Fixed deposit news: Bank of India revises FD rates. How they compare with SBI, ICICI, HDFC Bank
Bank of India revises FD rates: BOI has updated its fixed deposit interest rates for deposits below ₹2 crore. Following the revision, the bank now provides interest rates ranging from 3% to 7.25% for deposit periods spanning from 7 days to 10 years. These rates are effective from 1 April 2024. Senior citizens receive an extra 50 basis points (bps) on tenors of 6 months and above, while super senior citizens are granted an additional 65 bps. For deposits below ₹2 crore and tenors of 3 years and above, senior citizens receive an additional premium of 25 bps, totaling 75 bps. Similarly, super senior citizens are offered an additional premium of 25 bps, totaling 90 bps.
For deposits maturing between 7 days and 45 days, the Bank of India (BOI) is offering an interest rate of 3%. For deposits maturing between 46 days and 179 days, BOI is providing an interest rate of 4.50%. On deposits with a tenure of 180 days to 269 days, BOI offers an interest rate of 5.50%, while for deposits lasting 270 days to less than 1 year, the bank offers 5.75% interest.
Deposits maturing in 1 year to less than 2 years will earn an interest rate of 6.80%, and for those maturing in 2 years, the maximum return will be 7.25%. BOI pays 6.75% interest on term deposits maturing in less than two years and less than three years, while deposits maturing in three years to less than five years will earn a 6.50% interest rate. For deposits maturing in five to ten years, the interest rate is six percent.
The latest fixed deposit (FD) rates offered by the State Bank of India (SBI) vary between 3.5% and 7% for deposits maturing in seven days to ten years for general customers, and between 4% and 7.5% for senior citizens. These revised rates came into effect on
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