New Delhi: In a move to cater to its customers with fixed deposits (FD) ranging from Rs 2 crore to less than Rs 10 crore, the Bank of India has announced an increase in interest rates. The revised rates, applicable to FDs with a maturity period of 46 days to up to a year, are set to take effect from December 1.
For the shorter tenures, the bank has adjusted the rates as follows: (Also Read: PPF: Rs 12,500 Per Month Investment Will Give Rs 2.27 CRORE Return In These Many Years)
46 days to 90 days: 5.25 percent
91 days to 179 days: 6 percent
180 days to 210 days: 6.25 percent
211 days to less than 1 year: 6.50 percent
1-year tenure: 7.25 percent
This adjustment aims to provide a more competitive and attractive proposition for those looking at medium-term investments.
This recent update follows the bank's earlier move on November 1, where it increased the rates for all deposits below Rs 2 crore with a two-year tenure. The revised interest rates for 2-year FDs stand at 7.9 percent for super senior citizens, 7.75 percent for senior citizens, and 7.25 percent for other customers.
It's worth noting that these revised interest rates are applicable not only for domestic term deposits but also for Non-Resident (Ordinary) (NRO) and Non-Resident (External) (NRE) rupee term deposits.
In the current economic landscape, these adjustments in FD rates reflect the bank's efforts to provide competitive returns to its customers, especially in the medium to large deposit range.
As the rates come into effect on December 1, customers holding or considering FDs within the specified brackets may find this adjustment a notable factor in their investment decisions.
