Bank FD: Bank of India has decided to close its special 400-day fixed deposit (FD) scheme, offering a maximum interest rate of 7.30%. This change will be applicable tomorrow i.e. from 15 April 2025. Along with this, the bank has also changed the interest rates on the second period FD schemes. These new rates will be applicable to deposits between ₹ 3 crore and ₹ 3 crore to ₹ 10 crore.
Interest rates were deducted by 5-25 basis points on fixed deposits of less than Rs 3 crore.
The bank has reduced the interest rate from 4.50% to 4.25% on 179 days FD with a duration of 91 days, ie deduction of 25 basis points. The interest rate on FDs with a maturity period of 180 days to 1 year has been reduced from 6.00% to 5.75%, here too has a deduction of 25 bps.
The interest rate on 1 year FD has been reduced from 7.00% to 6.80%, that is, it has been reduced by 20 BPS. At the same time, the interest rate on FD with a period of more than 1 year but less than 2 years (except 400 days’ schemes) has been reduced from 6.80% to 6.75%. This means that there has been a slight decrease of 5 BPS.
New interest rates for fixed deposits ranging from Rs 3 crore to Rs 10 crore
The interest rate on FD with maturity of 179 days from 91 days has been reduced to 5.75%.
The interest rate on FDs from 180 days to 1 year has been reduced to 6.25%.
The new interest rate on FDs with a maturity period of less than 211 days to 1 year has been increased to 6.50%.
The interest rate on 1 year FD has been increased to 7.05%.
The interest rate on FD with maturity of more than 1 year but less than 2 years has been reduced to 6.70%.
Senior citizens and very senior citizens get high interest rates
The Bank of India offers additional interest to senior citizens on fixed deposits (FD) of 6 months or more, but this facility is available only on deposits of less than Rs 3 crore. Senior citizens (60 to 79 years) get 0.50% more interest from the general rate on FD. At the same time, extremely senior citizens (80 years or more) are paid 0.65% more interest from the normal interest rate on FD.
Important information regarding penalty at premature terms of fixed deposits
FD of less than Rs 5 lakh: If you break it after completion of 12 months then there will be no penalty. At the same time, if FD is broken before the completion of 12 months, then 0.50 percent penalty is taken.
FD of Rs 5 lakh or more: 1% penalty is imposed in case of premature termination. If you turn off an FD and then open it for a long period, no amount will be fined on any amount. That is, if you are canceling your FD prematurely so that you can renew it for a long period, the bank will not impose any fine. If the depositor dies, there will be no fine at the premature expiration of FD in his name.
The special fixed deposit scheme of this bank, which gives heavy returns, will be closed from tomorrow, the announcement of interest rate cut first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
