Bank of India launches new FD scheme for 444 days, interest will be available up to 5.50% per annum

BOI new fd scheme: 5.50 percent interest will be available in the new FD scheme of Bank of India

If senior citizens invest in FDs with tenure of 3 years and above, they will get 25 basis points additional interest which will be over and above the existing 50 basis points interest. Senior citizens are already getting 50 basis points more interest on FDs.

Bank of India on Thursday launched a new term deposit scheme of 444 days. In this scheme, the general public will get 5.50 percent interest annually, while senior citizens will get an additional 0.50 percent interest. That is, if senior citizens invest in this scheme, then they will get 0.50 percent more interest than common depositors. Bank of India (BOI) has said that this scheme of 444 days is special. term deposit scheme ,Term Deposit) will be. On 7 September 2022, Bank of India will celebrate its 117th foundation day, before which this special scheme has been started for the people. Recently, the Reserve Bank has increased the policy rates, the benefit of which is being passed on to the customers in the form of increased interest rates of fixed deposits and recurring deposits.

This 444-day special term deposit scheme of Bank of India can be purchased at all branches and online platforms of the bank. Customers can also buy this scheme on BOI’s mobile app. However, this offer is being run for a limited time only. In this scheme, 0.50 percent additional interest is being given to senior citizens as compared to the general public. Along with this, Bank of India has announced 40 basis points more interest on term deposits of different tenors.

change in interest rates

Bank of India has said that interest rates have been changed on term deposits of less than 2 crores. If an amount less than Rs 2 crore is invested in a scheme of 444 days, then customers are getting 5.50 percent interest. This is the highest interest rate based on maturity. Interest is getting 5.40 percent on deposits with maturity of 445 days to 3 years. Bank of India is offering 5.35% interest rate to its customers on fixed deposits of 3 years to 10 years.

Term deposit scheme maturing in 1 year to 443 days is getting 5.30 percent interest. At the same time, 4.35 percent interest is being given on term deposits from 180 days to 1 year. The bank is giving 3.85 percent interest on FDs of 46 days to 179 days. 2.85 percent interest is being given on the lowest 7 days to 45 days term deposit. In the new scheme, at least Rs 1 lakh will have to be deposited.

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Special facility for the elderly

If senior citizens invest in FDs with tenure of 3 years and above, they will get 25 basis points additional interest which will be over and above the existing 50 basis points interest. Senior citizens are already getting 50 basis points more interest on FDs. Bank of India term deposits of less than Rs 2 crore for 3 years or more will attract 25 basis points more interest. In this way, senior citizens who invest in term deposits of 3 years or more years will earn a profit of 75 basis points. This additional interest will be given on top of the interest received by the general public.