Bank of India (BOI) has updated its fixed deposit (FD) interest rates and has also discontinued its special 400-day FD scheme.
These changes started on 15 April 2025. BOI, a public sector bank, has lowered rates for several FD options for deposits less than Rs 3 crore.
Special 400-Day FD Scheme Closed
The bank used to offer a special 400-day FD scheme with an attractive interest rate of 7.30%, but this scheme is now no longer available.
New FD Interest Rates for Deposits Under Rs 3 Crore
91 to 179 days FD: Interest rate has been reduced from 4.50% to 4.25%.
180 days to less than 1 year FD: Interest rate has been lowered from 6.00% to 5.75%.
1-year FD: Interest rate now stands at 6.80% instead of 7.00%.
More than 1 year but less than 2 years FD: Interest rate has been decreased from 6.80% to 6.75%.
Benefits and Penalties
Additional Benefits for Senior Citizens
BOI gives extra interest for senior citizens on FDs with a maturity of 6 months or more:
Senior citizens (60 years and above): An extra 0.50% interest.
Super senior citizens (80 years and above): An extra 0.65% interest.
Premature FD Closure Penalties
For FDs below Rs 5 lakh
If the FD is broken after 1 year, there is no penalty.
If broken before 1 year, a penalty of 0.50% applies.
For FDs of Rs 5 lakh or more
A penalty of 1% will be charged for premature closure.
If the FD is closed early and reinvested for a long term, no penalty is charged.
No penalty is applied in the event of the depositor’s death.
