Home / Business and Economy / Bank of India hikes FD rates, offers up to 7.50%!
Bank of India hikes FD rates, offers up to 7.50%!
2 Nov
Summary
- Bank of India increased FD rates effective November 2.
- New 'Star Akshay' scheme offers up to 7.50% for super seniors.
- Rates revised for general customers, seniors, and super seniors.
Effective November 2, Bank of India has implemented revised fixed deposit interest rates, a move prompted by the Reserve Bank of India's recent repo rate hike. This adjustment aims to provide depositors with enhanced returns on their savings across various tenures.
The public sector lender has also launched a new special fixed deposit scheme named 'Star Akshay.' Under this scheme, general customers can secure an annual interest rate of 6.85%. Senior citizens are set to benefit with an interest rate of 7.35%, while super senior citizens can earn up to an exceptional 7.50% per annum.
Beyond the special scheme, standard FD rates have also been updated. Deposits with a one-year tenure will now yield 6.60% annually. For maturities between one and three years, the interest rate stands at 6.70%. Additionally, senior citizens receive an extra 0.50% and super senior citizens an additional 0.65% on eligible tenures.
