Several banks have revised their interest rates on Fixed Deposits (FD) with the start of a new year. The Bank Of India (BOI) has launched a Super Special FD scheme. The bank is providing a 7.50 percent interest on this FD. The offer is available for existing and new customers. The new rate has come into effect from January 1, 2024. Till now, the BOI was giving 6 percent interest on depositing the same amount for 174 days. In an official statement, the BOI has said that the new interest rate will be applicable on FDs ranging from Rs 2 crore to less than Rs 50 crore. It is a limited-period offer. The BOI has provided this new opportunity to interested investors.
If a person invests Rs 2 crore in this special FD scheme, then he will get Rs 7.19 lakh as interest in 175 days. Since the scheme is offering interest at the rate of 7.5 percent, a total amount of Rs 2,7,19,178.08 will be received on maturity in 175 days. Bank of India also offers 0.50 to 0.65 percent additional interest to senior citizens for their retail FDs. It must have a tenure of above 6 months and should be less than 3 years. It is available for citizens who are above 60 years of age, but below 80 years. The senior citizens aged 80 years and above will be eligible to get the additional interest of 0.65% on the same tenure limit.
Private sector DCB Bank has also announced a Happy Savings Account scheme. DCB Bank said in a statement that under this, account holders will get cashback on transactions through UPI within the country. Recently, the State Bank Of India has hiked the interest rate on Fixed Deposits. This interest rate is applicable on FDs below Rs 2 crore. With this, Federal Bank, Kotak Mahindra Bank, and DCB Bank increased interest rates on their term deposits in December 2023. In this series, the Axis banks have also made revisions to their FD interest rate for amounts below Rs 2 crore.
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