The Bank of India on Thursday (November 30) announced an increase in the rates of its fixed deposits (FD) for its customers, from ₹2 crore and above to less than ₹10 crore. The changed rates for fixed deposits with a maturity of 46 days to up to a year will come into effect on Friday, December 1.
BOI increased its FD rates for shorter period tenures, raising 46 days to 90 days tenure to 5.25%, 91 days to 179 days tenure to 6%, 180 days to 210 days tenure to 6.25%, 211 days to less than 1-year tenure to 6.50%, and 1-year tenure to 7.25% per annum.
| Tenure | Rate |
| 46-90 days | 5.25% |
| 91-179 days | 6% |
| 180-210 days | 6.25% |
| 211 days - < 1 year | 6.50% |
| 1 year | 7.25% |
Earlier on November 1, the bank raised the rate of all deposits for amounts less than ₹2 crore for a two-year tenure. For FDs with 2-year terms for super senior citizens, senior citizens, and others, the bank is offering an interest rate of 7.9%, 7.75%, and 7.25%, respectively.
The bank said that the revised interest rates on FDs are applicable for domestic, Non-Resident (Ordinary) (NRO), and Non-Resident (External) (NRE) rupee term deposits.
