PSU FD Hiked: Bank of India Revises FD Interest Rates, Check Latest FD Rates

Leading public sector lender, Bank of India has decided to hike its interest rates on short term and medium term fixed deposits for the tenure ranging from 180 days to less than 1 year. The bank continues to offer highest FD interest rates of 8.10% p.a. on its 666 days fixed deposit under non-callable deposit for super senior citizens. The PSU has introduced revision of FD interest rates for deposits less than Rs 3 crore. After revision, customers can expect to receive interest rates ranging from 3% to 7.30% on their fixed deposits, according to the PSU's press release. The new fixed deposit interest rates will become effective beginning August 1, 2024.

Meanwhile, Bank of India provides interest rates ranging from 3% to 7.80% to senior citizens for the minimum tenure of 7 days to maximum 10-years. The bank offers an interest rate of 7.95%.

According to the PSU's press release, "Bank has also hiked its rate for Fixed Deposits amounting Rs.3 Crore to less than Rs.10 Crore and now offering 6.50% for 180 days to 210 days and 6.75% for 211 days to less than 1 year. Additional rate of interest of 0.65% on deposits of Super Senior Citizens and 0.50% on deposits of Senior Citizens below Rs. 3 Crore is offered for Fixed Deposits with maturity period of 6 months & above. Bank has continued its "666 Days - Fixed Deposit", offering the best interest rate of 7.30% for customers & general public. Super Senior Citizen will get 7.95% p.a, Senior Citizen will get 7.80% p.a. under our 666 Days Fixed Deposit."

Therefore, senior citizen will not get an additional interest rate of 0.50% for the tenure of minimum 6 months and above. Therefore, the highest interest rate for senior citizens will be 7.80% for 666-days FDs. Meanwhile, super senior citizens will get an additional interest rate of 0.65% for the tenure of 6 months and above. So the highest interest rate for super senior citizens will be 7.95% on 666-days.

Customers can visit any Bank of India branch or use the BOI Omni Neo App / internet banking to open Fixed Deposits with Bank of India. The revised rates are effective from 1st August, 2024, added the press release.