Bank of India offers multiple FD options to its customers in which they can secure their savings and earn interest on it. Bank of India FD rates is comparatively higher than the interest provided on the savings account. Customers are allowed to deposit a certain deposit amount at the time of opening the account. Deposit and withdrawal of additional money are not allowed during the ongoing tenure.
In this article
- Bank of India FD Interest Rates 2020
- Types of Bank of India Fixed Deposit Schemes
Bank of India FD Interest Rates 2020
(Last Updated 7th Oct 2020)
|Tenure||FD Interest Rates for General Citizens||FD Interest Rates for Senior Citizens|
|7 days – 14 days||3.25%||3.75%|
|15 days – 30 days||3.25%||3.75%|
|31 days – 45 days||3.25%||3.75%|
|46 days – 90 days||4.25%||4.75%|
|91 days – 120 days||4.25%||4.75%|
|121 days – 179 days||4.25%||4.75%|
|180 days – 364 days||4.75%||5.25%|
|1 year – 1 year 364 days||5.25%||5.75%|
|2 years – 2 years 364 days||5.30%||5.80%|
|3 years – 4 years 364 days||5.30%||5.80%|
|5 years – 10 years||5.30%||5.80%|
BOI FD Rates – Special Features
- 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 Fixed Deposit Schemes
Double Benefit Term Deposit
- Under this scheme, the interest is compounded quarterly but paid only upon maturity along with the initial deposit made
- The deposit should be made for a minimum tenure of 6 months
- This scheme is useful for short term and medium-term investment ranging from 12 months to 120 months
- Minimum deposit amount needed for Rs. 10,000 (in Metro and Urban branches) and Rs. 5000 (in rural and semi-urban branches)
Fixed/Short Term Deposit Scheme
- A non-cumulative fixed deposit option 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- Premature withdrawal is allowed without penalty if withdrawn after 12 months. If withdrawn before 12 months, 0.5% and 1% on deposits below Rs.5 lakh and of/above Rs. 5 lakh respectively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 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 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
Bank of India FD Calculator
You can calculate the maturity amount by using the online Bank of India FD Calculator available over the internet. All you have to do is enter the basic details related to your FD account such as the rate of interest, the tenure and the deposit amount.
Bank of India FD Rates Amidst Coronavirus
Due to the repo rate cut by RBI by 75 bps during coronavirus lockdown, Bank of India may reduce the FD rates in the coming days. This can affect the interest of fixed depositors adversely.
Bank of India Fixed Deposit Interest Rates – FAQs
What is the minimum amount needed to book a fixed deposit account with Bank of India?
The minimum amount needed to open an FD with Bank of india is Rs. 10000 for metro and urban branches and Rs. 5,000 for rural and semi-urban branches.
What is the highest interest rate offered by Bank of India?
The highest rate of interest offered by BOI at present is 6.30%. However, the Bank of India FD rates vary with tenure.
How to open an FD account with BOI?
If you are an existing BOI customer, you can book an FD through net banking. However, you can visit any nearest bank of India branch to book one.
Who all are eligible to open an FD account with Bank of India?
All resident individuals, Hindu Undivided Family, NRIs, firms as well as minors are eligible to open a fixed deposit account.