PSU Bank Hikes Interest Rate On Special Fixed Deposit, New Rates Effective

Leading PSU bank, Bank of India has hiked interest rates on its special fixed deposit scheme namely "Shubh Arambh Deposits". The special FD scheme, Shubh Arambh Deposits is for 501 days tenure below Rs 2 crore. The new rates have already become effective beginning from April 1, 2023, according to the bank's press release.

As per Bank of India's press release, "Bank is offering additional 0.15% to super senior citizens (80 years and above) across buckets of 6 months to 10 years. Following the revision, bank offers rate of interest rate of 7.80% in limited period special scheme to super senior citizen customers."

Bank of India offers an interest rate of 7.15% to regular citizens and 7.65% to senior citizens in Shubh Arambh Deposits scheme.

Meanwhile, the bank's term deposit interest rates range from a minimum of 3.00% for 7 days-45 days to 6.75% to regular citizens for deposits maturing in 2 years to less than 3 years and up to 7.40% to super senior citizens.