New Delhi: Canara Bank and Bank of India (BoI) have launched special term deposit schemes for the general public, offering higher returns on their investments. The announcements by the two public sector lenders have come after the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points to 4.90% early this month. Bank of India came up with the special 444 days term deposit offering an annual interest rate of 5.50% on Thursday, June 23. On the other hand, Canara Bank introduces its special term deposit scheme for deposits below Rs 2 crore on Friday, June 24.
Bank of India’s 444 days special FD scheme
Bank of India has announced that it will offer a 5.50% interest to the general public and a 6% interest to senior citizens investing in its newly introduced term deposit. The public sector lender said that the scheme has been launched on account of the Bank’s ensuing 117th Foundation Day. The bank’s anniversary will be celebrated on September 7, 2022. (ALSO READ: Shark Tank fame Ashneer Grover criticises RBI! Here’s what he said on non-bank PPIs directive)
Customers can use Bank of India’s mobile app or can visit a nearby branch to start saving with the new investment. Investors can also use the internet banking option to make their investments. (ALSO READ: RBI will not allow ‘jerky movements’ of Rupee: Deputy Governor Patra)
Canara Bank special FD scheme
Canara Bank FD scheme will remain available to customers till September 30, 2022. The bank said that it will offer an interest rate of 5.10% on the investments made under the scheme. Senior citizens will get an additional 50 basis points or 0.50% interest rate under the scheme.
In a press statement, Canara Bank said that the new term deposit will have a term period of 333 days. “The special scheme is available for deposits of less than Rs. 2 crore. This scheme is valid till 30.09.2022 with an interest rate of 5.10% p.a. for General Public and 5.60% p.a. for senior Citizens,” the lender said.