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

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,” the bank said.

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. And, on other maturities from 180 days to less than 5 years, it has raised interest rates by 25 basis points.

Another public sector lender, Bank of Baroda has also revised interest rates on “Baroda Advantage Fixed Deposits”. The bank is now offering interest rates ranging from 5.75 per cent to 7 per cent on these fixed deposit schemes, depending on the maturities. It has also revised the interest rate on Tiranga deposit scheme and Tiranaga plus deposit scheme.

Meanwhile, the newly formed digital first Unity Small Finance Bank has launched “Shagun 366, a 1-year fixed deposit scheme which will fetch depositors interest rate of 7.80 per cent. This is a limited period offer and is available for deposits booked upto November 30.