Bank of India (BOI) has launched a special fixed deposit scheme. Depositors will get very good interest rate in this scheme. BOI announced ‘Star Super Triple Seven Fixed Deposit’ scheme. This is a limited time offer. As the name suggests, under this new fixed deposit scheme, depositors will get an interest rate of up to 7.25% and senior citizens up to 7.75% for a tenure of 777 days.
Compared to other investment options like Public Provident Fund, Senior Citizen Savings Scheme, National Savings Certificate or RBI Bond returns, this 777 day FD scheme of Bank of India is relatively profitable. Moreover, there is also the aspect of guarantee of keeping money in government banks. Read more: ICICI FD Interest Rate Hike: ICICI Bank hikes FD interest rate again, extends tenure of ‘Golden Years’ scheme
Bank of India is offering very attractive interest rates on all its fixed deposit schemes. Apart from this new offer, the interest rate on the bank’s 555-day fixed deposit scheme has been increased to 6.30%. Other deposits with tenors of 180 days to less than 5 years have also received an increase of 25 basis points.
Not only Bank of India is mentioned in this regard. Union Bank of India and Canara Bank also offer interest rates above 7% on term deposits.
Union Bank of India offers interest rates of 3% to 7% on FDs with tenures of 7 days to 10 years.
Canara Bank has also launched a special fixed deposit plan with a tenure of 666 days. Under this plan, general customers in Canara Bank will get 7% interest rate. On the other hand, senior citizens will get 7.5% interest on this deposit. Read more: Indian Bank FD Interest Rate Hike: This state-owned bank has hiked the interest rate on FDs by up to 90 basis points.
After the Reserve Bank of India (RBI) hike in repo rates, most banks have hiked interest rates on fixed deposits. State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank have recently hiked interest rates on term deposits.