New Delhi, May 26 (PTI) Bank of India (BoI) on Friday said it has increased the interest rate of fixed deposits for 1-year tenor to 7 per cent for retail customers.

The interest rate is applicable for less than Rs 2 crore deposits.

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Following the revision, the bank offers a rate of interest in the range of 3 per cent to 7 per cent for normal customers for deposits maturing in the range of 7 days to 10 years, BoI said in a statement.

It will offer an interest rate of 7.50 per to senior citizen customers and 7.65 per cent to super senior citizens (above the age of 80 years) for a deposit period of 1 year.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)