FD Interest Rate: Bank of India Hikes Rates

Bank of India raises FD rates and launches a 500-day deposit scheme offering up to 7.50% interest

FD Interest Rate: Bank of India has revised its fixed deposit (FD) interest rates and introduced a new deposit scheme, offering investors an opportunity to earn higher returns on their savings. The public sector lender has increased interest rates on select fixed deposits with tenures ranging from one year to less than three years, effective November 2. The move comes amid changing interest rate trends following the Reserve Bank of India's (RBI) repo rate hike. Alongside the revised rates, the bank has launched a special fixed deposit scheme called Star Akshay Fixed Deposit, which offers attractive interest rates to general customers, senior citizens and super senior citizens. The latest revision is expected to benefit customers looking for relatively stable investment options with predictable returns. However, the interest rates vary depending on the deposit amount, tenure and category of investor.

Bank of India Launches Star Akshay FD Scheme

Bank of India's newly launched Star Akshay Fixed Deposit scheme comes with a tenure of 500 days. The special deposit scheme offers different interest rates depending on the age category of the depositor. Under the scheme, general customers can earn an annual interest rate of 6.85%. Senior citizens are eligible for an interest rate of 7.35%, while super senior citizens can earn up to 7.50% annually. The scheme has been introduced for customers seeking a fixed investment period with competitive interest rates. The higher rates for senior and super senior citizens provide an additional benefit to older investors planning their savings.

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FD Interest Rates Increased on Deposits Below Rs 3 Crore

The bank has also revised interest rates on domestic fixed deposits of less than Rs 3 crore. For deposits with a tenure of one year, general customers will now receive an annual interest rate of 6.60%. For deposits with a tenure of more than one year but less than three years, the interest rate has been increased to 6.70% per annum. Senior citizens will receive an additional 0.50 percentage points over the applicable standard interest rate. Meanwhile, super senior citizens are eligible for an additional 0.65 percentage points. This means eligible older depositors can earn higher returns than general customers on these fixed deposit investments.

Interest Rates on FDs Between Rs 3 Crore and Rs 10 Crore

Bank of India has also revised interest rates on deposits ranging from Rs 3 crore to Rs 10 crore. For deposits in this category, the bank is offering an annual interest rate of 6.55% for one-year fixed deposits. For deposits with tenures ranging from one year to less than three years, the applicable interest rate is 6.65% per annum. The revised rates provide additional options for customers and institutions looking to invest larger sums in fixed deposits.

Higher Interest on Non-Callable Fixed Deposits

The bank has also increased interest rates on select non-callable fixed deposits with tenures ranging from one year to less than three years. These deposits will receive an additional 0.15 percentage points in interest. Non-callable fixed deposits come with a lock-in period and generally do not allow premature withdrawals before maturity, except under specified circumstances. Callable fixed deposits, on the other hand, allow customers to withdraw their money before maturity, subject to applicable conditions and penalties. While non-callable deposits offer comparatively limited liquidity, they may provide higher interest rates than certain callable deposits.

What Should FD Investors Know?

With Bank of India revising its FD rates and launching a special 500-day scheme, investors now have additional options to consider when planning their savings. Before investing, customers should compare interest rates across tenures, check premature withdrawal conditions and assess their liquidity requirements. Senior citizens and super senior citizens should also check their eligibility for additional interest benefits. Fixed deposits remain a popular investment option for individuals seeking predictable returns, but choosing the right tenure and deposit category is important to maximise potential earnings.