Bank of India launches special deposit scheme

Bank of India launches special deposit scheme: 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. The bank has raised interest rate on its existing 555-days fixed deposit scheme to 6.30%.

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“This is a limited-time offer from the bank,” a statement from the bank said on Tuesday. “When compared to other investment options such as public provident funds, senior citizen savings schemes, national savings certificates, or RBI bonds, Bank of India’s 777-day FD scheme is the most profitable and smart investment option,” the bank said.

Apart from the special deposit scheme, the Bank of India has increased the interest rate on the existing 555-day fixed deposit scheme to 6.30 per cent. And, it has raised interest rates by 25 basis points on other maturities from 180 days to less than 5 years. 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.