Bank of India (BOI) Hikes FD Rates By 50 Bps: Details Inside

The public sector lender Bank of India (BOI) has hiked interest rates on fixed deposits of less than Rs 2 Cr by 50 bps. According to the bank's official website, the new rates take effect on October 1st, 2023. The bank is now offering interest rates between 3.00% and 6.00% on deposits with maturities ranging from 7 days to 10 years. Customers will now get a maximum return of 7.25% on 400 days (Monsoon Deposit).

BOI FD Rates

The bank is now giving an interest rate of 3.00% on deposits maturing in the next 7 days to 45 days, while BOI is also offering an interest rate of 4.50% on deposits maturing in the next 46 days to 179 days. On a deposit tenor of 180 days to 269 days, BOI is now offering an interest rate of 5.50%, up 50 basis points from 5% previously, and on a tenure of 270 days to less than one year, it is now offering 5.75%, up 25 basis points from 5.5%.

Deposits that mature after one year and up to 399 days will now earn 6.50%, up from 6% before, while deposits maturing beyond 400 days (monsoon deposits) will now earn 7.25%. The bank raised interest rates on deposits maturing in 401 days to less than 2 Years by 50 basis points from 6% to 6.50%, and BOI is now offering an interest rate of 6.80% on fixed deposits (FDs) maturing in 2 years. BOI is now giving an interest rate of 6.75% on deposits with a term of 2 years to under 3 years and 6.50% on deposits with a duration of 3 years to under 5 years. Deposits made over 5 to 10 years will continue to generate a 6% return.

For all tenors of three years and above, senior citizens would receive an additional 25 basis points of interest over and above the current 50 basis points on retail term deposits of less than Rs. 2 crore. Super senior citizens would receive an additional 40 basis points of interest on retail term deposits of less than Rs. 2 crore for all tenors of three years and above, or 90 basis points, in addition to the current 50 basis points of interest.