Earn up to 7.5% FD interest rate: Bank of India introduces new special fixed deposit with higher interest rates

Bank of India has introduced a super special fixed deposit with higher interest rates for its customers and general public for amounts of Rs 2 crores and above to less than Rs.50 crores under a specific maturity period. This is effective from January 1, 2024, as per a press release issued by Bank of India.

Latest PNB FD rates: The bank offers Super Special Fixed Deposits to its clients and the general public at a very competitive rate of interest of 7.50% per annum for a particular maturity period of 175 days, according to the press release. Note that the special fixed deposit is for domestic rupee term deposits only.

The special fixed deposit is introduced as a limited period offer. The bank offers an interest rate between 3% to 7.25% for amounts above Rs 2 crore for general public. These rates are effective from January 1, 2024. The minimum deposit amount for above maturities and bucket is Rs.10,000/ except court orders/special deposit categories.

Senior citizens things to note Senior citizens aged 60 years (completed) and above but less than 80 years would be entitled for an extra rate of interest of 0.50% on Retail Term Deposits (less than Rs. 2 Cr) for terms of at least 6 months (but less than 3 years). Super Senior Citizens aged 80 years (completed) and above would be entitled for an extra rate of interest of 0.65% on Retail Term Deposits (less than Rs.

2 Cr) for terms of at least 6 months (but less than 3 years). Senior citizens are entitled for an extra 0.25% ROI on their Retail Term Deposits (less than Rs. 2 Cr) for tenors of 3 years and above and up to 10 years, in addition to the usual (as per para 6) 0.50% ROI. In such instances, the effective eligibility for extra ROI is 0.75% each year.

Super Senior citizens are entitled for an extra 0.25% ROI on their Retail Term Deposits (less than Rs. 2 Cr) for tenors of 3 years and above and up to 10 years, in addition to the usual (as per para 6) 0.65% ROI. In such instances, the effective eligibility for extra ROI is 0.90% each year. The bank offers an interest rate between 3% to 7.25% for amounts below Rs 2 crore for the general public.

The highest interest rate of 7.25% is offered on 2 years tenure. These rates are effective from November 1, 2023..