Bank of India ups FD game, to pay 7.95% for 666-day deposit

Some good news for those who are thinking of earning through fixed deposits or FDs. Bank of India has launched a special FD of 666 days. By investing in this, you will get an interest rate of up to 7.95 percent. How much interest is there in it for general public to senior citizens? What are the features of this FD? How much is the interest of FDs of other big government banks, in comparison to Bank of India’s 666 day FD. Let’s find out.

In Bank of India’s 666-day FD, the general public i.e. people below 60 years of age will get 7.3 percent annual interest. Senior citizens i.e. above 60 years and below 80 years of age will get 7.80 percent annual interest rate. Whereas super senior citizens i.e. people above 80 years of age and above are being offered the highest interest of 7.95 percent. The new rates have come into effect from June 1, 2024.

Except for 666-day fixed deposit, Bank of India is offering 3 to 6.80 percent interest on FDs ranging from 7 days to 10 years, 6.80 percent on FDs of 1 to 2 years, 6.75 percent on FDs more than 2 years but less than 3 years. There is an interest of 6.50 percent on FDs from 3 years to less than 5 years.

State Bank of India i.e. SBI is also running a special fixed deposit scheme called Amrit Kalash for customers. Under this scheme, a common citizen is getting 7.10 percent interest while a senior citizen is getting 7.60 percent interest on 400 days Amrit Kalash FD. This scheme is valid till 30 September 2024.

Similarly, Punjab National Bank i.e. PNB is giving 7.25 percent interest on 400 days FD, 6.40 percent on 1204 days fixed deposit, 6.35 percent on 1895 days FD.

At the same time, Bank of Baroda is giving 7.10 percent interest on 360 days FD, 7.15 percent on 399 days Tiranga Plus scheme, while the highest interest of 7.25 percent  is being given to the customers, on FD of more than 2 years and up to 3 years. Senior citizens get up to 0.50 percent more interest on FD.

Compared to big government banks, Bank of India’s 666 days FD interest rate is higher. You can open an account in this special fixed deposit scheme through the bank branch, BOI’s Omni Neo App or internet banking. If needed, you can take a loan against FD, or you can also withdraw money before maturity. However, Banks may charge you penalty on premature withdrawal.