Bank of India has revised the fixed deposit (FD) interest rates with effect from January 10, 2023 for amounts below Rs 2 crore.

According to the bank’s website, senior citizens would receive an additional interest rate of 0.50 percent per year if the term of the FD is six months or more, and up to ten years for a minimum deposit of Rs 5,000. If a senior citizen chooses a three-year or longer term FD, an additional 0.75 percent will be given instead of 0.50 percent.

Bank of India FD interest rate from January 10, 2023

Fixed deposits with terms ranging from 46 to 179 days will earn 4.50 percent after the revision. The annual interest rate on a 180-day to 269 days FD is 5 percent. For deposit term of 1 year to less than 2 years (except 444 Days) will fetch an interest rate of 6 percent. The new tenor of 444 days will fetch highest interest rate of 7.05 percent. Longer-term FDs with maturities of two years to less than three years will earn 6.75 percent. Interest rate is 6.50 for tenure of 3 years to less than 5 years The interest rate for FDs with terms of five years or longer is 6 percent.

Source: Bank of India’s website
*Minimum deposit of Rs 1 lakh
#Additional premium of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen’s on their retail TD (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e., 75bps.

Penalty
There will be “No penalty” for the premature withdrawal of deposits that have been prematurely closed for renewing for a longer term than the remaining period of the initial contract tenure, regardless of the amount of the deposit.

• Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months: NIL
• Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months: 0.50%
• Deposits of Rs. 5 Lacs & above withdrawn prematurely: 1.00%