Interest rates

Bank of India revises interest rates on fixed deposits and savings accounts: check details

Investment

oi-Vipul Das

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Public sector lender Bank of India (BOI) has made interest rate revisions on term deposits below Rs 2 Cr and savings bank deposits. According to the bank’s website, the announcement was made today, May 1, 2022, and the bank is now offering the following interest rate as a result of the change.

BOI FD rate

The bank will now offer an interest rate of 2.85% on domestic term deposits of less than Rs 2 crore with maturities ranging from 7 to 45 days. The current interest rate on deposits maturing in 46 days to 90 days and 91 days to 179 days is 3.85%. Fixed deposits maturing in 180 days to 269 days and 270 days to less than one year will now earn 4.35% interest at the Bank of India. The interest rate on term deposits in rupees maturing in 1 year and over but less than 2 years will be 5.00%, while the interest rate on deposits maturing in 2 years and over but less than 10 years will be 5.20%.

On a minimum deposit of Rs 1 lakh up to Rs 2 Cr maturing in 3+ years, seniors would get an additional bonus of 25 basis points (bps) on top of the existing 50 basis points (bps), i.e. 0.75% on retail term deposits. On the other hand, seniors will be offered an additional interest rate of 0.50% per annum on top of the regular card rates for deposits of Rs.5000/- (in case of term deposits) and Rs .100/- (in case of Normal RD Account and Rs.1000/- for Flexi RD Accounts) up to Rs.2 Crore for term deposits of 6 months and over to 10 years.

tenors Interest rate pawef 01.05.2022
7 days to 14 days 2.85
15 days to 30 days 2.85
31 days to 45 days 2.85
46 days to 90 days 3.85
91 days to 179 days 3.85
180 days to 269 days 4.35
270 days to less than 1 year 4.35
1 year and over but less than 2 years 5
2 years and over to less than 3 years 5.2
3 years and more to less than 5 years 5.2
5 years and over to less than 8 years 5.2
8 years and over to 10 years 5.2
Source: Bank website

BOI savings account interest rate

Bank of India (BOI) mentioned on its website that “Interest will be paid on SB deposits at the rate of interest mentioned in the table below. Interest is calculated on daily proceeds and will be credited in the SB A /c on a quarterly basis during the months of May, August, November and February respectively annually or at the time of closing of SB A/c subject to a minimum of ₹1/- The payment of interest quarterly takes effect from May 2016 and is invariably credited on a regular basis in the SB account, regardless of the operational status of the account.” Effective May 1, 2022, the BOI will provide the following interest rate on savings bank deposits.

SB Sales Interest rate as of 01.10.2020 Interest rate as of 01.05.2022
Up to ₹1.00 lakh 2.9 2.75
Above ₹1.00 lakh 2.9 2.9
Source: Bank website

Article first published: Sunday, May 1, 2022, 4:03 p.m. [IST]