About Bank of India
| Started On | 1906 |
| Head Quarters | Mumbai |
| CRISIL Rating | NA |
| CEO | Atanu Kumar Das |
| Listed on exchange as | Bank of India |
| ICRA Rating | NA |
Bank of India FD Rates 2022
| Tenure | Regular customers | Senior citizens |
|---|
Features and Benefits of BOI FD
- BOI FD tenure ranges from 7 days to 10 years
- Nomination facility is provided by the bank
- Loan/overdraft facility up to 90% of the RD amount is available
- Senior citizens can avail 0.50% extra interest rate over the regular rates
- Customers can choose from a wide range of FD options by Bank of India
- The minimum investment amount needed to open an FD in BOI is Rs. 10,000
Types of Bank of India FD Schemes
Fixed/Short Term Deposit Scheme
- A non-cumulative fixed deposit option is provided by the Bank of India in which interest is paid half-yearly.
- This scheme is the best fit for those who do not have a regular income or those who want to add to their existing income.
- There are two tenures: Short term tenure is of 7 days and fixed term of 1-10 years
- The short term minimum deposit amount is Rs. 1000 and the fixed-term deposit is Rs. 10000
- Premature withdrawal is allowed without penalty if withdrawn after 12 months. If withdrawn before 12 months, 0.5% and 1% on deposits below Rs.5 lakh and of/above Rs. 5 lakh respectively
Bank of India Monthly/Quarterly Deposit Scheme
- Under this cumulative fixed deposit scheme, the interest is not accumulated till maturity but paid to the depositors on a monthly or quarterly basis, as chosen by them.
- Premature withdrawal is allowed after completing 12 months. If withdrawn before, 0.5% penalty imposed on deposits less than Rs. 5 lakh and 1% on deposits of/above Rs. 5 lakh.
- Investors can opt to get the interest amount on a monthly or quarterly basis, as per their preference
- Interest earned is subject to Tax Deducted at Source (TDS)
- Monthly interest is credited to investors’ current account
- Quarterly interest is credited to investors’ savings account
Star Sunidhi Tax-Saving Deposit Scheme
- As the name implies, this is a tax-saving fixed deposit scheme offered by the Bank of India that offers income tax benefits for the account holders under Section 80C of the Income Tax Act, 1961 and the limit can go up to Rs. 1.5 lakh per financial year
- The tenure ranges from 5 years to 10 years
- The minimum deposit amount needed is Rs. 10,000
Capital Gain Tax Saving Scheme (Term Deposit)
- This scheme can be availed both in the form of a savings account and a term deposit account.
- For term deposits, the bank provides two options, viz. Cumulative and non-cumulative.
- This scheme is beneficial for those who are selling their capital asset, for instance, real estate
- The amount received by selling is termed as a capital gain.
- Investors can open this account to save it from getting taxed
- Premature withdrawal penalty is 0.5% for deposits below Rs. 5 lakh and 1% above Rs. 5 lakh
Term wise Bank of India FD Rates
Short-term Deposits
For a Bank of India FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 2.85% p.a. to 4.35% p.a. These deposits are known as short term deposits as their tenure is less than 1 year.
Medium-term Deposits
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 5.10% – 5.15% p.a.
Long-term Deposits
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 5.15%.
Bank of India vs Other Banks' FD Rates
| Name | Tenure | Interest rate |
|---|
How to invest in Bank of India FD?
A Bank of India FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Bank of India FD account via internet banking-
- Sign in to the Bank of India NetBanking account.
- In the ‘Fixed Deposit’ tab, choose the ‘Open FD’ option and select the type of deposit account.
- Fill out all the necessary details, nominee information, payment, and maturity instructions.
- After verifying all the details, click on ‘Confirm’. After successful completion of the transaction, an account opening confirmation message will get displayed on the screen.
2) Mobile App - Bank of India App
Follow the steps mentioned ahead to open an FD account via the Bank of India App-
- Download the Bank of India App and sign in.
- Choose the ‘Open FD’ option and select the type of deposit account.
- Fill out all the necessary details, nominee information, payment, and maturity instructions.
- After verifying all the details, click on ‘Confirm’. After successful completion of the transaction, an account opening confirmation message will get displayed on the screen.
3) Offline Bank of India FD Opening
For opening a Bank of India FD account via offline mode, one has to visit the nearest Bank of India branch. Fill out the Bank of India FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Bank of India.
Eligibility to Open a Bank of India FD Account
The following individuals and businesses are eligible for Bank of India fixed deposit scheme.
- Residents
- Individual and joint account holders
- Minors
- Senior citizens
- Societies, trusts, etc.
- Sole proprietorship
- Companies
- Clubs
NRIs can also invest in these schemes but only through NRE and NRO accounts.
Documents Required to Open Bank of India FD
Customers need to provide the following identification and address proof documents to initiate a Bank of India fixed deposit investment.
Proof of identity (Any One)
- Aadhaar card
- PAN card
- Passport
- Ration card with photograph
- Voter ID
- Senior Citizen ID wherever applicable
- Driving license
Proof of address (Any One)
- Electricity bill
- Telephone bill
- Aadhaar card
- Passport
- Driving license
- Certificate issued by Post Office
FAQs
What is the minimum amount needed to book a fixed deposit account with the Bank of India?
What is the minimum amount needed to book a fixed deposit account with the Bank of India?
The minimum amount needed to open an FD with the Bank of India is Rs. 10,000.
What is the highest interest rate offered by the Bank of India?
What is the highest interest rate offered by the Bank of India?
The highest rate of interest offered by BOI at present is 5.15%. However, the Bank of India FD rates varies with tenure.
Who all are eligible to open an FD account with the Bank of India?
Who all are eligible to open an FD account with the Bank of India?
All resident individuals, Hindu Undivided Families, NRIs, firms as well as minors are eligible to open a fixed deposit account.
Can I get avail a loan against BOI Star Sunidhi Tax-Saving Deposit Scheme?
Can I get avail a loan against BOI Star Sunidhi Tax-Saving Deposit Scheme?
No. You cannot pledge the Star Sunidhi Tax-Saving Deposit Scheme certificate to get any loan or advance. The bank does not advance the facility until the account completes the lock-in period.
For joint accounts, are both the account holders eligible to get income tax benefits?
For joint accounts, are both the account holders eligible to get income tax benefits?
No. only the first account holder gets income tax benefits under Section 80C of the Income Tax Act, 1961.
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