Bank of India Increases Fixed Deposit Interest Rates
Bank of India (BOI) has recently revised its fixed deposit (FD) interest rates, offering an increase in the interest rate for certain tenures. This news comes after several other banks have also revised their FD interest rates in the month of May.
Highest FD Rate Offered
Bank of India currently offers the highest interest rate of 7% on FDs of 1 year for general citizens. The bank has also increased the interest rate on other tenures.
New Interest Rate for Bank of India
Here are the new interest rates offered by Bank of India for different tenures:
– 7 to 45 days: 3.00 percent interest rate
– 46 to 179 days: 4.50 percent interest rate
– 180 to 269 days: 5.00 percent interest rate
– 270 to 1 year: 5.50 percent interest rate
– 1 year: 7.00 percent interest rate
– Tenure of more than 1 year to less than 2 years: 6.00 percent interest rate from 2 years
– Tenure less than 3 years: 6.75 percent interest rate
– Tenure from 3 years to less than 5 years: 6.50 percent interest rate
– 5 years to 10 years: 6.00 percent interest rate
Additional Interest Rate for Senior Citizens
Bank of India offers an additional interest rate to senior citizens on FDs. Senior citizens can avail an interest rate of 0.50 per cent on FDs of less than 3 years duration and an interest rate of 0.75 per cent on FDs with a tenure of more than 3 years.
Tax on FD Interest Rate
It’s important to note that the interest earned on FDs is fully taxable. The interest income earned on fixed deposits is treated as “income from other sources” and is charged under Tax Deducted at Source (TDS). TDS is deducted when your bank deposits your interest income into your account. Your tax slab is decided based on your total income.
Follow DelhiBreakings on Google News
Sorted points by DelhiBreakings.com team.
👉 Many banks have revised the interest rates of fixed deposits in the month of May.
👉 Bank of India (BOI) has increased the interest rate of fixed deposits.
👉 Bank of India currently offers 7% interest rate on FDs of 1 year to general citizens.
👉 New interest rate of Bank of India ranges from 3% to 6.75% depending on the tenure of the FD.
👉 Bank of India offers additional interest rate of 0.50% to 0.75% to senior citizens.
👉 The interest earned from FD is fully taxable and TDS is deducted when the interest income is deposited into the account.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
Something went wrong. Please refresh the page and/or try again.