After RBI’s repo rate cut, Bank of India withdraws special FD scheme, slashes rates on other deposits

Heralding a lower interest rate regime for bank deposits in line with a total of 50 basis points rate cut by the Reserve Bank of India in two instances, government-owned Bank of India on Saturday announced the withdrawal of its special fixed deposit scheme for 400 days where interest rate was at maximum of 7.30%.

The bank has also reduced interest rate on its short-term and medium-term fixed deposits for various maturities with effect from April 15, 2025. 

The bank has reduced its interest rate for fixed deposits for amount of less than ₹3 crore and is now offering 4.25% for deposits maturing between 91 days and 179 days. A rate of 5.75% is given for 180 days to less than one year deposits.

Deposits for one year would get an interest rate of 7.05%, while those above one year up to two years would get 6.75%. For deposits of ₹3 crore to less than ₹10 crore, the bank will be offering 5.75% for the funds maturing between 91 days and 179 days.

An interest rate of 6.25% is being offered for 180 days to up to 210 days deposit and 6.50% for deposits of 211 days to less than one year, the bank said in a statement.

An additional interest rate of 0.65% will be paid on deposits of super senior citizens and 0.50% on deposits of senior citizens below ₹3 crore is offered for fixed deposits with a maturity period of six months and above, it added.