Keeping at par with the repo rate hikes by the Reserve Bank of India (RBI), banks have been increasing the interest rate on fixed deposits for the past one year and thus FDs have become an attractive investment for many.
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Bank of India under their “Shubh Arambh Deposit” scheme, has once again revised the interest rates on fixed deposits for senior citizens, including super senior citizens aged 80 and above. This scheme offers an additional 0.50 per cent interest on fixed deposits of various tenures for senior citizens and additional 0.65 per cent for super senior citizens. Effective from April 1, 2023, the Shubh Arambh Deposit is offering an interest rate of 7.80 per cent for 501-day fixed deposits for super senior citizens and an interest rate of 7.65 per cent for super senior citizens.
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Moreover, the bank has also revised the interest rates across other tenures ranging from 7 days to 10 years for both senior citizens and regular customers. For deposits with terms from 7 days to 10 years, the bank will offer interest rates up to 7.40 per cent for super senior citizens and up to 6.75 per cent for regular customers.
The revised interest rates apply to domestic, NRO, and NRE deposits. For deposits of three years and above, there is a total additional interest rate of 0.75 per cent for senior citizens and 0.90 per cent for super senior citizens above the normal rate of interest.
Keeping at par with the repo rate hikes by the Reserve Bank of India (RBI), banks have been increasing the interest rate on fixed deposits for the past one year and thus FDs have become an attractive investment for many. Since May 2022, the RBI has hiked the repo rate by 250 basis points. To meet the growing credit demand as liquidity tightens, banks have also increased the interest rates of fixed deposits, but at a slower pace.
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One major advantage of Bank of India’s FD schemes is their flexibility, allowing savings management without extra charges or penalties on renewals for longer durations. Additionally, customers can avail loans against their deposit up to 90 per cent of the outstanding amount of the term deposit. Those below 60 years of age, can earn up to 7.15 per cent interest.
