Bank of India hikes interest rates on select medium and long-term deposits

State-owned Bank of India has increased interest rates on select medium and long-term fixed deposits of less than ₹3 crore, with the revised rates coming into effect from May 18.

The bank has raised the interest rate on deposits with maturity between one year and less than two years to 6.5 per cent per annum. Deposits with tenure between two years and less than three years will now earn 6.6 per cent, while three-year fixed deposits will fetch 6.7 per cent.

Senior citizens will continue to receive an additional 50 basis points (bps) on deposits with maturity between six months and less than three years, while super senior citizens will get an additional 65 bps for the same tenure bucket.

For fixed deposits with maturity of three years and above, senior citizens will receive an additional 75 bps over the applicable rate, while super senior citizens will get an additional 90 bps.

The lender said non-callable deposits above ₹1 crore with a minimum tenure of one year will earn an additional 15 bps over the applicable rate. Loan against fixed deposit and premature withdrawal facilities will only be available for callable deposits.

Customers can open fixed deposits through branches, internet banking, and the bank’s mobile application.