Special Fixed Deposit Scheme: If you are a customer of the public sector Bank of India, this information is pertinent to you. The bank has announced a reduction in interest rates for its term deposit schemes across various durations and has discontinued its special 400-day FD scheme. Previously, the maximum interest rate for this 400-day term deposit was 7.30 percent. Effective April 15, the bank has lowered the interest rates on its short and medium-term deposits following recent cuts in the Reserve Bank’s policy interest rates.
What are the interest rates for different periods?
The bank has adjusted its rates for fixed deposits of amounts less than Rs 3 crore. Currently, it offers an interest rate of 4.25 percent for deposits maturing between 91 days and 179 days and 5.75 percent for those maturing from 180 days to less than one year. For deposits with a maturity of one year, the interest rate is set at 7.05 percent, while those maturing between one and two years will receive 6.75 percent.
What is the interest rate for a one-year period?
For deposits ranging from Rs 3 crore to less than Rs 10 crore, the bank provides interest rates of 5.75 percent for maturities between 91 days and 179 days, 6.25 percent for 180 days to 210 days, and 6.50 percent for 211 days to less than one year. Deposits maturing in one year will yield an interest rate of 7.05 percent, while those maturing in more than one year but less than two years will earn 6.70 percent.
Additionally, the bank offers an extra interest rate of 0.65 percent for super senior citizen deposits and 0.50 percent for senior citizen deposits below Rs 3 crore for term deposits with a maturity period of six months or more.