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%.
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
| Maturity | For Deposits of Less than Rs. 2 Cr #Revised Rates For Senior Citizens w.e.f 01.04.2023 | For Deposits of Less than Rs. 2 Cr ##Revised Rates For Super Senior Citizens w.e.f 01.04.2023 |
|---|---|---|
| 07 days to 14 days | 3.00* | 3.00* |
| 15 days to 30 days | 3.00 | 3.00 |
| 31 days to 45 days | 3.00 | 3.00 |
| 46 days to 90 days | 4.50 | 4.50 |
| 91 days to 179 days | 4.50 | 4.50 |
| 180 days to 269 days | 5.50 | 5.65 |
| 270 days to less than 1 Year | 6.00 | 6.15 |
| 1 Year to less than 2 Years (except 501 Days) | 6.50 | 6.65 |
| 501 days | 7.65 | 7.80 |
| 2 Years to less than 3 Years | 7.25 | 7.40 |
| 3 Years to less than 5 Years | 7.25 | 7.40 |
| 5 Years to less than 8 Years | 6.75 | 6.90 |
| 8 years & above to 10 Years | 6.75 | 6.90 |
&Special deposit buckets 444 days stand discontinued.
# Senior Citizen- Age 60 years or above but less than 80 years,
## Super Senior Citizen- Age 80 Year & above. Source: Bank of India website (accessed on April 27, 2023)
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.
