Bank of India FD interest rates 2023: Govt-owned bank hikes interest rates on fixed deposits

Bank of India FD interest rates 2023: In good news for Bank of India (BoI) customers, the public sector bank on Tuesday, January 10, has announced to hike interest rate on fixed deposits. The bank in a release said that it has hiked the interest rate for a special term deposit bucket of 444 days for deposits below Rs 2 crores, effective from January 10.

The bank now offers of 7.05 per cent interest rate on a special term deposit bucket of 444 days for general customers.

For senior citizens, the interest rate is 7.55 per cent for a deposit period of 444 days and 7.25 per cent for tenure of two years to below 5 years.

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The rates of interest for other term deposits maturing in 7 days to 10 years are in the range of 3 per cent to 6.75 per cent for normal customers. The revised interest rates are applicable for domestic, NRO and NRE deposits.

In December 2022, BOI had hiked the fixed deposit interest rate for deposits below Rs 2 crore. 

Penalty criteria

According to BOI’s website, investors will not be charged with penalty if they do not withdraw the deposits of less than Rs. 5 lakhs for 12 months and above but if they withdraw it prematurely then they will be charged with 1 per cent penalty.

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