Bank of india: Bank of India (BOI) has given great relief to its customers. The bank has cut the interest rate of home loan by 25 basis points, which has now increased the new interest rate of 7.90% annually. These new rates have come into force from 15 April 2025. This deduction is based on the CIBIL score and will apply to both new and existing customers. This step has been taken after the Reserve Bank of India (RBI) recently reduced the repo rate to 25 basis points to 6%. After this decision of RBI, many banks have changed their debt and deposit rates.
Relief on loan product
Bank of India has cut not only home loans, but also cuts 25 basis points in interest rates of many retail loans such as car loans, personal loans, loan against property, education loan and Star Reverse Mortgage Loan. The bank says that this decision has been taken to make the benefit of the market favorable conditions to the customers and make the debt more economical.
Changes in FD rates also
The bank has also changed the interest rates of FD, which will apply to deposits ranging from Rs 3 crore and Rs 3 crore to Rs 10 crore.
New interest rates on FD less than Rs 3 crore
91 to 179 days: 4.25%
180 days to 1 year less: 5.75%
1 year to 2 years: 6.75%
New rates on FD less than Rs 3 crore to Rs 10 crore
91 to 179 days: 5.75%
180 to 210 days: 6.25%
211 days to 1 year less: 6.50%
1 year to 2 years less: 6.70%
400 day special FD scheme closed
Bank of India has also withdrawn its special 400-day FD scheme, on which interest was earlier received up to 7.30%. The scheme has been discontinued from 15 April 2025.
On the path of this deduction, big banks like Axis Bank, HDFC Bank and SBI have also reduced interest rates on FDs. Now BOI has also come in his queue, which will give customers cheaper, but the return on deposits will be slightly less.
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