Bank of India has raised interest rates on fixed deposits below Rs 3 crore starting today. The new rates are 6.50% per annum for deposits between one to less than two years. For deposits maturing between two to less than three years, the rate is now 6.60%, and for three-year deposits, it stands at 6.70%.
Senior citizens and super senior citizens will enjoy additional interest benefits on top of these rates. Seniors will receive an extra 0.50% interest, while super seniors will get 0.65% more for deposits maturing between six months to less than three years. Those with deposits exceeding three years will earn an additional 0.75% and 0.90% for seniors and super seniors, respectively.
Bank of India also announced that non-callable fixed deposits over Rs 1 crore with a minimum tenure of one year will earn an extra 0.15% interest annually. However, loan facilities against fixed deposits and premature withdrawals are only available for callable deposits. Customers can open fixed deposits at any Bank of India branch, through the BOI Omni Neo mobile app, or via internet banking.
Shares of Bank of India were trading at Rs 137.90 on the BSE on Monday, with a 52-week high of Rs 178.45 and a low of Rs 109 on the exchange.
