New Delhi’s Public Sector Bank of India has increased the interest rate on fixed deposits with a term of less than Rs 2 crore. Following the change, the bank now offers investors interest rates of 3.75% to 7.75% for terms of 7 days to 10 years. With the ability to get guaranteed returns via the FD plan, it has become a more attractive investment vehicle.
Bank of India’s most recent rates for fixed deposit accounts
For fixed deposits with terms of 7 to 45 days, the Bank of India now offers a 3% interest rate to ordinary Indians after a recent rate hike. FDs with a maturity date between 46 and 179 days will earn 4.50% interest. CDs and FDs with terms between 180 and 269 days are now earning 5.50% interest. The bank pays 5.75% on FDs with terms between 270 days and a year.
FDs with terms between one year and 399 days will earn interest at a rate of 6.50 percent.
On a loan with a term of 400 days, the bank is giving a maximum interest rate of 7.25 percent.
For deposits up to two years in duration, the bank provides a rate of 6.80 percent interest.
There is a 6.75 percent interest rate being offered by the bank for terms ranging from 2 years to less than 3 years.
In exchange for a deposit of two to three years’ duration, the bank is giving an interest rate of 6.75 percent.
For terms of 3–5 years, the bank is giving 6.50 percent interest.
Retirement savings rates at the Bank of India
After the change, the Bank of India offers its senior clients interest rates ranging from 3% to 7.75% on fixed deposits with terms ranging from 7 days to 10 years.
Rules for Investing in Foreign Direct Investments and How to Determine Your Age
To open a fixed-deposit account, you’ll need at least Rs 10,000.
People aged 60 and more, but under 80, are considered senior citizens.
Age 80 and higher, or Super Senior Citizen
All FIs with a maturity of three years or more will earn a bonus of 25 basis points for seniors.
For all FD terms of three years or more, the interest rate for very elderly persons will be increased by 40 basis points.
The interest rate on a one- or two-year FD is 6.50%.
