Public sector Bank of India has revised interest rates on its fixed deposit schemes, with the highest rates offered on its 400-day FD plan. The new rates are effective from September 27, 2024.
The bank is now providing its highest interest rate of 7.45% for the 400-day tenure FD for general customers. The same tenure fixed deposit offers a rate of 7.95% for senior citizens and 8.15% for super senior citizens (customers aged above 80 years).
Bank of India, which offers FDs with tenures ranging from 1 year to 10 years, has revised rates for deposits of up to ₹25 crore. However, in this story, we will cover changes in rates for fixed deposits of less than ₹3 crore.
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Maturity Rates for Bank of India Fixed Deposits:
For deposits above Rs 1 crore and less than Rs 3 crore (Revised W.E.F. 27/09/2024)
1 Year: 6.95%
Above 1 year to less than 2 years (except 400 days): 6.95%
400 Days: 7.45%
2 Years: 6.95%
Above 2 years to less than 3 years: 6.90%
3 Years: 6.65%
For deposits of Rs 3 crore and above but less than Rs 10 crore:
Rates to be specified based on the tenure.
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Additional Benefits for Senior Citizens and Super Senior Citizens
Senior Citizens: An additional 50 bps (0.50%) over the rates mentioned above.
Super Senior Citizens: An additional 65 bps (0.65%) over the rates mentioned above.
In conclusion, the revised interest rates by the Bank of India reflect the high interest rate regime in the country, with banks offering competitive rates to attract customers especially senior citizens. Bank of India too is offering enhanced rates for senior and super senior citizens, on FDS of various tenors.
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