Bank of India, one of India’s biggest public sector banks, has increased the rates on its fixed deposits for clients and the general public (for Rs 2 Crs and above to less than Rs.10 Crs) with maturities ranging from “46 days to up to 1 Year” with effect from December 1, 2023.
Bank has raised its fixed deposit rates for shorter terms, such as “46 days to 90 days” to 5.25 per cent, “91 days to 179 days” to 6.00 per cent, “180 days to 210 days” to 6.25 per cent, “211 days to less than 1 Year” to 6.50 per cent, and “1 Year” to 7.25 per cent p.a. The bank’s current rate of interest is competitive, providing a very favourable return for investment from HNIs, Small and Mid Corporates, NRIs, and Professionally Self Employed, among others.
With effect from November 1st, the bank has already upped the rate on all deposits of “less than Rs.2 Crs” for a two-year tenure. For a two-year term, the bank is giving a rate of interest of up to 7.90 per cent for super senior citizens, 7.75 per cent for senior citizens, and 7.25 per cent for others.
The revised FD interest rates apply to domestic, Non-Resident (Ordinary) (NRO), and Non-Resident (External) (NRE) rupee term deposits, according to the bank.
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