The public sector lender Bank of India (BOI) hiked interest rates on fixed deposits of less than ₹2 Cr. As per the official website of the bank, the new rates are effective as of 01.10.2022. Just one day after the Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 5.90% on Friday, the BOI announced higher interest rates on term deposits. BOI is now giving retail investors an interest rate range of 2.85% to 5.75% on fixed deposits maturing in 7 days to 10 years. Investors in BOI fixed deposits will now get a maximum interest rate of 6.05% on accounts that mature in 555 days.