rates for Fixed Deposits
Bank of India is offering interest ranging from 3.00 percent to 6.00 percent on fixed deposit schemes ranging from seven days to 10 years. The bank is paying interest at a maximum rate of seven percent on fixed deposits maturing in one year. The new interest rates for fixed deposits came into effect from 26 May 2023.
Interest Rates for Different Maturity Periods
The bank is offering interest at the rate of three percent on deposits maturing within the next 7 to 45 days. Deposits maturing in the next 46 to 179 days will earn interest at the rate of 4.50 percent. For deposits with maturity periods of 180 days to 269 days, the bank is offering interest at the rate of 5.00 percent. The bank is offering an interest rate of 5.50 percent on fixed deposits with maturity ranging from 270 days to less than one year.
For fixed deposits maturing in one year, Bank of India is paying the highest interest rate of seven percent. The bank is offering interest at the rate of 6.00 percent on fixed deposits maturing in one year or more and less than two years. For fixed deposits with maturity periods of two years to less than three years, the bank is offering an interest rate of 6.75 percent. For deposits with maturity periods of three years to less than five years, the bank is offering an interest rate of 6.50 percent. The bank is offering an interest rate of 6.00 percent on deposits with maturity periods between five and 10 years.
Additional Interest for Senior Citizens
Senior citizens can avail an additional interest of 25 basis points (bps) on their retail term deposits (less than Rs 2 crore) in addition to the existing 50 bps. This interest rate will be available for all periods of three years and above. Bank of India is now offering an additional interest rate of 75 basis points to its senior customers for three years fixed deposit schemes.
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Sorted points by DelhiBreakings.com team.
👉 Bank of India has changed the interest rates on fixed deposits to make them more attractive.
👉 The bank is offering interest on FDs ranging from seven days to 10 years, with additional interest for senior citizens.
👉 The new interest rates for fixed deposits came into effect from 26 May 2023.
👉 Interest rates for deposits maturing in 7 to 45 days are 3%, while those maturing in 46 to 179 days are 4.50%.
👉 The bank is offering interest rates ranging from 5% to 7% on deposits maturing in 180 days to 1 year.
👉 The highest interest rate of 7% is paid on fixed deposits maturing in 1 year.
👉 Interest rates range from 6% to 6.75% on FDs maturing in 1 to 3 years, and 6% on FDs maturing in 5 to 10 years.
👉 Senior citizens will receive an additional interest rate of 25 bps on retail term deposits less than Rs 2 crore for all periods of 3 years and above, in addition to the existing 50 bps.
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