Public sector lender Bank of India (BoI) has revised interest rates on fixed deposits (FDs) which are less than ₹2 crore effectively 1 September 2019. Earlier, the bank had revised the interest rates on term deposits in August. 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 4.25% per annum (p.a.). For deposits maturing in 46 days to 90 days, BoI gives 5.50% interest. For 91 days to 179 days and 180 days to 269 days, Bank of India gives an interest rate of 5.75% and 6.00% respectively. The bank offers a 6.00% interest rate on deposits maturing in 270 days and 1 year.
Bank of India latest FD interest rates (below ₹2 crore) for general public
7 days to 14 days-4.25*%
15 days to 30 days-4.25%
31 days to 45 days-4.25%
46 days to 90 days-5.50%
91 days to 179 days-5.75%
180 days to 269 days-6.00%
270 days to less than 1 year-6.00%
Bank of India latest FD rates (below ₹2 crore) for general public for maturity between 1 year and 3 years
For FDs maturing in one to less than three years, Bank of India gives 6.50% interest. So, term deposits maturing in one year and above but less than two years and two years and above to less than three years, BoI offers 6.5% interest rate.
1 year and above but less than 2 years-6.50%
2 years and above to less than 3 years-6.50%
Bank of India latest FD rates (below ₹2 crore) for general public for maturity between 3 years and 8 years
Long-term FDs with Bank of India will fetch you a 6.5% interest. For three years to less than eight years FD maturities, Bank of India gives 6.50% interest.
3 years and above to less than 5 years-6.50%
5 years and above to less than 8 years-6.50%
Bank of India latest FD rates (below ₹2 crore) for general public for maturity between 8 years and 10 years
For term deposits 8 years and above to 10 years, BoI offers an interest rate of 6.35%.
8 years and above to 10 years-6.35%
After the Reserve Bank of India reduced repo rate for the fourth time in August, many top lenders including HDFC Bank, ICICI Bank, Axis Bank, IDFC First Bank, PNB, Canara Bank and Bank of Baroda have revised interest rates across various tenures.
The government plans to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders. However, Bank of India will continue to operate separately as before.
