BoI (Bank of India) Cuts FD Rates, Ends Special 400-Day Scheme Offering 7.30%

Bank of India (BoI) has reduced its fixed deposit (FD) interest rates following the recent repo rate cut by the Reserve Bank of India. The bank also discontinued its special 400-day FD scheme that offered an attractive 7.30% interest rate.

New FD Rates for General Public (Deposits below ₹3 crore)

• 91 to 179 days: Interest rate reduced by 25 basis points (bps) — from 4.50% to 4.25%

• 180 days to less than 1 year: Now 5.75%, down from 6%

• 1 year: Lowered from 7% to 6.80%

• Above 1 year to less than 2 years (excluding the 400-day scheme): Slight cut of 5 bps — from 6.80% to 6.75%

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Additional Interest for Senior Citizens

• Senior citizens (60 years & above): Extra 0.50% interest on FDs of 6 months or more

• Super senior citizens (80 years & above): Extra 0.65% on the same, applicable for deposits below ₹3 crore

Revised BoI FD Rates (effective from April 15, 2025)

Other Banks Also Cut FD Rates

• SBI: Reduced FD rates by 10 bps for tenures from 1 year to less than 3 years (deposits below ₹3 crore), effective April 15.

• Canara Bank: Slashed rates by up to 20 bps on select tenures (under ₹3 crore), effective April 10. Now offers 4% to 7.25% for the general public and 4% to 7.75% for senior citizens.

• Bandhan Bank: Changed rates for bulk deposits above ₹3 crore, effective April 3. Offers 8% for callable bulk deposits (12 to under 13 months) and up to 8.3% for non-callable deposits of the same period.

About Bank of India

Bank of India is a public sector bank based in Mumbai’s Bandra Kurla Complex. Established in 1906, it became government-owned after nationalisation in 1969. It is also one of the founding members of SWIFT, an international network that enables efficient and secure financial communication and transactions.

As of 3:09 PM IST on April 15, 2025, Bank of India share price is trading at ₹111.29, with a 52-week high of ₹157.95 and a 52-week low of ₹90.05.

Conclusion

With BoI joining other major banks in reducing FD rates, investors—especially senior citizens—may need to explore other options for better returns. The trend reflects a broader shift in banking strategies following RBI’s monetary policy changes.

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