Bank of India launches special deposit scheme; raises interest on others

Apart from the special deposit scheme, Bank of India has raised interest rate on its existing 555-days fixed deposit scheme to 6.30 per cent

With the demand for deposits among banks intensifying, Bank of India on Tuesday announced a special fixed deposit scheme -- Star Super Triple Seven Fixed Deposit – wherein they are offering 7.25 per cent rate of interest (7.75 per cent for citizens) on a deposit for 777 days.

This is a limited period offer by the bank, it said in a statement on Tuesday. “When compared to other investment options such as public provident fund, senior citizen savings scheme, national savings certificate, or RBI Bond, Bank of India’s 777-day FD scheme is the most lucrative and a smart investment option,”