Bank of India has revised its fixed deposit (FD) rates for amounts less than Rs 3 crore. After the revision, Bank of India offers interest rates from 3% to 7.30% for fixed deposits, as per the official website of Bank of India. The new rates are applicable from August 1, 2024.For senior citizens, the bank offers interest rates between 3% to 7.80% for tenure ranging from 7 days to 10 years. For super senior citizens, the bank offers highest interest rate of 7.95%.
Latest FD rates
Bank has hiked its rate for fixed deposits amounting to less than Rs.3 Crore and now offering 6.00% for 180 days to less than 1 year. Further, Bank has also hiked its rate for fixed deposits amounting Rs.3 Crore to less than Rs.10 Crore and now offering 6.50% for 180 days to 210 days and 6.75% for 211 days to less than 1 year.
According to the press release, “Additional rate of interest of 0.65% on deposits of Super Senior Citizens and 0.50% on deposits of Senior Citizens below Rs. 3 Crore is offered for Fixed Deposits with maturity period of 6 months & above. Bank has continued its “666 Days – Fixed Deposit”, offering the best interest rate of 7.30% for customers & general public. Super Senior Citizen will get 7.95% p.a, Senior Citizen will get 7.80% p.a. under our 666 Days Fixed Deposit.”
| MATURITY (FOR NRE RUPEE TERM DEPOSITS, | FOR DEPOSITS OF LESS THAN RS.3 CR | FOR DEPOSITS OF RS.3 CR & ABOVE BUT LESS THAN RS.10 CRS |
| MIN. TENOR IS 1 YEAR AND MAX. 10 YEARS) | REVISED W.E.F 01.08.2024 | REVISED W.E.F 01.08.2024 |
| 7 days to 14 days | 3 | 4.5 |
| 15 days to 30 days | 3 | 4.5 |
| 31 days to 45 days | 3 | 4.5 |
| 46 days to 90 days | 4.5 | 5.25 |
| 91 days to 179 days | 4.5 | 6 |
| 180 days to 210 days | 6 | 6.5 |
| 211 days to 269 days | 6 | 6.75 |
| 270 days to less than 1 year | 6 | 6.75 |
| 1 Year | 6.8 | 7.25 |
| Above 1 Year to less than 2 Years (except 666 Days) | 6.8 | 6.75 |
| 666 Days | 7.3 | 6.75 |
| 2 Years | 6.8 | 6.5 |
| Above 2 Years to less than 3 Years | 6.75 | 6.5 |
| 3 Years to less than 5 Years | 6.5 | 6 |
| 5 Years to less than 8 Years | 6 | 6 |
| 8 years & above to 10 Years | 6 | 6 |
Source: Bank websiteSenior Citizen
Senior Citizen with age of 60 years & above but less than 80 years will be eligible for additional rate of interest of 0.50% on their deposit for the tenors of minimum 6 months & above (but less than 3 years). So, the highest rate offered would be 7.80% on 666 days tenure.
Super Senior Citizen
Super Senior Citizen with age of 80 years & above will be eligible for additional rate of interest of 0.65% on their deposit for the tenors of minimum 6 months & above (but less than 3 years). So, the highest interest rate offered would be 7.95% on 666 days tenure.
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