FD Interest Rates: There is great news for BOI account holders. The bank has increased the interest rates of fixed deposits.
With the beginning of the new year, the state-owned Bank of India (BoI) has increased the interest rates on Fixed Deposits. The public sector bank has increased the interest rate for the Special Term Bucket amount of 444 days for deposits less than Rs 2 crore.
The bank said in a release that the special fixed deposit bucket is effective from January 10. For general customers, the bank is now offering an interest rate of 7.05 per cent on special fixed deposits of 444 days.
Your wait for Higher Rate of Interest ends here! Bank of India brings an exclusive 444 Days Fixed Deposit Scheme especially for you which rewards you with an attractive rate of interest @ 7.05% p.a. Hurry! Make the best out of this limited period offer!
T&C Apply.#FizxedDeposit pic.twitter.com/chJXt2nWzk— Bank of India (@BankofIndia_IN) January 10, 2023
Whereas, for senior citizens, the interest rate is 7.55 per cent for a deposit period of 444 days and 7.25 per cent for a period of two years to less than 5 years.
For general customers, the rate of interest for other fixed deposits maturing in 7 days to 10 years ranges from 3 per cent to 6.75 per cent. The revised interest rates are applicable for Domestic, NRO and NRE deposits. In December 2022, BOI hiked the fixed deposit interest rate for deposits below Rs 2 crore.
Penalty criteria
According to the BOI website, if investors withdraw less than Rs 5 lakh after 12 months or more, then no penalty will be imposed on them. However, if he withdraws it before time, he will be fined 1 percent.
