Bank of India (BoI) has revised interest rates on its fixed deposits (FD) effectively 1 August 2019. The public sector bank offers FDs ranging from seven days to ten years. For deposits maturing in 7 days to 45 days, BoI offers an interest rate of 5.00% per annum (p.a.). For deposits maturing in 46 days to less than a year, the bank offers an interest rate of 6.00% p.a. For FDs maturing in one to less than five years and five years to less than 8 years, the bank offers an interest rate of 6.50%. For term deposits 8 years and above to 10 years, BoI offers an interest rate of 6.35%.
Latest Bank of India FD interest rates
Private sector lender Federal Bank has also revised interest rates on its FDs with effect from 6 August. For deposits maturing in 7 days to 60 days, Federal Bank offers an interest rate of 5%. Federal Bank offers an interest rate of 6.00% for maturities between 61 to 180 days. For term deposits maturing in 181 days to less than a year, the bank offers an interest rate of 6.5%. Federal Bank is giving an interest rate of 7.00% on deposits maturing in one year to less than 20 months. Deposits maturing in above 20 months will fetch an interest rate of 7.00%.
Latest Federal Bank FD interest rates
Effective from 1 August, State Bank of India (SBI) sharply cut its fixed deposit (FD) rates. Many banks including HDFC Bank and PNB have also lowered their interest rates in select buckets.
The Reserve Bank of India (RBI) in its monetary policy commitee (MPC) review meet on August 7 cut the repo rate by 35 basis points. SBI cut lending rates, within hours after the RBI lowered interest rates for the fourth time this year. It is expected that after MPC's repo rate cut, other banks are likely to pass on the benefit to end-users in the form of lower lending rates.
