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HomeEconomyBank of India hikes interest rates on FDs of various tenors; ...
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Bank of India hikes interest rates on FDs of various tenors; check new rates MPNRC

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Bank of India has revised its interest rates on fixed deposits (FDs) of various tenors, with effect from Thursday (June 23). The move comes after several other lenders increased their interest rates on FDs following the RBI’s decision to hike the repo rate to control inflation. The state-owned bank now offers interest rates between 2.85 per cent to 5.50 per cent.

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Several lenders including ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Punjab National Bank have recently increased their interest rates for both deposits and loans. RBI’s Monetary Policy Committee recently unanimously decided to increase the repo rate by 50 basis points to 4.90 per cent with a focus on housing clearance. This has prompted lenders to increase interest rates on loans. According to the latest official data, retail inflation came down slightly to 7.04 per cent in May.

Bank of India is now offering an interest rate of 5.30 per cent on FDs of 1 year to 443 days. The new rate on deposits for 444 days is 5.50 per cent; 5.40 per cent on the period from 445 days to less than 3 years. For three years and above, the state-owned bank is now offering 5.35 per cent.
Bank of India FD interest rate (on deposits less than Rs 2 crore):

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7 days to 14 days: for general public – 2.85 percent; For senior citizens – 3.35 percent

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15 days to 30 days: for general public – 2.85 percent; For senior citizens – 3.35 percent

31 days to 45 days: for general public – 2.85 percent; For senior citizens – 3.35 percent

46 days to 60 days: for general public – 3.85 percent; For senior citizens – 4.35 percent

61 days to 90 days: for general public – 3.85 percent; For senior citizens – 4.35 percent

91 days to 179 days: for general public – 3.85 percent; For senior citizens – 4.35 percent

180 days to 269 days: for general public – 4.35 percent; For senior citizens – 4.85 percent

270 days to less than 1 year: for general public – 4.35 percent; For senior citizens – 4.85 percent

1 year to 443 days: for general public – 5.30 percent; For senior citizens – 5.80 percent

444 days: for general public – 5.40 percent; For senior citizens – 5.90 percent

445 days to less than 2 years: For general public – 5.40 percent; For senior citizens – 5.90 percent

Two years to less than three years: for the general public – 5.40 percent; For senior citizens – 5.90 percent

Three years to less than 5 years: for general public – 5.35 percent; For senior citizens – 5.85 percent

Five years to less than 8 years: for general public – 5.35 per cent; For senior citizens – 5.85 percent

Eight years and up to 10 years: for the general public – 5.35 percent; For senior citizens – 5.85 percent.

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