FD Rates: Bank of India (BOI) has changed the interest rates received on fixed deposits (FD). Also, the bank has closed its special 400 -day FD scheme. All these changes have come into force from 15 April 2025. Bank of India is involved in the count of public sector banks of the country. BOI has also reduced interest rates on some of its FDs.
400 day special FD scheme closed
The 400 -day special scheme that the bank started, was getting a good interest of 7.30%. Now this scheme has been closed.
Interest rates decreased on FD
The bank has reduced interest rates on several FD schemes (applicable to the amount of less than Rs 3 crore)
Interest on 91 to 179 days FD will now be 4.25%. It had earlier 4.50% interest.
The rate on FDs less than 1 year from 180 days has increased to 5.75%, which was earlier 6.00%.
6.80% will now be available on 1 year of FD, which was 7.00% earlier.
6.75% interest will be available on FDs of more than 1 year and FDs less than 2 years. It earlier had 6.80% interest.
Elders will get more benefit
Senior Citizen (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 at 6 months or more FDs.
Penalty for breaking FD ahead of time
If FD of less than Rs 5 lakh is broken after 1 year, then there will be no fine.
If this FD is broken before 1 year, then 0.50% penalty will be levied.
1% penalty will have to be paid for breaking prematurely on FD of Rs 5 lakh or more.
But if you break the FD and submit it again for a long time, there will be no penalty. And even if the depositor dies, there will be no penalty for breaking the FD. With these changes of Bank of India, those who do FD may have to think again.
Bank Holiday 2025: Bank will be closed on Monday today, know why RBI has given April 14 holiday