Bank of India has revised upwards its interest rates on fixed deposits (FD) of various tenures, which have become effective from Thursday (June 23). The move comes after various other lenders have increased their interest rates on FDs, following RBI’s decision to hike the repo rate to control inflation. The state-owned bank now offers interest rates between 2.85 per cent and 5.50 per cent.
Several lenders, including ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Punjab National Bank, recently increased their interest rates for both deposits as well as loans. The RBI’s Monetary Policy Committee recently unanimously decided to raise the repo rate by 50 basis points to 4.90 per cent with the focus on withdrawal of accommodation. It has prompted the lenders to hike interest rates on loans. According to the latest official data, retail inflation slightly eased to 7.04 per cent in May.
Bank of India now offers 5.30 per cent interest rate on FD of 1 year to 443 days. The new rate on deposit for 444 days is 5.50 per cent; 5.40 per cent on tenor of 445 days to less than 3 years. For three years and above, the state-owned bank is now offering 5.35 per cent.
Bank of India’s FD Interest Rate (On Deposits Below Rs 2 Crore):
7 days to 14 days: For General Public – 2.85 per cent; For Senior Citizens – 3.35 per cent
15 days to 30 days: For General Public – 2.85 per cent; For Senior Citizens – 3.35 per cent
31 days to 45 days: For General Public – 2.85 per cent; For Senior Citizens – 3.35 per cent
46 days to 60 days: For General Public – 3.85 per cent; For Senior Citizens – 4.35 per cent
61 days to 90 days: For General Public – 3.85 per cent; For Senior Citizens – 4.35 per cent
91 days to 179 days: For General Public – 3.85 per cent; For Senior Citizens – 4.35 per cent
180 days to 269 days: For General Public – 4.35 per cent; For Senior Citizens – 4.85 per cent
270 days to less than 1 year: For General Public – 4.35 per cent; For Senior Citizens – 4.85 per cent
1 year to 443 days: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
444 days: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
445 days to less than 2 years: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
Two years to less than 3 year: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
Three years to less than 5 years: For General Public – 5.35 per cent; For Senior Citizens – 5.85 per cent
Five years to less than 8 years: For General Public – 5.35 per cent; For Senior Citizens – 5.85 per cent
Eight years and up to 10 years: For General Public – 5.35 per cent; For Senior Citizens – 5.85 per cent.
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