Bank of India (BOI) has revised upwards interest rates on fixed deposits (FDs) across select medium- and long-term tenures for deposits of less than ₹3 crore and those ranging from ₹3 crore to less than ₹10 crore.
The revised rates came into effect on November 2.
The public sector lender has also introduced a special fixed deposit scheme, Star Akshay Fixed Deposit, with a tenure of 500 days.
The scheme offers an interest rate of 6.85% per annum for general customers, 7.35% for senior citizens and 7.50% for super senior citizens.
For deposits below Rs 3 crore, BOI has increased the interest rate on one-year FDs to 6.60% per annum. Deposits with tenures of more than one year and less than three years will now earn 6.70%.
Senior citizens will receive an additional 0.50 percentage point interest over the applicable rate, while super senior citizens will get an additional 0.65 percentage point on deposits with maturities ranging from 180 days to less than three years.
BOI FD interest rates for deposits between ₹3 crore and ₹10 crore
The bank has also revised rates for select maturity buckets on deposits of ₹3 crore to less than ₹10 crore.
The interest rate on one-year deposits has been increased to 6.55% per annum, while deposits with tenures of more than one year and less than three years will earn 6.65%.
An additional 0.15 percentage point interest is available on non-callable fixed deposits of more than ₹1 crore accepted for tenures ranging from one year to three years.
Non-callable deposits do not offer premature withdrawal facilities. BOI said loan against FD and premature withdrawal facilities are available only on callable deposits.
How to open a BOI fixed deposit
Customers can open fixed deposits at any Bank of India branch or through the BOI Omni Neo mobile application and internet banking.
NOTE TO READERS
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.