New Delhi: Canara Bank and Bank of India (BoI) have launched special fixed deposit schemes for the general public, which offer high returns on their investments. The announcements by the two public sector lenders come after the Reserve Bank of India (RBI) earlier this month raised the repo rate by 50 basis points to 4.90%. Bank of India on Thursday, June 23 came up with a special 444-day fixed deposit offering an annual interest rate of 5.50%. On the other hand, Canara Bank on Friday, June 24 launched its special fixed deposit scheme for deposits below Rs 2 crore. ,
Bank of India’s 444 days special FD plan
Bank of India has announced that it will offer 5.50% interest to the general public and 6% interest to senior citizens for investing in its newly introduced fixed deposits. The public sector lender said that this scheme has been launched on the occasion of the upcoming 117th foundation day of the bank. The anniversary of the bank will be celebrated on September 7, 2022. (Also Read: Shark Tank Fame Ashneer Grover Criticizes RBI! Here’s What He Said On Non-Bank PPI Direction)
Customers can use Bank of India’s mobile app or visit the nearest branch to start saving with new investments. Investors can also use the Internet Banking option to make their investments. (Also read: RBI will not allow ‘jerky move’ of rupee: Deputy Governor Patra)
Canara Bank Special FD Scheme
The Canara Bank FD scheme will be available to the customers till September 30, 2022. The bank said that it will offer an interest rate of 5.10% on investments made under the scheme. Senior citizens will get an additional 50 basis points or 0.50% interest rate under the scheme.
Canara Bank said in a press statement that the tenure of the new fixed deposit will be 333 days. “The special scheme is available for deposits of less than Rs. 2 crores. The scheme is valid till 30.09.2022 with an interest rate of 5.10% p.a. for general public and 5.60% p.a. for senior citizens,” the lender said.