Bank of India Launches ‘Star Dhan Vriddhi’ FD Scheme

Tags: Economy/Finance

Bank of India (BOI) has introduced a Fixed Deposit (FD) scheme called 'Star Dhan Vriddhi' starting from 1 September 2024.

An Overview of the News

• The scheme has a term limit of 333 days. Customers can deposit up to Rs 3 crore in this FD.

• Loan against FD and premature withdrawal options are available.

• This FD can be opened via BOI branches, BOI Omni Neo App, or internet banking.

Revised FD Interest Rates

• BOI’s FD interest rates for general citizens range from 3% to 7.25% for deposits below Rs 3 crore.

• Senior Citizens (aged 60-79) receive rates from 3% to 7.75%.

• Super Senior Citizens (aged 80 and above) get rates between 3% to 7.90%.

Additional Benefits for Senior and Super Senior Citizens

• Senior citizens receive an extra 50 basis points (bps) on Retail Term Deposits (RTDs) for tenures between 6 months and 3 years.

• Super senior citizens get an additional 65 bps for the same tenures on RTDs (deposits below Rs 3 crore).

About BOI

• Established: 1906

• MD & CEO:- Rajneesh Karnatak

• Headquarters:- Mumbai, Maharashtra

• Tagline:- Relationship Beyond Banking