Bank of India (BOI) has revised its fixed deposit interest rates for deposits below ₹2 crore, applicable from April 1, 2024. The bank now offers interest rates ranging from 3% to 7.25% for deposit periods spanning from 7 days to 10 years.
Senior citizens receive an additional 50 basis points (bps) on tenors of 6 months and above, while super senior citizens are granted an extra 65 bps. For deposits below ₹2 crore and tenors of 3 years and above, senior citizens receive an additional premium of 25 bps, totaling 75 bps. Similarly, super senior citizens are offered an additional premium of 25 bps, totaling 90 bps.
Here are the latest FD rates offered by Bank of India:
- For deposits maturing between 7 days and 45 days, BOI offers an interest rate of 3%.
- Deposits maturing between 46 days and 179 days will earn an interest rate of 4.50%.
- BOI provides an interest rate of 5.50% for deposits with a tenure of 180 days to 269 days.
- For deposits lasting 270 days to less than 1 year, the bank offers an interest rate of 5.75%.
- Deposits maturing in 1 year to less than 2 years will earn an interest rate of 6.80%.
- Deposits maturing in 2 years will earn the maximum return of 7.25%.
- BOI pays 6.75% interest on term deposits maturing in less than two years and less than three years.
- Deposits maturing in three years to less than five years will earn a 6.50% interest rate.
- For deposits maturing in five to ten years, the interest rate is six percent.
Comparison with Other Banks:
- State Bank of India (SBI) offers FD rates ranging from 3.5% to 7% for general customers and between 4% and 7.5% for senior citizens.
- HDFC Bank provides interest rates between 3% and 7.25% for general customers and 3.5% to 7.75% for senior citizens.
- ICICI Bank offers interest rates between 3% and 7.2% for fixed deposits for general customers and 3.5% to 7.75% for senior citizens.
Disclaimer: Please note that the provided information is directly sourced from the respective banks’ websites.
