Bank of India FD Interest Rates 2025

What is a Bank of India Fixed Deposit?

Bank of India Fixed Deposit (FD) allows individuals to invest a fixed sum of money for a specific period and earn interest at a fixed rate. The deposit tenure ranges from 7 days to 10 years. The minimum deposit amount is ₹10,000, but in cases involving earnest money, tenders, or court orders, deposits below ₹10,000 may be accepted with supporting documents.

For Recurring Deposits (RDs), the minimum monthly installment is ₹500, and for Flexi Recurring Deposits, it is ₹1,000. FD interest rates vary based on the deposit amount, tenure, and customer category (such as regular or senior citizen).

Interest is paid either periodically (non-cumulative) or at maturity with compounding (cumulative). Senior citizens and super senior citizens are eligible for additional interest on applicable tenures. Bank of India also offers options such as non-callable deposits and special schemes like the Green Deposit with a 999-day maturity.

Key Benefits of Bank of India Fixed Deposits

You can enjoy some major benefits when you open a Bank of India FD. A few of them are mentioned below:

1. Fixed Interest Earnings:

Bank of India FDs offer a fixed interest rate decided at the time of opening the deposit. The rate remains unchanged throughout the tenure, helping depositors plan their earnings in advance.

2. Range of Tenures:

You can choose from multiple deposit periods starting from 7 days up to 10 years, based on your savings duration and financial planning.

3. Interest Rate Variants:

The interest rates for Bank of India FDs vary depending on the amount and tenure. Senior citizens and super senior citizens receive additional interest for eligible durations (typically around 0.5% extra), making it suitable for retirement income planning.

4. Non-Callable and Callable Options:

Bank of India offers two types of fixed deposits: callable and non-callable. Callable deposits allow you to withdraw your money before the maturity date, but the interest rates may be slightly lower. Non-callable deposits do not permit early withdrawal; however, they generally offer higher interest rates. This allows depositors to choose based on whether they need flexibility or prefer better returns.

5. Loan Against Deposit:

Bank of India offers the facility to avail loans or overdrafts against Fixed Deposits (FDs), allowing depositors to meet urgent financial needs without prematurely withdrawing their deposits. The loan amount can be up to 90% of the FD value. TDS is applicable above ₹50,000 (₹1,00,000 for seniors). To save TDS, submit Form 15G/15H.

Bank of India FD Interest Rates

Here’s a detailed overview of Bank of India’s current Fixed Deposit interest rates across various investment amounts and tenure options. It's essential to compare these rates with other options like Tax-Saving FDs for maximum benefits.

Bank of India FD Rates on Domestic/NRO Term Deposits (Callable)

*Bank of India FD interest rates w.e.f. June 16, 2025

Bank of India FD Rates on Domestic/NRO Deposits (Non-Callable)

*Bank of India FD interest rates w.e.f. June 16, 2025

Bank of India FD Rates for Callable Deposits

*Bank of India FD interest rates w.e.f. July 11, 2025
You can also compare these rates with Recurring Deposit interest rates for better liquidity.

How to Open a Bank of India FD

Opening a Fixed Deposit with the Bank of India is a simple process. You can choose to open it online if you have access to digital banking, or offline by visiting a nearby branch.

1. Online Method

If you are an existing Bank of India customer with Internet Banking or Mobile Banking access, you can open an FD in just a few minutes:

• Log in to your account using Bank of India Internet Banking or the BOI Mobile App.

• Navigate to the “Fixed Deposit” or “Term Deposit” section on the dashboard.

• Select the option to “Open New Fixed Deposit”.

• Enter the deposit amount and choose the tenure (anywhere from 7 days to 10 years).

• Choose the interest payout option: cumulative (paid at maturity) or non-cumulative (monthly/quarterly).

• Provide nominee details, if required.

• Review the information and submit the request.

Once completed, your FD will be created instantly, and confirmation details will be shared via SMS or email.

2. Offline Method

If you prefer face-to-face assistance or do not use digital banking, you can open a Bank of India FD by visiting a branch:

• Visit your nearest Bank of India branch during working hours.

• Ask for the Fixed Deposit opening form at the counter.

• Fill in the details, including deposit amount, maturity period, interest payout preference, and nominee information.

• Submit the completed form along with valid identity and address proof (Aadhaar, PAN, Voter ID, etc.).

• Deposit the amount by cash or cheque.

• The bank staff will process your application and provide an FD receipt and acknowledgement.

This method is often preferred by senior citizens and HUF members, who may require assisted service.

Key Takeaways

Bank of India Fixed Deposits offer interest payouts across various tenures, ranging from 7 days to 10 years. Customers can open FDs online or at a branch, with options like loans against the deposit amount and additional rates for senior and super senior citizens. However, one limitation is that fixed deposits have limited liquidity; early withdrawal may lead to penalties (usually 1% on interest earned) and lower interest. For individuals seeking tax benefits, provisions under Section 80C (for tax-saving FDs) and Section 87A (for rebate eligibility) may be applicable.