BoI to launch 400-day term deposit at 7.30%

Bank of India (BoI) said it will launch a 400-day retail term deposit (TD), offering 7.30 per cent on callable deposits and 7.45 per cent on non-callable deposits.

The public sector bank, in a statement, said the 400 Days retail TD (of less than ₹3 crore) will be available for resident Indian, non-resident external (NRE) and non-resident ordinary (NRO) depositors from September 27, 2024, at all branches and can also be availed through digital channels.

Callable term deposits (TDs) can be withdrawn prematurely. Non-callable deposits don’t have premature withdrawal option.

Under callable deposits, BoI will offer a 65 basis points (bps) mark up over the card rate (7.45 per cent) for super senior citizens (80 years & above) – they will earn 7.95 per cent interest.

Senior citizens (60 years & above but less than 80 years) will get a 50 bps mark up over the card rate — they will earn 7.80 per cent interest.

Under non-callable deposits (minimum deposit amount of ₹1 crore), the Bank will offer a 65 basis points (bps) mark up over the card rate (7.45 per cent) for super senior citizens – they will earn 8.10 per cent interest.

Senior citizens will get a 50 bps mark up over the card rate — they will earn 7.95 per cent interest.