Bank of India has launched a compelling financial opportunity for investors with its latest offering – the ‘Super Special Fixed Deposit Scheme,’ featuring an impressive interest rate of 7.50 per cent per annum. This exclusive scheme is open to both existing and new customers, catering to deposits ranging from Rs 2 crore to less than Rs 50 crore, with a specific maturity period of 175 days starting from January 1, 2024.
BOI’s Super Special Fixed Deposit presents an ideal chance for High-Net-Worth Individuals (HNIs) and Corporates to strategically allocate their surplus funds for a short-term period. With a competitive interest rate of 7.50 per cent per annum over 175 days, this fixed deposit stands out as one of the most enticing options for short-term investments, outperforming other offerings with similar tenures.
It is important to highlight that this fixed deposit is exclusively reserved for domestic rupee term deposits and has a limited availability period. Additionally, senior citizens stand to benefit from this scheme, with those aged 60 years and above but below 80 years receiving an additional interest rate of 0.50 per cent on their retail term deposits (below Rs. 2 crore) for tenors ranging from 6 months and above up to 3 years. Super senior citizens aged 80 years and above are eligible for an extra interest rate of 0.65 per cent on the same retail term deposits within the mentioned tenor range.
In light of recent developments in the banking sector, the State Bank of India (SBI) has increased interest rates for fixed deposits below Rs 2 crore. Following suit, Federal Bank, Kotak Mahindra Bank, and DCB Bank have also enhanced interest rates on their term deposits in December 2023.
Moreover, Federal Bank has recently adjusted its deposit interest rates. For both residents and non-residents, the interest rate has been increased to 7.50 per cent for a 500-day tenure. Senior citizens can now enjoy a maximum return of 8.15 per cent for 500-day tenures and 7.80 per cent for tenures beyond 21 months but less than three years.
