Bank of India has increased interest rates for fixed deposits (FDs) ranging from Rs 2 crore to less than Rs 10 crore, specifically for maturity periods of 46 days to up to one year. The revised rates, effective from December 1, are aimed at making medium-term investments more competitive and appealing. The adjusted rates for shorter tenures are as follows:
- 46 days to 90 days: 5.25 percent
- 91 days to 179 days: 6 percent
- 180 days to 210 days: 6.25 percent
- 211 days to less than 1 year: 6.50 percent
- 1-year tenure: 7.25 percent
This move follows the bank’s previous rate adjustment on November 1, where rates for deposits below Rs 2 crore with a two-year tenure were increased. The revised interest rates for 2-year FDs are 7.9 percent for super senior citizens, 7.75 percent for senior citizens, and 7.25 percent for other customers.
It’s noteworthy that these revised rates apply not only to domestic term deposits but also to Non-Resident (Ordinary) (NRO) and Non-Resident (External) (NRE) rupee term deposits.
In the current economic environment, these adjustments in FD rates reflect the bank’s commitment to offering competitive returns, particularly for medium to large deposit ranges. The effective date for these rates is December 1, making it a significant consideration for customers within the specified deposit brackets in their investment decisions.
