Bank of India Increases Interest Rates On This Special FD, Check Here New Rates

Bank Of India, a Public sector Lender, has raised the interest rates for a special term deposit of 444 days with effect from 10 January 2023 under deposit Rs 2 crore. According to the bank's statement, following the rate hike, the bank in 444 days special term deposit now offers an Interest rate of 7.05 percent for the general public and 7.55 percent for senior citizens.

For regular customers, interest rates on other term deposits with maturities ranging from 7 days to 10 years are in the range of 3% to 6.75%. According to the bank's official website, Additional 25 bps, over & above the existing 50 bps will be paid to Senior Citizens on their retail TD (Less than Rs. 2 Cr) for all the tenors above '3 Years' i.e. 75bps

Revised Interest Rate on Domestic/NRO Rupee Deposits Less Than 2 Cr w.e.f 10.01.23

Maturity Period	Interest rates
7 days to 14 days	3.00*
15 days to 30 days	3
31 days to 45 days	3
46 days to 90 days	4.5
91 days to 179 days	4.5
180 days to 269 days	5
270 days to less than 1 year	5.5
1 Year to less than 2 Years (except 444 Days)	6
444 days	7.05
2 Years to less than 3 Years	6.75
3 Years to less than 5 Years	6.5
5 Years to less than 8 Years	6
8 years & above to 10 Years	6

Source - bankofindia.co.in

The FD interest rates continue to rise since May 2022 when the RBI started increasing the repo rate. Since then, the repo rate has increased by 2.25 percent to 6.25 percent. The banks have also started to pass on the benefits of the rate hike to depositors.