Earn up to 7.5% FD interest rate: Bank of India introduces new special fixed deposit with higher interest rates This is effective from January 1, 2024, as per a press release issued by Bank of India
Bank of India has introduced a super special fixed deposit with higher interest rates for its customers and general public for amounts of Rs 2 crores and above to less than Rs.50 crores under a specific maturity period. This is effective from January 1, 2024, as per a press release issued by Bank of India.Latest PNB FD rates: Punjab National Bank hikes fixed deposit interest rate by 45 bps on this tenure
Bank of India’s super special fixed deposit interest rates
The bank offers Super Special Fixed Deposits to its clients and the general public at a very competitive rate of interest of 7.50% per annum for a particular maturity period of 175 days, according to the press release. Note that the special fixed deposit is for domestic rupee term deposits only. The special fixed deposit is introduced as a limited-period offer.FD interest rates for higher amounts
The bank offers an interest rate between 3% to 7.25% for amounts above Rs 2 crore for general public. These rates are effective from January 1, 2024. The minimum deposit amount for above maturities and bucket is Rs.10,000/- except court orders/special deposit categories.
MATURITY BUCKETS $(FOR NRE RUPEE TERM DEPOSITS,FOR DEPOSITS OF LESS THAN RS.2 CRFOR DEPOSITS OF RS.2 CR & ABOVE BUT LESS THAN RS.10 CRSMIN. TENOR IS 1 YEAR AND MAX. 10 YEARS)REVISED W.E.F 01.11.2023REVISED W.E.F 01.01.20247 days to 14 days34.515 days to 30 days34.531 days to 45 days34.546 days to 90 days4.55.2591 days to 179 days(except 175 days)4.56175 days(New Bucket)4.57.5180 days to 210 days5.56.25211 days to 269 days5.56.5270 days to less than 1 year5.756.51 Year6.57.25Above 1 Year to less than 2 Years6.56.752 Years7.256.5Above 2 Years to less than 3 Years6.756.53 Years to less than 5 Years6.50#65 Years to less than 8 Years6.00#68 years & above to 10 Years6.00#6
Senior citizens- things to note
Senior citizens aged 60 years (completed) and above but less than 80 years would be entitled for an extra rate of interest of 0.50% on Retail Term Deposits (less than Rs. 2 Cr) for terms of at least 6 months (but less than 3 years).
Super Senior Citizens aged 80 years (completed) and above would be entitled for an extra rate of interest of 0.65% on Retail Term Deposits (less than Rs. 2 Cr) for terms of at least 6 months (but less than 3 years).
Senior citizens are entitled for an extra 0.25% ROI on their Retail Term Deposits (less than Rs. 2 Cr) for tenors of 3 years and above and up to 10 years, in addition to the usual (as per para 6) 0.50% ROI. In such instances, the effective eligibility for extra ROI is 0.75% each year.
Super Senior citizens are entitled for an extra 0.25% ROI on their Retail Term Deposits (less than Rs. 2 Cr) for tenors of 3 years and above and up to 10 years, in addition to the usual (as per para 6) 0.65% ROI. In such instances, the effective eligibility for extra ROI is 0.90% each year.
FD interest rates
The bank offers an interest rate between 3% to 7.25% for amounts below Rs 2 crore for the general public. The highest interest rate of 7.25% is offered on 2 years tenure. These rates are effective from November 1, 2023.
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This story originally appeared on: India Times - Author:Faqs of Insurances
