Bank of India (BOI) has reduced the interest rate in its fixed deposits in the short and medium term (FDS) for several maturities in up to 25 basic points with effect as of April 15, even when it has removed its special fixed deposit scheme for 400 days with a time of interest of a maximum of 7.30 percent. This follows the 25 basic points cut at the RBI repository rate.
The rate reviewed in FDS (or less than ₹ 3 million rupees) that matured between 91 days and 179 days will be 4.25 percent (4.50 percent now) and 5.75 percent (6 percent) for 180 days less than 1 year.
However, FDS would reach a higher or 7.05 percent interest rate (6.80 percent). The deposits greater than 1 year and up to 2 years would obtain 6.75 percent (6.80 percent).
FDS or ₹ 3 Cr and up
The FDS of ₹ 3 million rupees and more than less than ₹ 10 million rupees will have an interest rate of 5.75 percent (current 6 percent) for deposits that mature between 91 days and 179 days; 6.25 percent (6.50 percent) for 180 days and up to 210 days; and 6.50 percent (6.75 percent) for deposits or 211 days less than a year.
The interest rate in FDS of one year has been 7.05 percent (7.25 percent), while the exceeding 1 year to less than 2 years would obtain 6.70 percent (6.75 percent).
Posted on April 12, 2025