THIS bank has revised interest rates on FD and savings accounts


Bank of India (BOI) has revised interest rates on fixed deposits of less than Rs 2 Cr and saving bank deposits. According to the bank’s website, the announcement was made on Sunday, May 1, 2022. 

 

New FD interest rates 

 

The public sector lender will now provide a 2.85 per cent interest rate on domestic term deposits of less than Rs 2 crore with maturities ranging from 7 to 45 days. The current interest rate on deposits maturing in 46 days to 90 days and 91 days to 179 days is 3.85 per cent.

 

 

Fixed deposits maturing in 180 days to 269 days and 270 days to less than one year will now fetch 4.35 per cent interest from the Bank of India. 

 

The interest rate on Rupee Term Deposits maturing in 1 year and above but less than 2 years will be 5.00 per cent. Check out the new rates below. 

 

7 days to 14 days – 2.85%

15 days to 30 days – 2.85%

31 days to 45 days – 2.85%

46 days to 90 days 3.85%

91 days to 179 days -3.85%

180 days to 269 days – 4.35%

270 days to less than 1 year – 4.35%

1 Year & above but less than 2 Yrs – 5%

2 years & above to less than 3 years – 5.2%

3 years & above to less than 5 years – 5.2%

5 years & above to less than 8 years – 5.2%

8 years & above to 10 years – 5.2%

 

Savings account interest rate

 

According to the Bank of India (BOI) website, interest is calculated on daily products and will be credited in the SB A/c on a quarterly basis in the months of May, August, November and February, respectively every year or at the time of closing of the SB A/c subject to minimum Re 1. 

 

As of May 1, 2022, BOI will provide the following interest rate on savings bank deposits.

Up to Rs 1.00 lakhs – 2.75%

Above Rs 1.00 lakhs2.9%

 



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Divyansh Singh

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