Bank of India FD Calculator

Bank of India provides fixed deposits for different periods starting from 7 days to 10 years. The individual can also calculate interest rates on the Bank of India FD Calculator. The Bank of India deposit rates calculator is available on the official portal of the bank.

How does the Bank of India FD Calculator Work?

Bank of India provides various fixed deposit options from which the customer can choose depending upon their needs and convenience. Different FD options are – Short Deposits, Double Benefit Deposit, Monthly Deposit, Quarterly Deposit, and Star Sunidhi Tax-Saving Deposit.

Each Deposit is designed for a different type of customers and organizations to use fixed Deposit as an investment tool for their money and safeguarding their money. The FD rates for different deposits are given in detail in the tables below:

For Domestic Deposits:

 

 

 

Period

< Rs 2 Crore

>Rs 2 Crore

< Rs 10 Crore

 

Rs 10 Crore and above

General

Senior Citizen

General

Senior Citizen

General

Senior Citizen

7 - 14 days

3.25

3.75

3.00

-

2.75

-

15 - 30 days

3.25

3.75

3.00

-

2.75

-

31 - 45 days

3.25

3.75

3.00

-

2.75

-

46 - 90 days

4.25

4.75

3.20

-

2.75

-

91-179 days

4.25

4.75

3.25

-

2.75

-

180-269 days

4.75

5.25

3.25

-

2.75

-

270 days to below1 year

4.75

5.25

3.25

-

2.90

-

1 year and above but below 2 years

5.25

5.75

3.50

-

2.90

-

2 years and above but below 3 years

5.30

5.80

3.50

-

3.00

-

3 years and above but below 5 than 5 years

5.30

5.80

3.50

-

3.00

-

5 years and above but below 8 years

5.30

5.80

3.50

-

3.00

-

8 years and above but below 10 years

5.30

 

5.80

3.50

 -

3.00

-

Tax Saver Fixed Deposits:

 

       

        Maturity Period

 

 

      Deposit Amount

              

                        Interest rate

 

    General

 

Senior Citizen

Star Sunidhi Tax-Saving Deposit Scheme – 5 years to 10 years

Up to 1 Lakh

    6.50

       7.00

NRO Fixed Deposits:

 

    Period

 

< 2 Crore

 

 

>2 Crore

<10 Crore

 

Rs. 10 Crore and above

7 - 14 days

3.25

3.00

2.75

15 - 30 days

3.25

3.00

2.75

31 - 45 days

3.25

3.00

2.75

46 - 90 days

4.25

3.20

2.75

91 - 179 days

4.25

3.25

2.75

180 - 269 days

4.75

3.25

2.75

270 days to below 1 year

4.75

3.25

2.90

1 year but below 2 years

5.25

3.50

2.90

2 years but below 3 years

5.30

3.50

3.00

3 years but below 5 years

5.30

3.50

3.00

5 years but below 8 years

5.30

3.50

3.00

8 years but below 10 years

5.30

3.50

3.00

In the chart above, the interest rates provided for various amounts are mentioned in detail. Customers can evaluate interest rates for their destined amount by using the information that is provided in the table above.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Simple Interest vs Compound Interest

Simple Interest and Compound Interest plays their part differently depending upon the period of time that the customer chooses. Simple Interests add benefits to Fixed Deposits less than 6 months of time. Interest is the percentage of the “principal” or the initial amount added to the principal over a defined period. Two types of interests are – Simple Interest and Compound Interest.

The types of interests are discussed in detail below:

  • Simple Interest: It is the percentage of the principal added to the principal regularly on the defined period. The formula for simple interest is:

I = (P* R* T)/100 , where,

  • I, Interest
  • P, Principal
  • n, period and
  • r, rate of interest.

  • Compound Interest: The percentage of the principal amount also comprises the previously accrued interest. The formula for Compound Interest is,

The Bank of India FD Calculator determines the maturity value where the compounding frequency is quarterly. The formula below explains in detail how interests are calculated for deposits.

A = P *(1+ r/n) ^ (n*t), where,

  • Pis principal
  • Ais maturity amount
  • ris the rate of interest
  • nis period
  • tis FD tenure
FD interest have fallen consistently over the last 5 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years
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How to use Policybazaar BOI FD Calculator?

The Bank of India FD Calculator needs a set of basic information about the individual and the deposit amount of the individual. The calculator can be used by visiting the official online portal of the bank. Suppose the user chooses an FD calculator for accessing the Bank of India's FD calculations. In that case, similar steps are to be followed while using the calculator on the bank's official website. Every step followed for using the FD Calculator is easy and simple.

Steps that are needed for using the Bank of India FD Calculator is given below:

  • Visit the PolicyBazaar official portal and click on the “FD Calculator”.
  • Select Bank of India FD Calculator.
  • Enter the principal amount for depositing purpose.
  • Choose a period of time for which the amount will be deposited.
  • Select the type of Deposit that suits the depositor's needs.
  • Finally, click on the “Calculate” button.
  • The interest amount for the depositing amount will be displayed on the screen.
  • Suppose the depositor needed to change the value of the depositing amount or period of Deposit. In that case, they could refresh and follow the same steps with different time periods.
  • Since the Bank of India, Deposit rates calculator is free of charge, and it can be used n number of times. The depositor can use it, again and again, to differentiate and decide which amount to deposit.

Advantages of using Bank of India FD Calculator

Bank of India FD Calculator is available online and free to use.  There are many advantages to using the online FD Calculator. Some of the benefits of the calculator are listed below:

  • The depositor can choose between various deposit plans and finalize the deposit amount and time period for their Deposit based on their needs.
  • Bank of India FD Calculator is available online and is free to use.
  • It can be used a number of times.
  • The depositor can choose the interest payout option as monthly, yearly, Half-Yearly or Quarterly.
  • The depositor can get a clear idea of how interest rates work in a particular deposit.
  • The depositor can get the correct interest amount that will be paid.
  • Saves a lot of time for the customer.
  • The process is easily accessible and can be used from anywhere and at any time.
  • Saves a lot of paperwork for the customer.
  • Safeguards customer’s money while earning more money for their existing money.

There are even more advantages to using the FD Calculator. The main objective for the Bank of India deposit rates Calculator is to help the investor choose a deposit that suits their needs the best.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

FAQs:

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

Written By: PolicyBazaar - Updated: 24 June 2021
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