Bank of India has announced the withdrawal of its special term deposit scheme for 400 days, in which it was paying an interest rate of up to 7.30%.

Also, the public sector bank has reduced the interest rate on its short -term and medium term deposits for various maturity since 15 April 2025.

The bank has reduced its rate for fixed deposits for less than Rs 3.00 crore and is now paying an interest of 4.25% for deposits between 91 days and 5.75% for deposits of 4.25% and 1 year from 180 days.

A thousand will get an interest rate of 7.05% on the deposits of one year, while the deposits from 1 year to 2 years will get an interest rate of 6.75%. On deposits of less than Rs 3 crore to Rs 10 crore, the bank will pay 5.75% on deposits between 91 days to 179 days, 6.25% on deposits from 180 days to 210 days and 6.50% interest on deposits below 211 days. The interest rate of 7.05% will be available on the deposits of one year, while the deposits of more than 1 year and less than 2 years will get an interest rate of 6.70%.

The revised rates will be effective from April 15, 2025. Additional interest rates of 0.65% on deposits of super senior citizens and 0.50% on deposits of senior citizens less than Rs 3 crore will be given for fixed deposits with a maturity period of 6 months and above.