Bank of India Hikes FD Rates, Deposits Below ₹3 Crore To Earn Up To 6.70% Interest

Mumbai: State-owned Bank of India has increased fixed deposit (FD) interest rates on deposits below Rs 3 crore. The revised rates came into effect from Monday and are aimed at offering better returns to depositors looking for medium- and long-term savings options.

According to the bank, deposits with tenures ranging from one year to less than two years will now earn 6.50 percent annual interest. Earlier, these deposits carried lower returns.

For deposits with maturities between two years and less than three years, the interest rate has been increased to 6.60 percent. Meanwhile, customers investing in three-year fixed deposits will now receive 6.70 percent interest annually.

Extra Benefits For Senior Citizens

Bank of India said senior citizens and super senior citizens will continue to get additional interest benefits over the regular FD rates.

Senior citizens will receive an extra 0.50 percent interest on deposits with maturities ranging from six months to less than three years. Super senior citizens will get an additional 0.65 percent interest for the same tenure category.

For fixed deposits with maturities of three years and above, the benefits are even higher. Senior citizens will get an additional 0.75 percent interest, while super senior citizens will receive an extra 0.90 percent interest over the standard FD rates.

Additional Benefit On Non-Callable Deposits

The lender also announced that non-callable fixed deposits above Rs 1 crore with a minimum tenure of one year will get an extra 0.15 percent interest per year.

However, the bank clarified that loan against FD and premature withdrawal facilities will only be available for callable deposits.

Customers can open fixed deposits through Bank of India branches, internet banking and the BOI Omni Neo mobile application.

Meanwhile, Bank of India shares were trading lower at Rs 137.90 on the BSE on Monday. The stock has touched a 52-week high of Rs 178.45 and a 52-week low of Rs 109.