BoI lowers FD rates, ends 400-day special scheme offering 7.30% interest

Several lenders have revised their fixed deposit plans after central bank cut the repo rate

Bank of India (BoI) on Tuesday reduced its fixed deposit (FD) interest rates, joining other lenders in making such a decision after the Reserve Bank of India last week cut the repo rate.

 

BoI withdrew its special 400-day fixed deposit scheme offering an interest rate of up to 7.30 per cent. The rate for fixed deposits maturing between 91 days and 179 days has been reduced by 25 basis points (bps), from 4.50 per cent to 4.25 per cent. For tenures ranging from 180 days to less than one year, the rate has been lowered from 6 per cent to 5.75 per cent, marking a 25 bps cut.

 

For one-year fixed deposits, BoI has revised the rate downward by 20 bps, bringing it from 7.00 per cent to 6.80 per cent.

 

In the case of FDs with a tenure of more than a year and less than two years (excluding the discontinued 400-day scheme), the interest rate has been marginally reduced by 5 bps: from 6.80 per cent to 6.75 per cent.

 

FD rates for senior citizens and super senior citizens

 

Fixed deposits with a maturity period of six months and above will offer an additional interest rate of 0.65 per cent for super senior citizens (80 years and above) and 0.50 per cent for senior citizens (60 years and above), applicable on deposits below Rs 3 crore.

 

Bank of India's FDs (up to Rs 3 crore)	From April 15, 2025	Until April 15, 2025
91 days and 179 days	4.25%	4.50%
180 days to less than 1 year	5.75%	6%
One year	7.05%	6.80%
1 year up to 2 years	6.75%	6.80%
Note: An additional rate of interest of 0.65 percent on deposits of super senior citizens and 0.50 percent on deposits of senior citizens (amount below Rs 3 crore) is offered for fixed deposits with a maturity period of over six months; the list is not exhaustive

 

FD rate cut by other banks

 

State Bank of India has reduced its rates by 10 basis points (bps) for deposits below Rs 3 crore and maturing between one year and less than three years, effective April 15.

 

Canara Bank has reduced fixed deposit interest rates by up to 20 bps on select tenures for deposits below Rs 3 crore. According to the bank’s website, the revised rates are effective from April 10. Following the adjustment, the bank now offers interest rates ranging from 4 per cent to 7.25 per cent for the general public and between 4 per cent and 7.75 per cent for senior citizens on callable deposits.

 

Bandhan Bank revised its rates for bulk deposits over Rs 3 crore from April 3, 2025. The bank now offers 8 per cent for callable bulk deposits of 12 months and 12 months plus 1 day to under 13 months. Up to 8.3 per cent for non-callable bulk deposits of the same tenure.