FD Rates: Bank of India reduced interest rates on FD, closed 400 days FD scheme

FD Rates: Bank of India (BOI) has changed the interest rates on fixed deposits (FD). Along with this, the bank has also discontinued its special 400 day FD scheme. All these changes have come into effect from 15 April 2025

FD Rates: Bank of India (BOI) has changed the interest rates on fixed deposits (FD). Along with this, the bank has also discontinued its special 400-day FD scheme. All these changes have come into effect from 15 April 2025. Bank of India is included in the count of public sector banks of the country. BOI has also reduced the interest rates on some of its FDs.

Special 400-day FD scheme discontinued

The special 400-day scheme started by the bank was getting a good interest of 7.30%. Now this scheme has been discontinued.

Interest rates on FDs reduced

The bank has reduced interest rates on many FD schemes (applicable to amounts less than Rs 3 crore)

FDs of 91 to 179 days will now get 4.25% interest. Earlier, it was 4.50% interest.

FDs of 180 days to less than 1 year have now become 5.75%, which was 6.00% earlier.

FDs of 1 year will now get 6.80% interest, which was 7.00% earlier.

FDs of more than 1 year and less than 2 years will get 6.75% interest. Earlier, it was 6.80% interest.

Elderly people will get more benefit

Senior citizens (above 60 years) will get 0.50% more interest.

Super senior citizens (above 80 years) will get 0.65% more interest.

These benefits will be available on FDs of 6 months or more.

Penalty for breaking FD before time

If FD of less than Rs 5 lakh is broken after 1 year, then there will be no penalty.

If this FD is broken before 1 year, then a penalty of 0.50% will be charged.

For breaking FD of Rs 5 lakh or more before time, a penalty of 1% will have to be paid.

But if you break the FD and deposit it again for a long time, then there will be no penalty. And even if the depositor dies, there will be no penalty for breaking the FD. Due to these changes of Bank of India, FD holders may have to rethink their planning.

The post FD Rates: Bank of India reduced interest rates on FD, closed 400 days FD scheme first appeared on informalnewz.

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