Starting August 1, 2024, Bank of India (BoI) will offer revised deposit rates on its short- and medium-term fixed deposits (FDs). The revised rates aim to provide more attractive returns for depositors, particularly senior citizens.

The bank’s new deposit rates include a special offer for super senior citizens under the non-callable deposit scheme, with a rate of interest of 8.10 per cent per annum on its 666 Days FD.

Read More: 5 Tips For Senior Citizen To Invest In Fixed Deposits Smartly

For fixed deposits with tenures ranging from 180 days to less than one year, the rate of interest for deposits less than Rs 3 crore has been increased to 6 per cent per annum. Deposits between Rs 3 crore and Rs 10 crore will have varied rates:

These will be 6.50 per cent for tenures from 180 days to 210 days and for deposits from 211 days to less than a year, the rate of interest will be 6.75 per cent.

Additionally, the bank is also offering preferential rates to senior citizens. It is providing an additional 0.50 per cent on deposits below Rs 3 crore for maturities of six months and above. Super senior citizens are being offered an extra 0.65 per cent over the standard rates.

Read More: Are The Existing Senior Citizen FD Interest Rates Adequate Vis-À-Vis Inflation?

The bank further said that it will continue to offer its popular ‘666 Days – Fixed Deposit’ scheme.

The deposit rates will be as follows:

– General public: 7.30 per cent p.a.
– Senior citizens: 7.80 per cent p.a.
– Super senior citizens: 7.95 per cent p.a.

Revised Deposit Rates

Here’s the full list of revised deposit rates.

For Deposits less than Rs 3 crore:

– 7 days to 14 days: 3.00%
– 15 days to 30 days: 3.00%
– 31 days to 45 days: 3.00%
– 46 days to 90 days: 4.50%
– 91 days to 179 days: 4.50%
– 180 days to 210 days: 6.00%
– 211 days to 269 days: 6.00%
– 270 days to less than 1 year: 6.00%
– 1 year: 6.80%
– Above 1 year to less than 2 years (except 666 days): 6.80%
– 666 days: 7.30%
– 2 years: 6.80%
– Above 2 years less than 3 years: 6.75%
– 3 years less than 5 years: 6.50%
– 5 years to less than 8 years: 6.00%
– 8 years to 10 years: 6.00%

For Deposits of Rs 3 crore but less than Rs 10 crore:

– 7 days to 14 days: 4.50%
– 15 days to 30 days: 4.50%
– 31 days to 45 days: 4.50%
– 46 days to 90 days: 5.25%
– 91 days to 179 days: 6.00%
– 180 days to 210 days: 6.50%
– 211 days to 269 days: 6.75%
– 270 days to less than 1 year: 6.75%
– 1 year: 7.25%
– Above 1 year to less than 2 years (except 666 days): 6.75%
– 666 days: 6.75%
– 2 years: 6.50%
– Above 2 years less than 3 years: 6.50%
– 3 years less than 5 years: 6.00%
– 5 years to less than 8 years: 6.00%
– 8 years to 10 years: 6.00%

The bank said that it is also two additional benefits – loans against FDs, and premature withdrawals, to provide liquidity and financial flexibility to customers. These revised FD schemes are available at all Bank of India branches and can also be accessed through the BoI Omni Neo App and Internet banking platform, BoI said.

Read More: What Is Post Office Time Deposit Scheme? Know Withdrawal Rules, Maturity & Other Features

In comparison to BoI’s revised FD rates, other major private banks like HDFC Bank, ICICI Bank, and Axis Bank have also recently revised their fixed deposit interest rates.

HDFC Bank offers rates ranging from 3 per cent to 7 per cent for the general public and up to 7.5 per cent for senior citizens. ICICI Bank’s rates range from 3 per cent to 7.20 per cent for regular citizens and up to 7.75 per cent for senior citizens. Axis Bank offers similar rates, with the general public receiving between 3 per cent and 7.2 per cent, and senior citizens up to 7.75 per cent.