There is good news for BoI customers! Bank of India, a prominent public sector bank in India, has increased the interest rates on its short-term and medium-term Fixed Deposits with tenures between 180 days and less than one year.
The bank is now providing the highest interest rate of 8.10% per annum on its 666 Days Fixed Deposit specifically designed for Super Senior Citizens under the Non-Callable Deposit scheme.
The bank has increased the interest rate for fixed deposits of less than Rs 3 crore to 6.00% for 180 days to less than 1 year. Additionally, the bank has also raised the interest rate for fixed deposits ranging from Rs 3 crore to less than Rs 10 crore to 6.50% for 180 days to 210 days, and 6.75% for 211 days to less than 1 year.
Also Read: Income Tax Return filing: When are Senior and Super Senior Citizens obligated to file ITR?
An extra interest rate of 0.65% is provided on deposits made by Super Senior Citizens, while a rate of 0.50% is offered on deposits made by Senior Citizens below Rs 3 crore for Fixed Deposits with a maturity period of 6 months and above. The bank is currently running its ‘666 Days – Fixed Deposit’ scheme, which provides the highest interest rate of 7.30% for all customers, including the general public.
Super Senior Citizens are eligible for an interest rate of 7.95% p.a, while Senior Citizens will receive 7.80% p.a. for its 666 Days Fixed Deposit. Additionally, the bank offers Loan against Fixed Deposit and Premature Withdrawal facilities.
Customers have the option to visit a Bank of India branch or utilize the BOI Omni Neo App / internet banking in order to initiate Fixed Deposits with Bank of India. The updated rates will come into effect on the 1st of August, 2024.