Mumbai: Bank of India has announced to withdraw its special fixed deposit scheme for 400 days where interest rate was at maximum of 7.30 per cent. Also, the bank has reduced rate of interest on its short-term & medium-term fixed deposits for various maturities w.e.f April 15, 2025. The bank has reduced its rate for fixed deposits for amount of less than Rs 3.00 crore and is now offering 4.25 per cent for deposits maturing between 91 days and 179 days and 5.75 per cent for 180 days to less than 1 year.
Deposits for one year would get an interest rate of 7.05 per cent while those above 1 year up to 2 years would get 6.75 per cent. The deposit in the amount bucket of Rs 3 crore to less than Rs 10 crore, bank will be offering 5.75 per cent for deposits maturing between 91 days and 179 days, 6.25 per cent for 180 days to up to 210 days, and 6.50 per cent for deposits of 211 days to less than one year. Deposits for one year would get an interest rate of 7.05 per cent while those above 1 year to less than 2 years would get 6.70 per cent. An additional rate of interest of 0.65 per cent on deposits of Super Senior Citizens and 0.50 per cent on deposits of Senior Citizens below Rs 3 crore is offered for fixed deposits with a maturity period of six months and above.