After the interest rate revision, the bank has increased the interest rates on 501 days special ‘Shubh Aarambh Deposit’.

The new rates will be effective on bank FDs of less than Rs 2 crore. Bank of India is offering an interest rate of 7.65% for senior citizens, 7.15% for regular customers and 7.8% for very senior citizen customers on the ‘Shubh Aarambh Deposit’ programme.

What is the scheme of the bank

• The bank is offering an additional 0.15% interest to Super Senior Citizens (80 years and above) in the 6 months to 10 years bucket. The Bank is offering an interest rate of 7.80% to Super Senior Citizens in a limited period special scheme.

• Offering guaranteed interest of 3.00% on Fixed Deposits below Rs.2 Crore maturing in 7 days to 45 days.

• The bank is promising an interest rate of 4.50% on FDs maturing in 46 to 179 days.

• For deposits of 180 to 269 days, BOI is offering an interest of 5.00% and for deposits of 270 days to less than 1 year, it is offering 5.50%.

• Deposits maturing in more than 1 year and less than 2 years (except 501 days) will fetch an interest rate of 6.00% and Fixed Deposits maturing in 501 days will fetch an interest of 7.15%.

• The bank is offering an interest rate of 6.75% on deposits of 2 years to less than 3 years, while deposits of more than 3 years and less than 5 years will fetch 6.50% interest.

• Deposits with maturity between five and ten years will now earn interest at the rate of 6.00%.

How much interest for senior citizens

Bank of India on its website mentions that ‘senior citizens will be paid an additional premium of 25 bps in addition to the existing 50 bps for all tenors above 3 years on retail term deposits (less than Rs 2 crore). Super Senior Citizens will get an additional interest of 40 bps in addition to the existing 50 bps.

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Public sector bank Central Bank of India has increased interest rates to make its Fixed Deposits scheme attractive. The bank has increased the interest rates on fixed deposits of less than Rs 2 crore. Central Bank of India is offering interest ranging from 4% to 6.25% on FDs maturing in seven days to 10 years. At the same time, senior citizens are being given interest ranging from 4.50 per cent to 6.75 per cent on FD of the same period.

Interest on one year FD

The bank is offering a maximum interest rate of 6.75 percent to common people and 7.25 percent to senior citizens on FDs of more than one year and less than two years. The bank is offering 4 per cent interest on FDs maturing in seven to 14 days. FD maturing in 15 to 45 days will get interest at the rate of 4.50 per cent. The Central Bank of India is promising five percent interest on FDs of 91-179 days.

How much interest on 10 year FD?

The bank will pay interest at the rate of 5.50 per cent on deposits maturing in 180 to 364 days. The bank is offering an interest rate of 6.50 per cent on FDs of more than two years and less than three years. The bank is promising 6.25 per cent interest on deposits maturing in 3 years to 10 years. Apart from this, as an incentive, an additional interest of 0.50 percent per annum will be given on the deposits made by senior citizens above 60 years of age.

555 days special FD

Central Bank of India also runs special fixed deposit schemes of 444, 555 and 999 days. These schemes are available with callable and non-callable options. The bank is offering interest at the rate of seven per cent on deposits of 555 days and at the rate of 6.50 per cent on deposits of 999 days. While senior citizens will get interest at the rate of 7.50 percent and 7.00 percent respectively.

Repo rate has increased

The Reserve Bank of India has recently increased the repo rate by 25 basis points. Because of this loans have become expensive. However, the country’s private and public sector banks are increasing interest rates on fixed deposits. Private and government banks of the country are trying to make it more attractive by increasing the interest rates on FD.

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What did RBI say?

According to the Reserve Bank’s notification, RBI has taken this action while exercising its powers under Section 35A and 36(1)(a) of the Banking Regulation Act, 1949.According to RBI, this action on SBM Bank (India) Limited is based on certain concerns. However, the central bank did not elaborate on those concerns.

What is LRS scheme?

Under this scheme launched by the Central Reserve Bank, the residents of the country can freely send funds abroad up to $ 250,000 per financial year. The Reserve Bank increases or decreases this limit from time to time.

Explain that SBM Bank is a subsidiary of Mauritius-based SBM Holdings. It is a financial services company. The bank offers a range of financial products and services including deposits, loans, trade finance and cards. SBM Bank started operations on 1 December 2018 after obtaining a banking license from RBI. The bank has a network of 11 branches across the country.

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