Bank of India, one of the leading public sector banks in India, has announced to withdraw its special fixed deposit scheme for 400 days where interest rate was at maximum of 7.30%. Also, Bank has reduced Rate of Interest on its short-term & medium-term Fixed Deposits for various maturities w.e.f 15th April 2025.
The bank has reduced its rate for Fixed Deposits for amount of less than Rs.3.00 Crs and is now offering 4.25% for deposits maturing between 91 days and 179 days and 5.75% for 180 days to less than 1 year. Deposits for one year would get an interest rate of 7.05% while those above 1 year up to 2 years would get 6.75%.
The deposit in the amount bucket of 3 crores to less than Rs 10 Crs, Bank will be offering 5.75% for deposits maturing between 91 days and 179 days, 6.25% for 180 days to up to 210 days, and 6.50% for deposits of 211 days to less than one year. Deposits for one year would get an interest rate of 7.05% while those above 1 year to less than 2 years would get 6.70%. The revised rates are to be made effective from 15th April, 2025.
An additional rate of interest of 0.65% on deposits of Super Senior Citizens and 0.50% on deposits of Senior Citizens below Rs. 3 Crs is offered for Fixed Deposits with a maturity period of 6 months & above.
