bank of India has revised its interest rates on Fixed deposit (FD) of various terms, which have come into effect from Thursday (23 June). The move comes after several other lenders increased their interest rates on FDs following the RBI’s decision to hike the repo rate to control inflation. The state-owned bank now offers interest rates between 2.85 per cent to 5.50 per cent.
multiple lendersICICI Bank, including Kotak Mahindra Bank, HDFC bank And Punjab National Bank recently increased its interest rates for both deposits and loans. RBI’s Monetary Policy Committee recently unanimously decided to raise the repo rate by 50 basis points to 4.90 per cent with a focus on the return of housing. This has prompted lenders to increase interest rates on loans. According to the latest official data, retail inflation came down slightly to 7.04 per cent in May.
Bank of India is now offering an interest rate of 5.30 per cent on FDs of 1 year to 443 days. The new rate on deposits for 444 days is 5.50 per cent; 5.40 per cent on the period from 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 FD interest rate (on deposits less than Rs 2 crore):
7 days to 14 days: for general public – 2.85 percent; For senior citizens – 3.35 percent
15 days to 30 days: for general public – 2.85 percent; For senior citizens – 3.35 percent
31 days to 45 days: for general public – 2.85 percent; For senior citizens – 3.35 percent
46 days to 60 days: for general public – 3.85 percent; For senior citizens – 4.35 percent
61 days to 90 days: for general public – 3.85 percent; For senior citizens – 4.35 percent
91 days to 179 days: for general public – 3.85 percent; For senior citizens – 4.35 percent
180 days to 269 days: for general public – 4.35 percent; For senior citizens – 4.85 percent
270 days to less than 1 year: for general public – 4.35 percent; For senior citizens – 4.85 percent
1 year to 443 days: for general public – 5.30 percent; For senior citizens – 5.80 percent
444 days: for general public – 5.40 percent; For senior citizens – 5.90 percent
445 days to less than 2 years: For general public – 5.40 percent; For senior citizens – 5.90 percent
Two years to less than three years: for the general public – 5.40 percent; For senior citizens – 5.90 percent
Three years to less than 5 years: for general public – 5.35 percent; For senior citizens – 5.85 percent
Five years to less than eight years: for general public – 5.35 per cent; For senior citizens – 5.85 percent
Eight years and up to 10 years: for the general public – 5.35 percent; For senior citizens – 5.85 percent.
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