BOI introduces special fixed deposit scheme for high-net-worth individuals
What's the story
Bank of India, a government-owned bank, is ringing in the new year with the launch of its "Super Special Fixed Deposit" scheme. This short-term investment opportunity boasts an attractive 7.5% annual interest rate and a 175-day maturity period, starting January 1, 2024. The bank touts this as an ideal option for high-net-worth individuals and corporations looking to park their surplus funds temporarily.
Details
Scheme details and eligibility
This limited-time offer is exclusively for domestic rupee term deposits, catering to amounts between Rs. 2 crore and Rs. 50 crore. Senior citizens can enjoy an additional 0.50% interest rate on retail term deposits under Rs. 2 crore, with a minimum tenure of six months and a maximum of three years. Moreover, seniors aged 80 and above qualify for an extra 0.65% interest on the same retail term deposits within the specified period.
What Next?
SBI's recent deposit rate hike
In a similar development, the State Bank of India (SBI) recently raised deposit rates by up to 50 basis points (bps), effective December 27, 2023. This increase applies to deposits with maturity periods ranging from 7-45 days. SBI's move precedes Bank of India's "Super Special Fixed Deposit" scheme, showcasing competitive interest rates in the current market.