Bank of India Increases FD Rates By 150 Basis Points

Today, Bank of India (BOI) has announced an increase in its interest rates across various tenures for fixed deposits below Rs 2 Crore. The bank now offers interest rates ranging from 4.50 per cent to 6 per cent on fixed deposit periods of 7 days to 10 years. Following this adjustment, the maximum interest rate on a one-year deposit term is now 7.25 per cent. These new rates are effective from 1 December, as per the information available on the bank's official website.

Revised BOI FD Rates

For fixed deposits maturing in 7 to 45 days, the bank has raised interest rates from 3 per cent to 4.50 per cent, a hike of 150 basis points (bps). Similarly, for deposits maturing in 46 to 90 days, BOI has increased interest rates by 75 bps from 4.50 per cent to 5.25 per cent. On FDs with a tenure of 91 to 179 days, the interest rates have been raised by 150 bps from 4.50 per cent to 6 per cent. Additionally, for deposits maturing in 180 to 210 days, the interest rate has been increased by 75 bps from 5.50 per cent to 6.25 per cent.

Deposits maturing in 211 to 269 days will now yield an interest rate of 6.50 per cent, up by 100 bps from the previous rate of 5.50 per cent, while those maturing in 270 days to less than 1 year will now offer a return of 6.50 per cent, a 75 bps increase from the earlier rate of 5.75 per cent. For deposits maturing in 1 year, BOI has raised the interest rate by 75 bps from 6.50 per cent to 7.25 per cent. On deposits maturing above 1 year to less than 2 years, the interest rate has been increased by 25 bps from 6.50 per cent to 6.75 per cent.

However, BOI has reduced the interest rate from 7.25 per cent to 6.50 per cent on the 2-year tenure and from 6.75 per cent to 6.50 per cent on deposits maturing above 2 years to less than 3 years. Deposits maturing in 3 years to less than 5 years will now earn an interest rate of 6 per cent, down by 50 bps from the previous rate of 6.50 per cent. For deposits maturing in 5 to 10 years, the interest rate remains unchanged at 6 per cent.

In addition to the standard 50 bps, BOI is offering Senior Citizens an additional 25 bps on their retail TDs (below Rs. 2 Crore) for all tenors of three years and above, making a total premium of 75 bps. Super Senior Citizens will receive an extra 40 bps over and above the standard 50 bps on their retail TDs (below Rs. 2 Crore) for all tenors of three years and beyond, resulting in a premium of 90 bps.