Bank of India Withdraws 400-Day FD Scheme, Cuts Interest Rates After Repo Rate Drop

BILKULONLINE

Mumbai, April 12: Bank of India has announced the withdrawal of its special 400-day fixed deposit (FD) scheme, which offered a maximum interest rate of 7.30%. The decision comes in the wake of a recent reduction in the repo rate.

Effective April 15, 2025, the bank has also revised interest rates on other short- and medium-term FDs. For deposits under ₹3 crore, the revised rates include 4.25% for tenures between 91 and 179 days, 5.75% for 180 days to less than a year, 7.05% for one year, and 6.75% for over one year up to two years.

For deposits ranging from ₹3 crore to below ₹10 crore, rates will be 5.75% (91–179 days), 6.25% (180–210 days), 6.50% (211 days to less than a year), 7.05% (one year), and 6.70% (over one year to less than two years).

Additionally, super senior citizens will continue to receive a 0.65% interest rate benefit, and senior citizens a 0.50% benefit on deposits below ₹3 crore for tenures of six months and above.