As the State Bank of India (SBI) offers the Amrit Kalash, a 400-day Fixed Deposit (FD) scheme for its customers, Bank of India (BOI) also has its own FD scheme known as Monsoon Deposit.
Just like the Amrit Kalash, the Monsoon Deposit requires a 400-day FD commitment. However,
with the closure of SBI’s Amrit Kalash scheme on 15th August, investors should consider the Monsoon Deposit for potentially better returns.
Interest Rates Comparison
Under the SBI Amrit Kalash scheme, common citizens receive interest at a rate of 7.10%, while senior citizens receive 7.60%.
On the other hand, BOI’s Monsoon Deposit offers a higher interest rate of 7.25%, making it a more profitable option when compared to Amrit Kalash. This attractive scheme allows FDs of up to Rs 2 crore.
Recent Interest Rate Changes
Bank of India recently made changes to the interest rates for FDs less than two crore rupees.
The Monsoon Deposit scheme was introduced as a part of this update, providing better interest rates and shorter tenures, making it a win-win for customers.
The new interest rates came into effect on 28th July 2023. Whether you prefer online or offline investing, you can opt for any FD scheme offered by Bank of India.
Here are the updated interest rates of Bank of India for various tenures
FD up to 1 year: 6.00%
More than 1 year to 399 days: 6.00%
400 days (Monsoon Deposit): 7.25%
401 days to less than 2 years: 6.00%
2 years to less than 3 years: 6.75%
3 years to less than 5 years: 6.50%
5 years to less than 10 years: 6.00%
Investors looking for higher returns and a shorter commitment period may find BOI’s Monsoon Deposit scheme to be an appealing choice.
