The Reserve Bank has increased the repo rate six times. Because of this, the interest rate on fixed deposits (FDs) has also gone up. Many government and private banks are now offering good interest rates on FDs. In the last few months, most banks have raised their FD rates, and that trend is still continuing. This time, a government bank has also increased its FD interest rate.
The state-owned Bank of India has increased the interest rate on FDs. The bank said that general customers will get 3% to 7% interest on deposits with a period of 7 days to 10 years. Senior citizens will get 7.50% interest, while super senior citizens (above 80 years) will get 7.65% interest for one year.
New FD Interest Rates by Tenure
- 7 to 45 days: 3% interest
- 46 to 179 days: 4.50% interest
- 180 to 269 days: 5% interest
- 270 days to less than 1 year: 5.50% interest
- 1 year to less than 2 years: 6% interest
- 2 years to less than 3 years: 6.50% interest
- 5 years to 10 years: 6% interest
Disclaimer:
The interest rates mentioned above are based on the latest information available from the Bank of India. Rates may change at any time as per the bank’s policy or RBI guidelines. Readers are advised to verify the current rates from the official Bank of India website or visit their nearest branch before investing.