Bank of India (BoI) has reduced the interest rate on its short-term & medium-term fixed deposits (FDs) for various maturities by up to 25 basis points with effect from April 15, even as it has withdrawn its special fixed deposit scheme for 400 days with an interest rateat a maximum of 7.30 per cent. This follows the 25 basis points cut in the repo rate by RBI.
The revised rate on FDs (of less than ₹3 crore) maturing between 91 days and 179 days will be 4.25 per cent (4.50 per cent now) and 5.75 per cent (6 per cent) for 180 days to less than 1 year.
However, FDs for one year would fetch higher interest rate of 7.05 per cent (6.80 per cent). Deposits above 1 year and up to 2 years would get 6.75 per cent (6.80 per cent ).
FDs of ₹3 cr and above
FDs of ₹3 crore and above to less than ₹10 crore, will have an interest rate of 5.75 per cent (currently 6 per cent) for deposits maturing between 91 days and 179 days; 6.25 per cent (6.50 per cent) for 180 days and up to 210 days; and 6.50 per cent (6.75 per cent) for deposits of 211 days to less than one year.
The interest rate on one-year FDs has been cut to 7.05 per cent (7.25 per cent), while those above 1 year to less than 2 years would get 6.70 per cent (6.75 per cent).
Published on April 12, 2025
