Fixed deposits are offered by Bank of India at 7.50% annually. During a period of 175 days

Fixed deposits are offered by Bank of India at 7.50% annually. During a period of 175 days

Fixed deposits are offered by Bank of India at 7.50% annually. During a period of 175 days

The closed term plan has a maturity duration of 175 days.

The Bank of India said that it offers "a high-yield opportunity for HNIs as well as corporates to put away their surplus funds for the short term."

To commemorate the New Year, Bank of India, a government-owned public sector bank, has unveiled a brand-new "Super Special Fixed Deposit".

This plan will have a 175-day maturity period starting on January 1, 2024, and a 7.5% annual interest rate will be offered by the short-term scheme throughout this time. As to the statement from the Mumbai-based bank, this presents "a high-yield opportunity for corporates as well as HNIs to deploy their surplus funds for the short term."

Only domestic rupee fixed deposits are eligible for the limited-time promotion. The fund range covered by the initiative is Rs 2 crore to Rs 50 crore.

On the plan, retail fixed deposits of less than Rs 2 crore with a minimum duration of 6 months or more and a maximum of 3 years would earn senior folks an extra 0.50 percent interest rate.

For the same retail fixed deposit made within the same time, senior people 80 years of age and over will get an extra 0.65 percent.

With effect from December 27, 2023, State Bank of India (SBI) has just raised deposit rates by up to 50 basis points (bps). The 50 basis point increase applies to deposits having a 7–45 day maturity term.