On Thursday, November 30, the Bank of India declared that the rates on its customers’ fixed deposits (FDs) would increase, going from ₹2 crore and above to less than ₹10 crore. On Friday, December 1, the new rates for fixed deposits with maturities ranging from 46 days to one year will take effect.
BOI raised its FD rates for shorter period tenures, increasing the rates for 46 days to 90 days, 91 days to 179 days, 180 days to 210 days, 211 days to less than a year, 6.50%, and 1 year to 7.25% annually.
| Tenure | Rate |
| 46-90 days | 5.25% |
| 91-179 days | 6% |
| 180-210 days | 6.25% |
| 211 days – < 1 year | 6.50% |
| 1 year | 7.25% |
The bank increased the interest rate on all deposits made for less than ₹2 crore with a two-year term earlier on November 1. The bank is giving interest rates of 7.9%, 7.75%, and 7.25% for FDs with 2-year maturities for super senior citizens, senior citizens, and others, respectively.
The bank stated that domestic, non-resident (external) (NRE), and non-resident (ordinary) (NRO) rupee term deposits are all eligible for the new interest rates on FDs.
