BOI Super Special Fixed Deposit Scheme: Here's how one can earn Rs 7.19 lakh as interest in 175 days through this FD scheme

Bank of India FD, BOI launches 'Super Special Fixed Deposit Scheme' with 7.50% interest rate: Bank of India has rolled out a Super Special Fixed Deposit scheme, featuring an alluring interest rate of 7.50 per cent per annum. This exclusive offer is open to both existing customers and new ones and is applicable for deposits ranging from Rs 2 crore to less than Rs 50 crore. The fixed deposit comes with a specified maturity period of 175 days, commencing January 1, 2024.
 
BOI's Super Special Fixed Deposit presents a decent opportunity for High-Net-Worth Individuals (HNIs) and Corporates to strategically invest their surplus funds for a short-term period.
 
With an offering of 7.50 per cent per annum over 175 days, this fixed deposit emerges as one of the most enticing options for short-term investments, outperforming other offerings with similar tenures.
 
It's essential to note that this fixed deposit is reserved for domestic rupee term deposits and has a limited availability period.

Senior citizens aged 60 years and above but below 80 years will enjoy an additional interest rate of 0.50 per cent on their retail term deposits (below Rs. 2 crore) for tenors ranging from 6 months and above up to 3 years.

On the other hand, super senior citizens aged 80 years and above are eligible for an extra interest rate of 0.65 per cent on the same retail term deposits within the mentioned tenor range.
 
Recently, State Bank of India (SBI) has increased interest rates for fixed deposits below Rs 2 crore.

Subsequently, Federal Bank, Kotak Mahindra Bank, and DCB Bank also followed suit by enhancing interest rates on their term deposits in December 2023.
 
Furthermore, Federal Bank has recently adjusted its deposit interest rates. For both residents and non-residents, the interest rate has been increased to 7.50 per cent for a 500-day tenure. Senior citizens can now enjoy a maximum return of 8.15 per cent for 500-day tenures and 7.80 per cent for tenures beyond 21 months but less than three years.
 

How you can earn Rs 7.19 lakh as interest in 175 days?

Since the scheme is for short term and big investors, one needs to invest at least Rs 2 crore in the FD to get fixed return in 170 days. However, if one invests their money in the BOI scheme, an investment of Rs 2 crore for 175 days can help them earn an interest as high as Rs 7.19 lakh. Since the scheme is offering an interest rate of 7.5 per cent, Rs 2 crore investment in 175 days will give one an interest of Rs 7,19,178.08. With that, the investment of rs 2 crore on maturity will become Rs 2,7,19,178.08.