Bank of India: Bank of India (BOI) has given a big relief to its customers. The bank has cut the home loan interest rate by 25 basis points, making the new interest rate now 7.90% per annum. These new rates have come into effect from 15 April 2025.
Bank of India: Bank of India (BOI) has given a big relief to its customers. The bank has cut the home loan interest rate by 25 basis points, making the new interest rate now 7.90% per annum. These new rates have come into effect from 15 April 2025. This reduction is based on CIBIL score and will be applicable to both new and existing customers. This step has been taken after the Reserve Bank of India (RBI) recently reduced the repo rate by 25 basis points to 6%. After this decision of RBI, many banks have changed their loan and deposit rates.
Relief given on loan products
Bank of India has cut the interest rates of not only home loans but also many of its retail loan products like car loan, personal loan, loan against property, education loan and Star Reverse Mortgage Loan by 25 basis points. The bank says that this decision has been taken to pass on the benefits of favorable market conditions to the customers and to make loans more affordable.
Change in FD rates too
The bank has also changed the interest rates of FD, which will be applicable on deposits of less than Rs 3 crore and Rs 3 crore to Rs 10 crore.
New interest rates on FDs less than Rs 3 crore
- 91 to 179 days: 4.25%
- 180 days to less than 1 year: 5.75%
- 1 year: 7.05%
- 1 year to 2 years: 6.75%
- New rates on FDs less than Rs 3 crore to Rs 10 crore
- 91 to 179 days: 5.75%
- 180 to 210 days: 6.25%
- 211 days to less than 1 year: 6.50%
- 1 year: 7.05%
- 1 year to less than 2 years: 6.70%
400-day special FD scheme discontinued
Bank of India has also withdrawn its special 400-day FD scheme, which earlier offered up to 7.30% interest. The scheme has been discontinued from April 15, 2025.
Big banks like Axis Bank, HDFC Bank and SBI have already reduced the interest rates on FDs on the path of this reduction. Now BOI has also joined them, due to which customers will get cheaper loans, but the return on deposits will be slightly less.
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