BOI has revised interest rates upwards for the special term deposit “Shubh Arambh Deposit” for 501 days with effect from 01st April, 2023 for deposits below Rs 2 crores.
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New Delhi: Public Sector lender Bank of India increased its Fixed Deposit Rates in Shubh Arambh Deposits of 501 Days Tenor.
BOI has revised interest rates upwards for the special term deposit “Shubh Arambh Deposit” for 501 days with effect from 01st April, 2023 for deposits below Rs 2 crores.
The Bank is offering additional 0.15% to super senior citizens (80 years and above) across buckets of 6 months to 10 years. Following the revision, bank offers rate of interest rate of 7.80% in limited period special scheme to super senior citizen customers.
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Bank of India provides an interest rate of 7.15 % for general customers and 7.65% for other senior citizen customers in the special scheme.
The rates of interest for other term deposits maturing in 7 days to 10 years is in the range of 3 % to 6.75 % for normal customers and upto 7.40% for super senior citizens. The revised interest rates are applicable for domestic, NRO and NRE deposits, the bank said in a statement.
| Maturity Buckets $(For NRE Rupee Term Deposits, Min. tenor is 1 Year and Max. 10 Years) | For deposits of less than Rs.2 Cr Revised w.e.f 01.04.2023 | For deposits of Rs.2 Cr & above but less than Rs.10 Crs Existing w.e.f. 20.08.2022 |
|---|---|---|
| 7 days to 14 days | 3.00* | 4.50 |
| 15 days to 30 days | 3.00 | 4.50 |
| 31 days to 45 days | 3.00 | 4.50 |
| 46 days to 90 days | 4.50 | 4.75 |
| 91 days to 179 days | 4.50 | 5.25 |
| 180 days to 269 days | 5.00 | 5.40 |
| 270 days to less than 1 year | 5.50 | 5.40 |
| 1 Year to less than 2 Years (except 501 Days) | 6.00 | 6.25 |
| 501 days | 7.15 | 6.25 |
| 2 Years to less than 3 Years | 6.75 | 4.50 |
| 3 Years to less than 5 Years | 6.50 | 4.50 |
| 5 Years to less than 8 Years | 6.00 | 4.50 |
| 8 years & above to 10 Years | 6.00 | 4.50 |
Bank of India says that the period of deposit should be for 6 months & above , for availing benefit of additional rate applicable to Senior Citizens / Staff/Ex-Staff Senior Citizen. The Senior Citizen / Senior Citizen Staff/Ex-staff should be the first account holder and his/her age should be more than 60 Years at the time of placing the deposit.
