Daijiworld Media Network - Mumbai

Mumbai, May 18: Bank of India has announced an upward revision in interest rates on medium- and long-term fixed deposits of less than Rs 3 crore, effective from Monday, in a move aimed at attracting more retail deposits.

Under the revised structure, deposits with tenures of one year to less than two years will now earn 6.50% interest per annum. For deposits ranging from two to less than three years, the revised rate is 6.60%, while three-year fixed deposits will offer an interest rate of 6.70%.

The bank has also retained additional benefits for senior citizens and super senior citizens. Senior citizens will continue to receive an extra 0.50% interest, while super senior citizens will get an additional 0.65% on deposits with tenures between six months and less than three years.

For longer tenures of three years and above, senior citizens will earn an additional 0.75%, and super senior citizens will receive an extra 0.90% over the standard applicable rates.

The bank further stated that non-callable fixed deposits above Rs 1 crore with a minimum tenure of one year will carry an additional 0.15% interest per annum. However, premature withdrawal and loan facilities will only be available for callable deposits.
Customers can invest in fixed deposits through branch networks as well as digital platforms such as the BOI Omni Neo mobile application and internet banking services.

Following the announcement, shares of Bank of India were trading lower on the Bombay Stock Exchange, reflecting broader market volatility despite the revised deposit rates.