Bank of India introduces fixed deposit at 7.50% p.a. for 175 days

Bank of India said that this is a "high-yielding avenue for HNIs & Corporates to deploy their surplus funds for the short term."

Government-owned public sector bank, Bank of India, has introduced a new "Super Special Fixed Deposit" to celebrate the New Year.

The scheme has a maturity period of 175 days with effect from January 1, 2024, and the short-term plan will offer an interest rate of 7.5 percent per annum for the period. The Mumbai-based bank said that this is a "high-yielding avenue for HNIs & Corporates to deploy their surplus funds for the short term."

Also read | Tax-Saving FDs: These largest banks offer up to 7% interest rate

The limited-period offer is for domestic rupee term deposits only. The plan covers amounts between Rs 2 crore and Rs 50 crore.

Senior citizens will receive an additional 0.50 percent interest rate on the scheme for retail term deposits below Rs 2 crore, with a minimum period of 6 months or above, for a maximum of 3 years.

Also read | SBI hikes deposit rates up to 50bps from today

Senior citizens who are 80 years of age and upwards will get an additional 0.65 percent for the same retail term deposits in the same period.

Recently, the State Bank of India (SBI) hiked deposit rates by up to 50 basis points (bps), effective from December 27, 2023. The 50 bps increase is meant for deposits with a maturity period ranging from 7 to 45 days.