Bank of India, a public sector lender, has raised interest rates on domestic term deposits below 2 crore. The bank announced the change on June 1, 2022, and as a result of the amendment, the bank raised interest rates at different maturities, promising from 2.80% to 5.35% on deposits from 7 days to 5 years or more.
Bank of India FD Rates
The bank will continue to offer an interest rate of 2.80% for deposits from 7 to 29 days, while the interest rate on deposits for 30 to 45 days has been raised from 2.80% to 3.00% , an increase of 20 basis points. . The bank will continue to apply an interest rate of 3.25% for deposits with a term of 46 to 90 days, while the interest rate for a fixed deposit with a term of 91 to 120 days has been raised from 3 .35% to 3.50. percent, an increase of 15 basis points. For deposits with maturities between 121 days and 180 days, Bank of India will now offer an interest rate of 3.75%, up from 3.50% previously, a 25 basis point increase.
The Bank will continue to apply interest rates of 4.00% and 4.40% for deposits with terms from 181 days to less than 9 months and 9 months to less than 1 year. One-year deposit interest rate was raised from 5.00% to 5.10%, up 10 basis points; for deposits with a term of more than one year to less than two years, the interest rate was raised from 5.05% to 5.20%, an increase of 15 basis points; and deposits with terms from two years to less than three years, the interest rate was raised from 5.10% to 5.25%, an increase of 15 basis points.
Interest rates for deposits with terms of 3 years to less than 5 years were raised from 5.20% to 5.35%, up 15 basis points; 5-year deposit interest rate was raised from 5.25% to 5.35%, up 10 basis points; and for deposits over 5 years, the interest rate was raised from 5.15% to 5.35%, an increase of 20 basis points.
For the benefit of the elderly, Bank of India has mentioned on its website that “Additional interest payable will be 0.50% per annum for amounts up to 10 crore for all maturities against card rates for Short Term Deposits, Fixed Deposits and Money Multiplier Deposit Plans. Similarly, for Recurring Deposit account, additional interest will be applied for term from 6 months to 120 months (In multiples of 3 months). “