Bank of India Revises Fixed Deposit Interest Rates, Super Seniors To Get Higher Interest Rate

Starting today, i.e. 1st August 2024, the Bank of India (BoI) has revised interest rates for its short-term and medium-term fixed deposits (FDs). These revised rates aim to provide more attractive returns for depositors, particularly senior citizens. As per the revised rates, BoI is offering interest rates on deposit tenors of 7 days to 10 years ranging from 3 per cent to 6 per cent for FDs up to Rs 10 crore.

The bank's new rates include a special offer for super senior citizens under the Non-Callable Deposit scheme, with an interest rate of 8.10 per cent per annum on its 666 Days Fixed Deposit.

Also Read: RBI Revises Domestic Money Transfer Rules To Combat Financial Fraud

For fixed deposits with tenures ranging from 180 days to less than one year, the interest rate for deposits less than Rs 3 crore has been increased to 6 per cent per annum. Deposits between Rs 3 crore and Rs 10 crore will have following rates:

- 180 days to 210 days: 6.50% p.a.

- 211 days to less than 1 year: 6.75% p.a.

Additionally, the BoI offers preferential interest rates for senior citizens, providing an additional 0.50 per cent on deposits below Rs 3 crore for maturities of six months and above. Super senior citizens benefit from an extra 0.65 per cent over the standard rates.

The bank continues its popular ‘666 Days - Fixed Deposit’ scheme as per the following rates:

- General public: 7.30% p.a.

- Senior citizens: 7.80% p.a.

- Super senior citizens: 7.95% p.a.

Here’s the full list of Revised Interest Rates:

For Deposits less than Rs 3 crore:

- 7 days to 14 days: 3.00%

- 15 days to 30 days: 3.00%

- 31 days to 45 days: 3.00%

- 46 days to 90 days: 4.50%

- 91 days to 179 days: 4.50%

- 180 days to 210 days: 6.00%

- 211 days to 269 days: 6.00%

- 270 days to less than 1 year: 6.00%

- 1 year: 6.80%

- Above 1 year to less than 2 years (except 666 days): 6.80%

- 666 days: 7.30%

- 2 years: 6.80%

- Above 2 years less than 3 years: 6.75%

- 3 years less than 5 years: 6.50%

- 5 years to less than 8 years: 6.00%

- 8 years to 10 years: 6.00%

For Deposits of Rs 3 crore but less than Rs 10 crore:

- 7 days to 14 days: 4.50%

- 15 days to 30 days: 4.50%

- 31 days to 45 days: 4.50%

- 46 days to 90 days: 5.25%

- 91 days to 179 days: 6.00%

- 180 days to 210 days: 6.50%

- 211 days to 269 days: 6.75%

- 270 days to less than 1 year: 6.75%

- 1 year: 7.25%

- Above 1 year to less than 2 years (except 666 days): 6.75%

- 666 days: 6.75%

- 2 years: 6.50%

- Above 2 years less than 3 years: 6.50%

- 3 years less than 5 years: 6.00%

- 5 years to less than 8 years: 6.00%

- 8 years to 10 years: 6.00%

Bank of India also facilitates loans against fixed deposits and allows premature withdrawals, to provide liquidity and financial flexibility for its customers. These revised fixed deposit schemes are available at all Bank of India branches, customers can also access the same through the BOI Omni Neo App and its Internet banking platform.

In comparison to BoI’s revised FD rates, other major private banks like HDFC Bank, ICICI Bank, and Axis Bank have also recently revised their fixed deposit interest rates.

HDFC Bank offers rates ranging from 3 per cent to 7 per cent for the public and up to 7.5 per cent for senior citizens. ICICI Bank's rates range from 3 per cent to 7.20 per cent for regular citizens and up to 7.75 per cent for senior citizens. Axis Bank offers similar rates, with the public receiving between 3 per cent and 7.2 per cent, and senior citizens up to 7.75 per cent.