Public sector lender Bank of India has revised its interest rates across fixed deposit accounts starting November 2. Following the repo rate hikes implemented by the Reserve Bank of India, commercial banks initially raised interest on loans, and now deposit rates are seeing upward revisions to reward savers. Under the updated structure, the bank has increased interest yields on deposits maturing between one and three years, providing higher returns across various customer tiers.
New 500-Day Star Akshay Deposit Plan Introduced
Alongside adjusting regular interest slabs, Bank of India rolled out a dedicated tenure plan titled the Star Akshay Fixed Deposit. This special savings option carries an investment tenure of exactly 500 days. Regular depositors investing in this scheme will receive an annual interest rate of 6.85 percent. Senior citizens are entitled to an improved return of 7.35 percent per annum on the same tenure. For super senior citizens, the annual yield reaches 7.5 percent, marking the highest rate category available under this specific product.
Revised Rates for Deposits Below 3 Crore Rupees
Substantial revisions have been applied to domestic retail deposits valued below 3 crore rupees. Customers locking in funds for a one-year tenure will earn 6.60 percent annual interest. For deposits held for more than one year but less than three years, the interest rate stands at 6.70 percent per annum. The bank maintains additional margins for aging savers in this retail bracket. Senior citizens earn 0.50 percent over regular investor rates, while super senior citizens secure an extra margin of 0.65 percent per year.
Adjustments for 3 Crore to 10 Crore Buckets and Non-Callable Options
In the bulk deposit segment covering amounts from 3 crore to 10 crore rupees, Bank of India also increased interest payouts. One-year deposits in this range now fetch 6.55 percent interest annually, while tenures spanning one to three years provide 6.65 percent. Higher incentives are also available on non-callable deposit products, where the bank is offering an extra 0.15 percent interest on tenures between one and three years. Unlike standard callable deposits that permit premature withdrawals subject to minor penalties, non-callable instruments feature a strict lock-in period preventing early redemption before the agreed maturity date.
