Bank Of India Launches Star Dhan Vriddhi Fixed Deposit At 7.90% ROI On 333 Days Tenure

One of the top public sector banks in India, Bank of India (BOI), introduced its 333-day "Star Dhan Vriddhi Fixed Deposit" on Tuesday. For super senior citizens, the rate of interest is as high as 7.90% p.a. The rate for the 333-day Trinity Fixed Deposit is 7.75% annually for senior citizens and 7.25% annually for standard investors. There is also an option for premature withdrawal and loans against fixed deposits.

"Customers can visit any Bank of India branch or use the BOI Omni Neo App / internet banking to open 333 Days Star Dhan Vriddhi Fixed Deposit with Bank of India. The revised rates are effective from 1st September 2024, and this offer is for Limited Period," said BOI in a statement.

Bank of India FD Rates

Effective as of 1st September, the bank is offering 3% return on FDs tenure of 7 to 45 days and 4.50% on 46 to 179 days. On fixed deposits maturing in 180 days to 270 days, the bank is now promising an interest rate of 6% and on those maturing in 333 days, BOI is promising a higher interest rate of 7.25%. BOI is now offering an interest rate of 6.80% on a fixed deposit tenure of 1 year to 2 years and 6.75% on above 2 to 3 years.

BOI fixed deposits maturing in 3 to 5 years will now fetch an interest rate of 6.50% and those maturing in 5 to 10 years will now fetch 6% return.

"The deposit under the specific maturity bucket of 666 days for amount bucket of "less than Rs.3 Cr" stands discontinued and the same will not be available from 01.09.2024," mentioned Bank of India on its website.

For tenors of a minimum of six months but less than three years, senior citizens 60 years of age and above but under 80 years of age would be entitled to an additional rate of interest of 0.50% on their retail term deposits of Less than Rs. 3 Cr. Super Senior Citizens aged 80 years & above will be eligible for an additional rate of interest of 0.65% on their retail term deposits for the tenors of a minimum 6 months & above but less than 3 years.

"Senior Citizen are eligible for an additional 0.25% ROI, over & above the regular (as per para 6) 0.50% ROI on their Retail Term Deposits (Less than Rs. 3 Cr) for the tenors of 3 years & above and up to 10 years. In such cases effective eligibility of additional ROI will be 0.75% p.a. Super Senior Citizen are eligible for an additional 0.25% ROI, over & above the regular (as per para 6) 0.65% ROI on their Retail Term Deposits (Less than Rs. 3 Cr) for the tenors of 3 years & above and up to 10 years. In such cases effective eligibility of additional ROI will be 0.90% p.a," mentioned Bank of India on its official website.

The bank has 5155 domestic branches as of June 30, 24. From Rs. 5,89,517 Cr in Q1FY24 to Rs. 6,47,917 Cr in Q1FY25, domestic deposits grew by 9.91% YoY. From Rs. 2,60,615 Cr in the year-ago quarter to Rs. 2,74,973 Cr in the quarter ended June 2024, domestic CASA increased by 5.51% YoY, with a CASA ratio of 42.68%.