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.
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