365Telugu.com online news, Mumbai, April 13, 2025: Bank of India, one of India’s premier public sector banks, has announced the withdrawal of its special fixed deposit (FD) scheme of 400 days, which offered a maximum interest rate of 7.30%. The change comes in the wake of the recent repo rate cut, prompting the bank to realign its FD interest rates across various maturities.
Effective April 15, 2025, the revised FD interest rates apply to deposits of less than ₹3 crore. Under the new structure:
- FDs maturing between 91 and 179 days will now earn 4.25%,
- Those between 180 days and less than 1 year will earn 5.75%,
- A 1-year deposit will fetch 7.05%,
- Deposits for above 1 year and up to 2 years will earn 6.75%.
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For deposits ranging from ₹3 crore to less than ₹10 crore, the revised interest rates are:
- 5.75% for 91 to 179 days,
- 6.25% for 180 to 210 days,
- 6.50% for 211 days to less than 1 year,
- 7.05% for 1-year deposits,
- 6.70% for deposits above 1 year to less than 2 years.
The bank continues to offer additional interest benefits to senior citizens:
- An extra 0.50% for senior citizens (below 80 years)
- A 0.65% premium for super senior citizens (80 years and above)
on deposits below ₹3 crore with a tenure of 6 months or more.
These changes are part of Bank of India’s effort to maintain a balanced and competitive interest rate structure aligned with current market conditions.