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.
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 01.11.2022. After the change, the bank is now offering interest rates ranging from 2.85% to 5.75% on deposits with maturities ranging from 7 days to 10 years.
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.
Interest will be available on this FD up to 7.75%
The Bank today announced the “Star Super Triple Seven Fixed Deposit” scheme. Under this scheme, interest up to 7.75% is being given. The bank is paying an interest rate of 7.25% to the general public and 7.75% to senior citizens on FDs maturing in 777 days.
Know what are the new interest rates
On deposits maturing in 7 days to 45 days, the bank will now offer an interest rate of 2.85%. FDs maturing in 46 days to 179 days will offer an interest rate of 3.85%. An interest rate of 4.60% will be paid on deposits maturing in 180 days to less than 1 year and 5.75% on FDs maturing in 1 year to less than 2 years (excluding 555 days).
Bank of India is offering an interest rate of 6.30% on deposits maturing in 555 days and the bank is offering an interest rate of 5.75% for 2 years to 3 years (excluding 777 days). On deposits maturing in 777 days, BOI will now pay an interest rate of 7.25% and on deposits maturing in 3 years to 5 years, BOI will now pay an interest rate of 6.25%. Fixed deposits maturing in 5 years to 10 years will now have to pay interest at the rate of 5.75 per cent.
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.
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