Interest rates

Bank of India (BOI) raises interest rates on term deposits: details here

Public sector lender Bank of India (BOI) has raised interest rates on term deposits of less than 2 cr. According to the bank’s official website, the new rates are effective from 01.10.2022. Just a day after the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points to 5.90% on Friday, the BOI announced higher interest rates on term deposits. The BOI now offers retail investors an interest rate range of 2.85% to 5.75% on term deposits with maturities between 7 days and 10 years. Investors in BOI fixed deposits will now enjoy a maximum interest rate of 6.05% on accounts maturing in 555 days.

BOI FD rate

On deposits with a maturity of 7 days to 45 days, the BOI will now offer an interest rate of 2.85% and on term deposits with a maturity of 45 days to 179 days, the bank will now offer an interest rate 3.85%. Term deposits with a maturity between 180 days and less than one year will now offer an interest rate of 4.35% and term deposits with a maturity between 1 year and 554 days will now benefit with an interest rate of 5.50%. The BOI now offers a maximum interest rate of 6.05% on deposits maturing in 555 days and the bank now offers an interest rate of 5.50% on term deposits maturing in 556 days at 3 years old. Bank of India will now pay an interest rate of 6.00% on term deposits maturing in 3-5 years, and an interest rate of 5.75% on deposits maturing in 5-10 year.

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BOI FD rate (bankofindia.co.in)

BOI mentioned on its website that “An additional premium of 25 bps, on top of the existing 50 bps, will be paid to senior citizens on their retail TD (less than Rs. 2 Cr) for all terms of 3 years and above , i.e. 75 bps.

“The deposit period must be 6 months and above, to qualify for the additional senior/staff/former staff rate. The Senior Citizen/Senior Citizen Staff/Ex-staff must be the primary account holder and their age must be above 60 at the time of deposit,” Bank of India said on its website.

For the benefit of the elderly, the Bank of India has stated on its website that “0.50% per annum additional interest rate over and above general public card rates for minimum deposits of Rs.5000 /- (in case of term deposits) & Rs.100/- (in case of normal RD account and Rs.1000/- for Flexi RD accounts) up to Rs.2 Crore for 6 month term deposits and over to 10 years. However, for deposits of 3 years and over, the additional ROI must be 0.75% above and above the normal ROI.”

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