Bank of India has recently announced an increase in the interest rates for fixed deposits (FDs), bringing cheer to individuals planning to invest in this secure savings option.
Customers will now enjoy higher returns on their FDs, as the bank has adjusted its rates accordingly.
The revised interest rate stands at 7% for FDs of less than Rs 2 crore, as confirmed by the official website of Bank of India.
This update applies to the bank’s general customers, who will now receive interest ranging from 3% to 7% on FDs spanning seven days to 10 years.
Senior citizen customers will benefit from a 7.50% interest rate, while very senior citizens (above 80 years) will enjoy an interest rate of 7.65% on one-year FDs.
To provide a comprehensive overview, here are the new interest rates for Bank of India’s fixed deposits:
- 7 to 14 days: 3%
- 15 to 30 days: 3%
- 31 to 45 days: 3%
- 46 to 90 days: 4.50%
- 91 to 179 days: 4.50%
- 180 to 269 days: 5%
- 270 to less than 1 year: 5.50%
- 1 year: 7%
- 1 year to less than 2 years: 6%
- 2 years to less than 3 years: 6.75%
- 3 years to less than 5 years: 6.50%
- 5 years to less than 8 years: 6%
- 8 years to 10 years: 6%
Several other banks have also raised their interest rates, including Small Finance Bank and Fincare Small Finance Bank.
Effective from May 25, Fincare Small Finance Bank now offers an interest rate of 8.51% on 1000-day FDs for ordinary citizens.
Senior citizens can benefit from a higher interest rate of 9.11% on their FDs. To avail of these attractive rates, customers must deposit a minimum of Rs 5,000.
These enhanced interest rates on bank FDs present a lucrative opportunity for savers, ensuring better returns on their investments and incentivizing long-term financial planning.
