Bank of India modifies fixed deposits interest rates: Check revised rates here

BOI FD Rates 2022

The bank is now offering an interest rate of 2.85 per cent on fixed deposits maturing in 7 days to 45 days, while the BOI will also give an interest rate of 3.85 per cent on deposits maturing in 46 days to 179 days. BOI will give interest rates of 4.35 per cent on deposits maturing in 180 days or less to one year and 5.30 per cent on deposits maturing in one year to 443 days. A new 444-day term with a maximum interest rate of 5.50 per cent has been launched by the bank.

Meanwhile, BOI is now offering interest rates of 5.40 per cent and 5.35 per cent, respectively, for term deposits of 445 days to three years and three years to ten years. For the benefit of seniors citizens, Bank of India has mentioned on its website that “Additional premium of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen’s on their retail TD (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps.” For senior citizens to benefit from an additional rate of 0.50 per cent, the deposit duration must be 6 months or more, according to BOI. In order to receive the additional rate advantage, a senior citizen must open the fixed deposit account as the primary account holder and be older than 60 at the time of deposit.

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Canara Bank also increased the interest rates on its fixed deposits below ₹2 crore. On June 23, 2022, the bank changed its interest rates. As a result, it now offers an interest rate range of 2.90 per cent to 5.75 per cent to the general public and 2.90 per cent to 6.25 per cent to senior citizens on deposits with maturities ranging from seven days to ten years. On fixed deposits made for a maturity period of 5 years & above to 10 Years, Canara Bank offers a maximum regular rate of 5.75% and 6.25% to senior citizens as of now.

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