PSU Bank Launches 666-Days FD Scheme Offering Higher Interest Rates

Leading public sector lender, Bank of India today launched it new 666 Days-Fixed Deposit scheme offering attractive interest rates on deposits for super senior citizens, senior citizens, and other citizens. The PSU lender has also decided to revise interest rates for fixed deposits below Rs 2 crore. The revised interest rates will become effective from June 1, 2024, according to the press release issued by the bank.

What is new 666-days FD scheme and how much citizens will earn from it? As per the press release issued by the bank, super senior citizens will receive attractive interest rate of 7.95% p.a. for 666 days for deposit amount of less than Rs 2.00 crore. Meanwhile, senior citizens can fetch an interest rate of as high as 7.80% p.a. while others will get an interest rate of 7.30% p.a.

What are latest interest rates that Bank of India offers to citizens after revision? After the bank decided to revise interest rates on FD, citizens can fetch an interest rate varying between 3% to 7.3% for tenures starting from 7 days to 10 years. The new rates will get effective from June 1, 2024. These rates will be applicable for general citizens. For regular citizens, the highest interest rate after revision will be 7.30% p.a. for deposits maturing in 666 days. For FDs maturing in 1-year period, the rate of interest rate will be 6.8% p.a. and for FDs 270 to less than 1 year, the interest rate will be 5.75%. For FDs for the tenure of 8 years to 10 years, the rate of interest remains at 6.00%.

For senior citizens: Senior citizens can fetch the highest interest rate of 7.80% for 666 days FD. As per the bank's official website, "Senior Citizen are eligible for an additional 0.25% ROI, over & above the regular (as per para 6) 0.50% ROI on their Retail Term Deposits (Less than Rs. 2 Cr) for the tenors of 3 years & above and up to 10 years. In such cases effective eligibility of additional ROI will be 0.75% p.a." For FDs with the tenure of 211 days to 269 days, the interest rate is 6% for senior citizens and 7.3% for 1-year tenure. For FD for the period of 2-years, senior citizens can fetch 7.3% p.a. interest rate.

For Super Senior Citizens: They can fetch the highest interest rate of 7.95%. According to the bank's website, ""Super Senior Citizen are eligible for an additional 0.25% ROI, over & above the regular (as per para 6) 0.65% ROI on their Retail Term Deposits (Less than Rs. 2 Cr) for the tenors of 3 years & above and up to 10 years. In such cases effective eligibility of additional."

According to the bank's press release, "the revised interest rates are applicable for domestic, NRO and NRE Rupee Term deposits which is made effective from 01.06.2024. Loan against Fixed Deposit and Premature Withdrawal facility is available. Customers can visit any Bank of India branch or use the BOI Omni Neo App / internet banking to open 666 Days - Fixed Deposits."