Bank of India Revises Interest Rates On Fixed Deposit: Check New Rates Here

Bank of India (BoI) the public sector lender revises interest rates on fixed deposits which are in force from 1.08.2021. For a deposit amount of less than Rs. 2 Cr, the bank allows fixed deposits for a tenure ranging from 7 days to 10 years. BoI provides a 2.85 percent annual interest rate on deposits maturing in 7 to 45 days. The lender pays 3.85 percent interest on deposits maturing in 46 to 179 days. Bank of India offers a 4.35 percent interest rate for a deposit period of 180 days to less than one year. Following the most recent adjustment, the bank now offers a 5.00 percent interest rate on deposits maturing in 1 year or more but less than 2 years. The bank is currently offering a 5.05 percent interest rate on fixed deposits maturing in two years to less than ten years to the general public.

Bank of India Regular Fixed Deposit Rates

After the latest revision, the public sector lender is now offering the following interest rates on fixed deposits to the general public.

Maturity Buckets	Interest Rates In %
7 days to 14 days	2.85
15 days to 30 days	2.85
31 days to 45 days	2.85
46 days to 90 days	3.85
91 days to 179 days	3.85
180 days to 269 days	4.35
270 days to less than 1 year	4.35
1 Year & above but less than 2 Years	5.00
2 years & above to less than 3 years	5.05
3 years & above to less than 5 years	5.05
5 years & above to less than 8 years	5.05
8 years & above to 10 years	5.05
Source: Bank Website

Bank of India Fixed Deposit Interest Rates For Senior Citizens

On deposits of up to Rs.2 crore for a period of 6 months and up to 10 years, Bank of India provides a 0.50 percent p.a. additional rate of interest over and above card rates to the general public. Senior citizens will now get the following interest rates on their deposits, post the recent revision of the bank.

Maturity Buckets	Interest Rates In %
7 days to 14 days	2.85
15 days to 30 days	2.85
31 days to 45 days	2.85
46 days to 90 days	3.85
91 days to 179 days	3.85
180 days to 269 days	4.85
270 days to less than 1 year	4.85
1 Year & above but less than 2 Years	5.50
2 years & above to less than 3 years	5.55
3 years & above to less than 5 years	5.55
5 years & above to less than 8 years	5.55
8 years & above to 10 years	5.55
Source: Bank Website

Bank of India Penalty Rates On Fixed Deposits

In case of premature withdrawal, Bank of India will impose the following penalty rates on deposits made by depositors. The bank will not levy a penalty for premature withdrawals of Term Deposits owing to the death of the depositor/s, as well as premature withdrawals of Term Deposits made by employees, ex-employees, staff/ex-staff senior citizens, and the spouse of a dead employee as a primary depositor.

Category of the deposits	Penalty on premature withdrawal of the deposit
Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months	NIL
Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months	0.50%
Deposits of Rs. 5 Lacs & above withdrawn prematurely	1.00%
Source: Bank Website