Bank of India Revises Interest Rates On Fixed Deposits & Savings Account: Check Details

The public sector lender Bank of India (BOI) has made interest rate revisions on fixed deposits of less than Rs 2 Cr and saving bank deposits. According to the bank's website, the announcement was made today, May 1, 2022, and the bank is now offering the following rate of interest as a result of the modification.

BOI FD Rates

The bank will now provide a 2.85 per cent interest rate on domestic term deposits of less than Rs 2 crore with maturities ranging from 7 to 45 days. The current interest rate on deposits maturing in 46 days to 90 days and 91 days to 179 days is 3.85 per cent. Fixed deposits maturing in 180 days to 269 days and 270 days to less than one year will now fetch 4.35 per cent interest from the Bank of India. The interest rate on Rupee Term Deposits maturing in 1 year and above but less than 2 years will be 5.00 per cent, while the interest rate on deposits maturing in 2 years and above but less than 10 years will be 5.20 per cent.

On a minimum deposit of Rs 1 lakh up to Rs 2 Cr maturing in 3 years and above, senior citizens would get an additional premium of 25 basis points (bps) in addition to the existing 50 basis points (bps) i.e. 0.75% on retail term deposits. On the other hand, senior citizens will be offered a 0.50 per cent p.a. additional rate of interest over and above regular card rates for deposits of Rs.5000/- (in case of Term Deposits) & Rs.100/- (in case of Normal RD account & Rs.1000/- for Flexi RD Accounts) up to Rs.2 Crore for term deposits of 6 months and above to 10 years.

Tenors	Interest rate p.a. w.e.f. 01.05.2022
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 Yrs	5
2 years & above to less than 3 years	5.2
3 years & above to less than 5 years	5.2
5 years & above to less than 8 years	5.2
8 years & above to 10 years	5.2
Source: Bank Website

BOI Savings Account Interest Rate

Bank of India (BOI) has mentioned on its website that "Interest shall be paid on SB Deposits at the rate of Interest as mentioned in the table given below. Interest is calculated on daily products and will be credited in the SB A/c on quarterly basis in the months of May, August, November and February, respectively every year or at the time of closing of the SB A/c subject to minimum ₹1/- . Quarterly interest payment is effective from May 2016 and is invariably credited on regular basis in SB account irrespective of the operational status of the account." As of May 1, 2022, BOI will provide the following interest rate on savings bank deposits.

SB Balances	Rate of Interest w.e.f. 01.10.2020	Rate of Interest w.e.f. 01.05.2022
Up to ₹ 1.00 lakhs	2.9	2.75
Above ₹ 1.00 lakhs	2.9	2.9
Source: Bank Website