BoI Offers 7.5% Fixed Deposit for Rs 2 Crore+

Mumbai, Jan 2 (PTI) State-run Bank of India (BoI) on Tuesday introduced a new bulk deposit scheme offering 7.50 per cent per annum on deposits of Rs 2 crore and above having a 175-day tenure.

The city-based bank was offering an interest rate of 6 per cent for a similar amount for 174-day deposits earlier. The new offer is effective on January 1.

The rate is valid for a Fixed Deposit (FD) amount over Rs 2 crore and less than Rs 50 crore, BoI said in a statement.

The special fixed deposit is for rupee term deposit only, the bank said, adding that this is a limited period offer. The new rate is effective from January 1, it said.

Meanwhile, private sector DCB Bank announced a Happy Savings Account.

Account holders will enjoy cashback rewards on their eligible UPI debit transactions within India, DCB Bank said in a separate statement.

The rewards can go up to Rs 7,500 per financial year on eligible UPI transactions, it said, adding that UPI transactions are ubiquitous, therefore, the more an individual transacts via the DCB Happy Savings Account, the more one stands to earn cashback rewards.

The minimum UPI transaction amount is just Rs 500.

Account holders need to maintain an average quarterly balance of Rs 25,000 in their DCB Happy Savings Account to avail of this benefit.