Bank of India FD interest rates 2023: BoI raises rates up to 7.65 % - Check new rate for fixed deposits, NRE accounts, maturity period, tenure

Bank of India Fixed Deposit interest rates 2023: Bank of India, one of the leading public sector banks in India, has increased the interest rates for a 1-year tenure to 7 % with effect from May 26, for retail customers, for accounts having less than Rs 2 crores deposits. Following the revision bank offers a rate of interest in the range of 3 % to 7 % for general customers for deposits maturing in the range of 7 days to 10 years. However, the bank is providing even more lucrative rates of interest for senior citizens.  

The bank will be providing an interest rate of 7.50% for senior citizens and 7.65 % for super senior citizens for a deposit period of 1 year. The revised interest rates are applicable for domestic, NRO, and NRE deposits, the bank stated.

Bank of India's net profit for the last quarter ending in March 2023 went up by 123 per cent YoY, from Rs 606 crore in the last quarter in FY22 to Rs 1,350 crore for the quarter ending on March 31, 2023. The operating profit also grew considerably by 69.67 per cent YoY, from Rs. 2,466 crore in Q4FY22 to Rs 4,184 crore in Q4FY23.

The Net Interest Income (NII) of the bank rose from Rs 3,987 crore in Q4FY22 to Rs 5,493 crore in Q4FY23, representing a growth of 37.77 per cent. Bank of India reported that its non-interest income climbed from Rs 1,587 crore in Q4FY22 to Rs 3,099 crore for Q4FY23, a 95.27 per cent rise.

The Reserve Bank of India (RBI) has raised the repo rate by 250 bps in the last year as a way to cope with the soaring inflation and thereby the banks have raised the interest rates on the loans and the various deposit accounts. RBI governor Shaktikanta Das also mentioned previously that the banks would take some time to transcend the rate hike to the deposit accounts.

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