Fixed Deposit: Bank of India has reduced the interest rate on FD schemes with tenures ranging from 91 days to 179 days by 25 basis points.
Public sector Bank of India has reduced interest rates on fixed deposits (FDs) of different tenures. Along with this, this government bank has also discontinued the 400-day special FD scheme, on which 7.30 percent interest was being given to the general citizens. The bank said in a statement that the new rates will be implemented from April 15, 2025. Let us tell you that since the Reserve Bank of India (RBI) cut the repo rate, all the banks are making loans cheaper. Along with this, banks are also reducing the interest rates of FD.
Interest reduced by 25 basis points on FD scheme of tenure of 91 days to 179 days
Bank of India has reduced the interest given on FD scheme of tenure of 91 days to 179 days by 25 basis points. After this change, now FD of this tenure will get interest of 4.25 percent instead of 4.50 percent. 25 basis points have been cut on FD schemes with tenures ranging from 180 days to less than 1 year and now it will fetch 5.75% interest instead of 6.00%. However, the bank has cut 20 basis points on FD schemes with tenure of one year. After this change, now FD schemes with tenure of this tenure will fetch 6.80% interest instead of 7.00% interest.
Only 0.05% cut on this special tenure scheme
This public sector bank has cut only 5 basis points on FD schemes with tenure of more than 1 year and less than 2 years. Now the interest on FD schemes with tenure of this tenure has been reduced from 6.80% to 6.75%. Let us tell you that in the series of reduction in interest rates after reduction in repo rate, yesterday (Monday) Bank of Maharashtra and State Bank of India also announced reduction in loan interest rates. Both the banks have reduced the loan interest rates by 25 basis points i.e. 0.25 percent.
