Public sector Bank of India has increased the interest rates on fixed deposits of less than Rs 2 crore.
New Delhi. If your account is in Bank of India (BOI), then this news is of great use to you. Public sector Bank of India has increased the interest rates on fixed deposits of less than Rs 2 crore. According to the official website of the bank, the new rates are effective from 01.10.2022. Just a day after the Reserve Bank of India (RBI) on Friday raised the repo rate by 50 basis points to 5.90%, the BOI has announced a hike in interest rates on FDs.
Let us tell you that in the last few years, the interest rates of FDs have come down significantly. But, now interest rates have started rising again. Let us tell you how much the bank has changed the interest rates.
Bank of India has offered interest rates ranging from 2.85% to 5.75% for 7 days to 10 years on FDs of less than Rs 2 crore to its ordinary citizens. Apart from this, the maximum interest rate on FD maturing 555 days will be 6.05%.
Know what are the new interest rates
2.85% for 7 to 45 days
45 to 179 days 3.85%
4.35% on 180 days to less than 1 year
1 year to 554 days 5.50%
6.05% on deposits maturing in 555 days
556 days to 3 years 5.50%
3 to 5 years 6.00%
5 to 10 years 5.75%
Senior citizens will benefit so much
BoI has mentioned on its website that “Senior citizens will be paid 25 bps additional premium on their retail TD (less than Rs 2 crore) for all tenures of 3 years and above in addition to the existing 50 bps. The period of deposit should be 6 months and above to avail the additional rate applicable to Senior Citizens/Staff/Ex-Staff Senior Citizens.
Bank of India has mentioned on its website that senior citizens / senior citizens employees / ex-employees should be the first account holders and they should be above 60 years of age at the time of deposit.
To control inflation, RBI had increased the repo rate
In order to control the rising inflation in the country, the Reserve Bank has increased the repo rate three times in the last 4 months. The repo rate has increased from 4.00% to 5.40%.
