Bank of India hikes rates on these fixed deposits. How they compare with HDFC Bank, Yes Bank, SBI
Bank of India, one of the leading public sector banks in India, has increased rates of its fixed deposits for its customers & general public (for ₹2 crore and above to less than Rs.10 crore) with effect from 1st December, 2023. Bank has increased its fixed deposit rates for shorter periods i.e. “46 days to 90 days" tenure to 5.25%, “91 days to 179 days" tenure to 6.00%, for “180 days to 210 days" tenure to 6.25%, for “211 days to less than 1 Year" tenure to 6.50% and for “1 Year" tenure to 7.25% p.a.
This recent update follows the bank's earlier move on November 1, where it increased the rates for all deposits below ₹2 crore with a two-year tenure. The revised interest rates for 2-year FDs stand at 7.9 percent for super senior citizens, 7.75 percent for senior citizens, and 7.25 percent for other customers. It's worth noting that these revised interest rates are applicable not only for domestic term deposits but also for Non-Resident (Ordinary) (NRO) and Non-Resident (External) (NRE) rupee term deposits.
HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (FDs). As per the official website of HDFC Bank, interest rates on these deposits are effective from today 27th November 2023. The non-withdrawable FDs do not have any premature withdrawal facility.
The deposit is allowed for Non-Resident Category also. The minimum tenor for an NRE deposit is 1 Year. After the latest revision, the bank is offering an interest rate ranging from 3% to 7.20 % to general customers on deposits maturing in 7 days to 10 years.
Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits. These rates are effective from 1 October 2023. Private lender Yes Bank has hiked the fixed deposit interest rate on
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