Up to 7.50% FD interest rate: Bank of India launches super special fixed deposit scheme
₹2 Crores to less than Rs. 50 Crores. The fixed deposit has a specific maturity period of 175 days, starting from January 1st, 2024.
The Super Special Fixed Deposit offers an excellent opportunity for High Net Worth Individuals (HNIs) and Corporates to invest their surplus funds for the short term. With a high yield of 7.50% per annum for a period of 175 days, this fixed deposit stands out as one of the most attractive options for short-term investments. It surpasses other fixed deposit options of similar tenure.
Please note that this special fixed deposit is exclusively for domestic rupee term deposits. It is also worth mentioning that this offer is limited and will only be available for a certain period of time. Senior citizens aged 60 years and above but below 80 years will receive an additional interest rate of 0.50% on their retail term deposits (below Rs.
2 Crores) for a tenor of 6 months and above, up to 3 years. On the other hand, super senior citizens aged 80 years and above will be eligible for an additional interest rate of 0.65% on the same retail term deposits for the same tenor range. Recently SBI has hiked interest rates on fixed deposits and this interest rate is applicable on FDs below ₹2 crore.
With this, Federal Bank, Kotak Mahindra Bank, and DCB Bank increased interest rates on their term deposits in December 2023.
Axis Bank has also made revisions to their fixed deposit interest rates for amounts below ₹2 crore, as mentioned on the website. Despite the Reserve Bank of India (RBI) keeping the key repo rate unchanged at 6.5% for the fifth consecutive time in the December 8th MPC meeting, there has been a rate hike.
