Public sector lender Bank of India has launched a special tenure fixed deposit scheme Star Dhan Vriddhi, offering an interest rate of up to 7.9% to senior citizens.
Star Dhan Vriddhi – New FD rates
Bank of India has revised its FD interest rates for amounts less than Rs 3 crore and also introduced a new special FD tenure of 333 days with higher rates. These rates are effective from September 1, 2024, as per the PSU bank’s website.
Following the revision, the bank will offer FD interest rates ranging from 3% to 7.25% for tenures between 7 days and 10 years for general customers.
| Maturity | Rate of Interest % (p.a.) | Annualized Rate of Return at minimum of the maturity bucket % | Rate of Interest % (p.a.) | Annualized Rate of Return at minimum of the maturity bucket % |
| Maturity | For deposits less than Rs.3 Cr | For deposits less than Rs.3 Cr | For deposits of Rs.3 Cr & above but less than Rs.10 Cr | For deposits of Rs.3 Cr & above but less than Rs.10 Cr |
| 180 days to 210 days | 6 | 6 | 6.5 | 6.55 |
| 211 days to 269 days | 6 | 6.04 | 6.75 | 6.81 |
| 270 days to less than 1 Year (except 333 Days) | 6 | 6.09 | 6.75 | 6.86 |
| 333 days | 7.25 | 7.38 | 6.75 | 6.86 |
| 1 Year | 6.8 | 6.98 | 7.25 | 7.45 |
| Above 1 Year to less than 2 Years | 6.8 | 6.98 | 6.75 | 6.92 |
| 2 Years | 6.8 | 7.22 | 6.5 | 6.88 |
| Above 2 Years to less than 3 Years | 6.75 | 7.16 | 6.5 | 6.88 |
| 3 Years to less than 5 Years | 6.5 | 7.11 | 6 | 6.52 |
| 5 Years to less than 8 Years | 6 | 6.94 | 6 | 6.94 |
| 8 years & above to 10 Years | 6 | 7.63 | 6 | 7.63 |
The bank has launched a new 333-day fixed deposit called Star Dhan Vriddhi. This tenure offers the highest interest rates of 7.25% for general citizens, 7.75% for senior citizens, and 7.90% for super senior citizens.
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Interest rates for senior citizens and super senior citizens
Senior Citizens: Interest rates range from 3% to 7.75%.
Super Senior Citizens (aged 80 and above): Interest rates range from 3% to 7.90%.
Senior Citizen with age of 60 years and above but less than 80 years will be eligible for additional rate of interest of 50 basis points (bps) on their retail term deposits (less than Rs 3 crore) for the tenors of minimum 6 months and above (but less than 3 years).
Super senior citizen with age of 80 years and above will be eligible for additional rate of interest of 65 bps on their retail term deposits (less than Rs 3 crore) for the tenors of minimum 6 months and above (but less than 3 years) .