Interest rates on fixed deposits of less than Rs 2 crore and saving bank deposits have been revised by the Bank of India (BOI). The statement was made on Sunday, May 1, 2022, according to the bank's website.
Interest rates on new FDs
Domestic term deposits of less than Rs 2 crore with maturities ranging from 7 to 45 days will now earn 2.85 percent interest, according to the public sector lender. Deposits maturing in 46 days to 90 days and 91 days to 179 days currently have a 3.85 percent interest rate.
The Bank of India will now pay 4.35 percent interest on fixed deposits expiring in 180 days to 269 days and 270 days to less than one year.
The interest rate on Rupee Term Deposits with maturities of one year or less will be 5.00 percent. Check out the new pricing in the table below.
7 days to 14 days - 2.85%
15 days to 30 days - 2.85%
31 days to 45 days - 2.85%
46 days to 90 days 3.85%
91 days to 179 days -3.85%
180 days to 269 days - 4.35%
270 days to less than 1 year - 4.35%
1 Year & above but less than 2 Yrs - 5%
2 years & above to less than 3 years - 5.2%
3 years & above to less than 5 years - 5.2%
5 years & above to less than 8 years - 5.2%
8 years & above to 10 years - 5.2%
Interest rate on a savings account
According to the Bank of India (BOI) website, interest is calculated on daily products and credited to the SB A/c quarterly in the months of May, August, November, and February of each year, or at the time of the SB A/closing, c's subject to a minimum of Re 1.
BOI will offer the following interest rate on savings bank deposits beginning May 1, 2022.
2.75 percent up to Rs 1.00 lakhs
2.9 percent above Rs 1.00 lakhs
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