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Bank of India has revised the FD interest rates for the amount below Rs 3 crore from September 1, 2024. The change concerns a new special FD tenure with increased interest rates – this makes depositors happy.

Bank of India Star Dhan Vriddhi FD

The newly launched 333-day fixed deposit scheme, Star Dhan Vriddhi, comes with the highest interest rate amongst all the fixed deposit products of the bank. Here’s a quick look at the rates:

Revised Interest Rates Overview

For the amount up to Rs 3 crore, the updated FD interest rates of the Bank of India are from 3 % to 7 %. 25%, based on a service contract. These rates apply to different maturity periods ranging from 7 days to 10 years.

Senior and Super Senior Citizen Rates

Senior citizens (aged 60 to 79 years) can earn interest rates between 3% and 7.75%, while super senior citizens (aged 80 years and above) benefit from rates ranging from 3% to 7.90%. Special rates are also available for tenures of 3 years or more, providing even higher returns.

The interest rates for senior citizens; those whose ages range from 60 to 79 years can have interest between 3% and 7.75%, super senior citizens (those aged 80 years and above) enjoy rates between 3 – 7.90%. There are special rates for the tenures of 3 years and above which offer better returns.

Key Guidelines for Term Deposits

– Minimum Deposit Amount: Rs 10,000 for term deposits.
– Recurring Deposits: Minimum instalment is Rs 500, and for Flexi Recurring Deposits, it’s Rs 1,000.
– Maximum Tenor: 10 years for domestic term deposits, including NRO and NRE deposits.

The current scheme offered by the Bank of India namely the Star Dhan Vriddhi scheme considers various tenures of FD investment thereby providing good returns against competition.