Bank Of India (BOI) Revises Bulk FD Rates Effective From Today

Bank of India (BOI) has made an announcement today on hiking its interest rates across multiple tenures on fixed deposits of Rs 2 Cr and above but less than Rs 10 Cr. The bank is now offering interest rates ranging from 4.50% to 6.00% on tenors of 7 days to 10 years. After the change, the bank is now giving a maximum interest rate of 7.25% on a one-year deposit term. According to the bank's official website, the new rates take effect today, December 1.

BOI FD Rates

For shorter duration tenures, BOI raised its FD rates

On bulk deposits of maturing 1 year, FD customers of BOI will now get a maximum return of 7.25%.

On November 4, Bank of India revealed that its net profit for the second quarter of the current fiscal year increased by 52% to Rs 1,458.43 crore. The state-owned institution declared a net profit of Rs 960 crore for the same time last year. The bank's net interest income (NII) increased by 13% year on year to Rs 5,740 crore during the July-September quarter from Rs 5,083 crore during Q2FY23.

In addition to the standard 50 bps, BOI is providing Senior Citizens with an additional 25 bps on their retail TDs (less than Rs. 2 Cr) for all tenors of three years and above, totalling 75 bps premium. Bank of India will allow Super Senior Citizens to receive an additional 40 bps over and above the standard 50 bps on their retail TDs (less than Rs. 2 Cr) for all tenors of three years and beyond, representing 90 bps premium.