A commercial bank, headquartered in Mumbai, Bank of India was established in 1906. It underwent nationalisation in 1969. Today, the bank operates more than 5,300 branches across the world, including 56 offices outside India.

Fixed deposit schemes from the bank are popular amongst investors looking for a safe and secure way to grow their wealth. A Bank of India FD includes several features, including competitive returns, premature withdrawal facility and much more.

Bank of India FD Rates

(Last Updated 7th October 2020)

Investors can deposit funds for a tenure of up to one year. These are short-term FDs that fetch interest ranging from 5.00% to 5.30% per annum for regular individuals. For senior citizens, this range is between 5.25% and 5.80% per year.

Bank of India fixed deposit schemes with a maturity period between 1 and 2 years, offer 8.00% per annum interest to regular investors and 8.50% to senior citizen investors.

Tenure FD Interest Rates for General Citizens FD Interest Rates for Senior Citizens
7 days to 14 days 3.25% 3.75%
15 days to 30 days 3.25% 3.75%
31 days to 45 days 3.25% 3.75%
46 days to 90 days 4.25% 4.75%
91 days to 120 days 4.25% 4.75%
121 days to 179 days 4.25% 4.75%
180 days to 364 days 4.75% 5.25%
1 year to 1 year 364 days 5.25% 5.75%
2 years to 2 years 364 days 5.30% 5.80%
3 years to 4 years 364 days 5.30% 5.80%
5 years to 10 years 5.30% 5.80%

Types of Bank of India FD Schemes

An individual or entity opting for FD investment in Bank of India has the following options to choose from.

  • BOI Double Benefit Term Deposit Scheme – For urban centres, the minimum deposit for such a plan is Rs. 10,000. On the other hand, rural investors can start with just Rs. 5,000. The maturity period extends between six months and 120 months. For this scheme, the bank compounds interest quarterly.
  • BOI Quarterly/Monthly Term Deposit Scheme – Investors who pick this option can earn fixed interest every month or every quarter, as per their preference. In urban centres, customers need to deposit at least Rs. 10,000 to begin an investment. For rural centres, the minimum deposit allowed is Rs. 5,000. The maximum tenure for this scheme is 10 years.
  • BOI Fixed Deposit Scheme – Investors are free to choose whether they want a short-term deposit (SDR) or a long-term deposit (FDR). The minimum investment for SDR is Rs. 1 Lakh, while for FDR it is Rs. 10,000 in metro centres. Interest is compounded monthly.
  • Bank of India Short Term Deposit Scheme – With a maximum tenure of 6 months, this Bank of India FD plan is suitable for individuals looking to fulfil their short-term financial goals. Here too, the minimum investment sum for SDR stands at Rs. 1 Lakh and for FDR is Rs. 10,000.

Benefits of Choosing Bank of India FD

The following advantages make Bank of India fixed deposit investments the ideal way to expand on savings.

  • Monthly interest compounding benefits.
  • Loan against FD amounts can range up to 90% of the total value of an individual’s investment.
  • Nomination facility is available. Investors can nominate their spouse or children as beneficiaries to the FD investment.

Eligibility Criteria for FD offered by Bank of India

The following individuals and businesses are eligible for Bank of India fixed deposit scheme.

We've now got fixed deposits too!

  • Access to fixed deposits

    of various banks

  • Invest without opening

    a new bank account

  • Avail high interest rates

    of up to 6.5%

  • 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 for 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

Premature Withdrawal Terms and Conditions

If due to emergencies, investors wish to opt out of a fixed deposit scheme before its maturity, they can opt for premature withdrawal. Bank of India allows its consumers to withdraw the sum before investment tenure ends.

However, specific terms and conditions apply for such premature withdrawals. Investors with lower than Rs. 5 Lakh deposits will receive 0.50% lower interest than the contracted rate. The bank penalises 1% on the interest rate for those with investments above Rs. 5 Lakh.

Special Forms to Fill

Interest earnings through various investment schemes are taxable for a particular year under the Income Tax Act of 1961. However, eligible investors can also avail useful TDS rebates on such fees. To receive such TDS benefits, they must fill up Form 15G (if income is lower than Rs. 40,000) and 15H for senior citizens (for income less than Rs. 50,000) without fail.

Loan against Bank of India FD

Bank of India fixed deposit investors can avail loans against their FDs. The bank offers credits of up to 90% of the total value of the FD. The tenure for such loan repayments is limited to the time of FD maturity.

The interest rate applicable on such loans is between 5.25% and 7.40%.


  • What is the highest FD rate applicable on Bank of India fixed deposits?

Investors can earn as much as 6.40% interest from their Bank of India fixed deposit.

  • What is the maximum ROI on Bank of India FDs for senior citizen investors?

For senior citizens, the maximum interest rate on their fixed deposit investments is 6.75%.

  • What is the tenure range for fixed deposits offered by Bank of India?

Individuals opting for Bank of India FDs can pick a tenure ranging between 7 days and 10 years.

  • Can non-residential Indians invest in Bank of India fixed deposit schemes?

Yes. NRIs can invest in these instruments provided they operate a valid NRO or NRE savings account in India.

  • What rate of interest is charged for a loan against Bank of India fixed deposit schemes?

The interest rate for such a loan varies between 5.25% and 7.40%.

  • Do all BOI fixed deposits schemes provide premature withdrawal facility?

Yes. The premature withdrawal facility is available for all Bank of India FD, provided they are not tax saving schemes.

  • What is the upper limit for Bank of India FD investments?

There is no limit on the maximum investment in case of fixed deposits. However, those looking to invest sums exceeding Rs. 5 Crore needs to seek approval for the same from the Treasury Branch.

  • Can investors deposit additional funds into an on-going FD investment?

No. Investors cannot add funds into an existing FD investment. However, they can close the current FD and start another one in its place with the additional investment.

  • What is the maximum loan Investors can avail against their FDs?

Bank of India provides loans valued at 90% of the FD value. For instance, if the investment is Rs. 1 Lakh, the investor can avail loans of up to Rs. 90,000 against this FD.

  • Can a customer open Bank of India FD online?

Yes. Bank of India online FD opening is possible. Interested customers need to complete the application form and submit the same online. Following this, a bank representative should reach out to the applicant.