Bank of India (BoI) has revised its Fixed Deposit interest rates under the Shubh Arambh Fixed Deposit scheme for senior citizens this month. With effect from April 1, 2023, the Bank of India is offering a high-interest rate of 7.80% for 501-day fixed deposits for super senior citizens. The deposit scheme aims to provide a safe investment option and is also available to other senior citizens aged 60-80 at the rate of 7.65%.
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Bank of India is also offering attractive interest rates across other tenures ranging from 7 days to 10 years. The deposits with terms from 7 days to 10 years will get interest rates up to 7.40% for super senior citizens and up to 6.75% for regular customers.
The revised interest rates will apply to domestic, NRO, and NRE deposits. For deposits of three years and above, there is a total additional interest rate of 0.75% for senior citizens and 0.90% for super senior citizens above the normal rate of interest.
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“Elderly people in India deserve better care and attention, particularly when it comes to financial matters. With this in mind, the Bank of India under their “Shubh Arambh Deposit” scheme, have a special fixed deposit designed for seniors, including super senior citizens aged 80 and above. This scheme puts more money in their hands, with an additional interest rate of 0.50% for senior citizens and 0.65% for super senior citizens,” the bank said in a statement today.
Bank of India Fixed Deposit Interest rates for senior citizens
As per the statement, Bank of India’s FD schemes provides flexibility to depositors, allowing savings management without extra charges or penalties on renewals for longer durations.
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Additionally, customers can avail of a loan against their deposit of up to 90% of the outstanding amount of the term deposit. Those below 60 years of age can earn up to 7.15% interest, the bank said.
