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Bank of India on Monday announced an increase in interest rates on medium- and long-term fixed deposits of less than Rs 3 crore, effective today.

According to the state-owned lender, the revised interest rate for fixed deposits with tenures ranging from one year to less than two years has been increased to 6.50 per cent per annum.

For deposits with maturities between two years and less than three years, the interest rate has been revised to 6.60 per cent, while three-year fixed deposits will now offer 6.70 per cent annually, the bank said.

Senior citizens and super senior citizens will continue to receive additional interest benefits over and above the applicable rates, the public sector lender added.

Senior citizens will get an additional 0.50 per cent interest, while super senior citizens will receive an extra0.65 per cent on deposits with maturities ranging from six months to less than three years.

For fixed deposits with maturities of three years and above, senior citizens and super senior citizens will be eligible for an additional interest of 0.75 per cent and 0.90 per cent, respectively.

The bank also said non-callable fixed deposits above Rs 1 crore with a minimum tenure of one year will attract an additional 0.15 per cent interest per annum.

However, loan against fixed deposits and premature withdrawal facilities will be available only for callable deposits.

Customers can open fixed deposits through any Bank of India branch as well as via the BOI Omni Neo mobile application and internet banking platform, the lender said.

Shares of Bank of India were trading lower at Rs 137.90 on the BSE on Monday. The banking stock has touched a 52-week high of Rs 178.45 and a 52-week low of Rs 109 on the exchange.