Bank Of India Revises Fixed Deposit Rates Below Rs. 2 Cr, Now Offers 7% On 1 Yr tenure

Bank of India (BOI), a public sector lender, has revised the interest rates on fixed deposits (FDs) below Rs. 2 Crore. According to the BOI's official website, the revised rates are effective from 26 May 2023.

Now, the bank offers interest rates ranging from 3% to 7% on maturity period ranging from 7 days to 10 years. The bank offers maximum interest rates of 7% on deposits maturing in 1 year. Senior Citizens will continue to get an additional interest rate on their FDs. For the NRE Rupee Term Deposits, the minimum tenor is 1 Year and the Maximum is 10 Years, according to the bank. The minimum deposit amount is Rs. 1 lakh.

Interest Rates For Domestic/NRO Term Deposits Below Rs 2 Cr w.e.f. 26/05/2023

Maturity Buckets	Interest rates (% p.a.)
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	7
Above 1 Year to less than 2 Years	6
2 Years to less than 3 Years	6.75
3 Years to less than 5 Years	6.50#
5 Years to less than 8 Years	6.00#
8 years & above to 10 Years	6.00#

Source - bankofindia.co.in

According to the bank's official website, "#Senior Citizen- Age 60 years or above but less than 80 years, Super Senior Citizen- Age 80 Year & above. Additional rate of interest of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps."

Furthermore, "Additional rate of interest of 40 bps, over & above the existing 50 bps will be paid to Super Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 90 bps."