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Bank of India introduces new FD tenure with highest interest rate of 7.25%

July 31, 2023

Bank of India introduces new FD tenure with highest interest rate of 7.25%
Bank of India has revised the interest rates of a select tenure for fixed deposits (FDs). The bank has introduced a new fixed deposit tenure of 400 days (Monsoon Deposit) with the highest interest rate, according to the Bank of India website.

Along with this, the bank has reduced FD interest rate by 100 bps (1%) on 1 year tenure from 7% to 6%. Following the revision, the bank offers a rate of interest in the range of 3 per cent to 7.25 per cent to general customers for deposits maturing between 7 days and 10 years.
 
The bank offers an interest rate of 3 per cent for deposits maturing between 7 days and 45 days for general citizens. Deposits maturing between 46 days and 179 will fetch an interest rate of 4.50%. The bank offers an interest rate of 5.00 per cent on deposits maturing between 180 days and 269 days. The bank pays an interest rate of 5.50 per cent on deposits maturing between 270 days and less than one year.
 
Deposits with a one-year maturity period will receive interest at a rate of 6% from 7% earlier. The bank has introduced new tenure of 400 days, which offers highest interest rate of 7.25%. It offers a 6% interest rate on fixed deposit terms lasting between one year and two years. The bank offers an interest rate of 6.75 percent for FDs with maturities of 401 days to less than 2 Years. The bank offers 6.75% on tenure of 2 Years to less than 3 Years. After the revision, the bank offers 6.50% on 3 Years to less than 5 Years and 6% after that.
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