Bank of India FD Rates

Bank of India FD rates range from 3.00% to 6.00% p.a. for regular citizens, 3.00% to 6.75% p.a. for senior citizens and 3.00% to 6.90% p.a. for super senior citizens on tenures ranging from 7 days to 10 years. The BOI FD interest rates on Tax Saving Fixed Deposit Schemes is 6.00% p.a. for the general public, 6.75% p.a. for senior citizen and 6.90% p.a. for super senior citizen depositors. The bank provides you with various benefits like attractive interest rates, flexible tenures, loan on FD, and the assurance of safety and security.

Bank Of India FD Rates 2023

Tenure	REGULAR RATES Current Rates	SENIOR CITIZEN
7 days to 14 days	3.00%	3.00%
15 days to 30 days	3.00%	3.00%
31 days to 45 days	3.00%	3.00%
46 days to 90 days	4.50%	4.50%
91 days to 179 days	4.50%	4.50%
180 days to 269 days	5.00%	5.50%
270 days to less than 1 year	5.50%	6.00%
1 year	6.00%	6.50%
Above 1 year to 399 days	6.00%	6.50%
400 days (monsoon deposit)	7.25%	7.75%
401 days to less than 2 years	6.00%	6.50%
2 years to less than 3 years	6.75%	7.25%
3 years to less than 5 years	6.50%	7.25%
5 years to less than 8 years	6.00%	6.75%
8 years to 10 years	6.00%	6.75%

FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.

5 Yrs FD rate - Historical trend

Bank of India FD Rates for FCNR (B) Deposits

Tenure

BOI FD Interest Rates (in % p.a.)

US$

GB£

EU€

JP¥

CA$

AU$

1 year to < 2 years

5.00

4.25

0.02

0.55

0.99

2.60

2 years to < 3 years

4.00

2.50

0.21

0.55

2.05

1.42

3 years to < 4 years

3.35

2.55

0.36

0.54

2.27

1.78

4 years to < 5 years

3.25

2.60

0.46

0.55

2.33

2.05

5 years

3.15

2.60

0.52

0.56

2.34

2.17

About Bank of India FD Rates

BOI FD interest rates are the rates offered by Bank of India on its Fixed Deposit (FD) accounts. Fixed Deposits are one of the best investment options where you deposit a fixed sum of money for a specific period, and in return, the bank pays you interest at regular intervals or upon maturity.

The BOI FD interest rates are decided on the basis of the following conditions:
- Market conditions
- Deposit amount
- Chosen FD tenure
Bank of India offers competitive FD rates and provides you with a safe and secure way to grow your savings.
Types of BOI FD Schemes
BOI offers various FD options, the major among the types of Fixed Deposit Schemes offered are as follows:
- Fixed/ Short Term Deposit Scheme
- Bank of India Monthly / Quarterly Deposit Scheme
- BOI Star Sunidhi Deposit Scheme (Tax Saver FD)
- Double Benefit Term Deposit Scheme
- BOI Motor Accidental Claims Fixed Deposit (BOI MACAD) Scheme
- BOI Special Deposit Scheme
- Current Deposits Plus Scheme
- NRE Account Term Deposit Scheme
- FCNR (B) Term Deposit Scheme
- RFC Term Deposit Account
Read More

Details of Types of Bank of India FD Schemes

Let us learn about the types of Bank of India Fixed Deposit Schemes in details in the following sections.

1. Fixed/ Short Term Deposit Scheme

A fixed deposit (FD) or short-term deposit (STD) is a type of savings account where you deposit a lump sum of money for a fixed period while Bank of India provides a guaranteed return on your investment.

Features of Fixed/ Short Term Deposit Scheme:

Eligibility: All the regular savings account customers are applicable.
The interest rates on fixed deposits are usually higher than the interest rates on savings accounts.
Interest Calculation for Short-term Deposits:For the short deposits that are repayable within 6 months, interest is calculated on the basis of actual number of days, based on a 365-day year.
It is mandatory to open a BOI Savings Bank Account for regular disbursement of interest.
The interest is paid half-yearly under the non-cumulative fixed deposit option.
The minimum tenure of a short deposit is 7 days, while the fixed term ranges from 1 to 10 years.
The minimum deposit under the short term is Rs. 1,000, whereas the minimum deposit under the fixed term is Rs. 10,000.
Nomination Facility: Available
Premature withdrawals after the completion of 12 months are allowed without any penalties.
TDS is deducted on the interest payment as per your income tax slab

2. Bank of India Monthly / Quarterly Deposit Scheme

The deposit made in this type of account, known as Quarterly/Monthly Income Certificate. It offers a stable monthly income in the form of interest to the depositor for a predetermined duration while keeping the initial deposit amount intact.

Features of BOI Monthly/ Quarterly Deposit Scheme:

Eligibility:
- Single Account (for Individual)
- Joint Account (for Two/more Individuals)
- Sole Proprietary Account
- Partnership Firms/ Hindu Undivided Families (HUF)
- Illiterate Persons
- Blind Persons
- Minor Individuals
- Associations/ Clubs/ Societies/ etc.
- Trusts/ Religious Institutions/ Charitable Institutions
- Municipalities/ Panchayats/ Government/ Quasi Government Bodies
- Educational Institutions/ Universities
You can choose among the following interest payment options:
- Monthly: The monthly interest is paid at a discounted rate
- Quarterly: The quarterly interest is paid at the actual rate.
Minimum Amount:
- Metro/ Urban Cities: 10,000
- Rural/ Semi-rural areas: Rs. 5,000
- For Senior Citizens: Rs. 5,000
Maximum Tenure: 10 years
Deposits with quarterly interest payments are treated as fixed deposits under the bank's scheme.
The interest earned on a quarterly or monthly basis will be directly credited to the depositor's savings or current account.
The interest payments are subjected to Tax Deduction at Source (TDS) as per your income tax slab.
The scheme offers an additional interest of 0.5% to Senior Citizens.
Premature withdrawals after the completion of 12 months are allowed without any penalties.
Before the completion of 12 months, a 0.5% penalty is levied on deposits below Rs. 5 lakhs and 1% for deposits above Rs. 5 lakhs.

3. BOI Star Sunidhi Deposit Scheme (BOI Tax Saver FD)

BOI Star Sunidhi Deposit Scheme is a unique fixed deposit product that provides the dual benefit of tax savings and returns. A tax saver fixed deposit provides a tax deduction of up to Rs. 1,50,000 under Section 80C of the Income Tax Act.

Features of Star Sunidhi Tax Saver FD Scheme:

Eligibility: Individuals and HUFs with PAN numbers can invest.
Deposit Amount: Rs. 10,000 - Rs. 1.5 lakhs per year
Type of Deposit: Fixed Deposit Receipt (FDR), Monthly Income Certificate (MIC), Quarterly Income Certificate (QIC), or Double Benefit Deposit (DBD).
Tenure: 5 – 10 years
Additional Interest Rate for Senior Citizens: Standard domestic term deposit rates, plus 0.50% for senior citizens.
Premature Withdrawal: No premature withdrawal is permitted for the first 5 years.
However, in case of death of the depositor, the nominee/legal heir may withdraw the deposit before the lock-in period.
Advance Facility: Not available for 5 years from the date of deposit.
Nomination Facility: Available
Other Benefits: Tax exemption is allowed under Section 80C of the Income Tax Act, 1961.
You can invest as small as Rs. 10,000.

4. Double Benefit Term Deposit Scheme

BOI Double Benefit Deposit Scheme offers a higher yield on the principal at maturity due to quarterly compounding.

Features of BOI Double Benefit Deposit Scheme:

The interest paid under this scheme is compounded annually.
The principal and interest are at maturity, and not monthly or semi-annually like other deposits.
Tenure: 6 months – 120 months
This scheme is suitable for short-term and medium-term investments
Minimum Amount:
- Metro/ Urban Cities: 10,000
- Rural/ Semi-rural areas: Rs. 5,000
- For Senior Citizens: Rs. 5,000
TDS is applicable on interest payments

5. BOI Special Deposit Scheme

The Star Flexi Recurring Deposit scheme offers flexibility to the customer.
You can choose a core instalment amount and monthly flexi instalments, which are multiples of the core instalment.
Interest Rate: The rate of interest is same as that of regular fixed deposit scheme.

6. BOI Motor Accidental Claims Fixed Deposit (BOI MACAD) Scheme

The Star Motor Accidental Claimant Annuity Deposit (MACAD) is a new product that has been formulated for the disbursement of compensation awarded by a Tribunal/Court to victims/claimants of accidents. The MACAD has an in-built Term Deposit and a Savings Bank Account.

Features of BOI Double Benefit Deposit Scheme:

MACAD Term Deposit Account:

Particulars	Details
Objective	To deposit one-time lump sum amount as decided by the Court/Tribunal Deposited to receive it in Equated Monthly Instalments (EMIs) Comprises a part of the principal amount as well as interest
Eligibility	Adult Individuals Minors (through a guardian)
Mode of Account Holding	Single
Minimum Deposit Amount	Depends on the minimum monthly annuity of Rs. 1000
Maximum Deposit Amount	No Limit
Tenure	3 – 10 years
Interest Rate	Same as regular BOI FD interest rates
Receipts	Not provided
Passbook	MACAD passbook is provided
Interest Payment	The annuity amount is paid on a monthly basis to the MACAD Savings Account after deducting TDS
Premature Withdrawal	Premature closure or part lump sum payment of MACAD during the life of the claimant will be made with the permission of the court No penalty is charged on premature closure
Taxation	Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get an exemption from Tax deduction.

BOI MACAD Savings Bank Account

Particulars	Details
Eligibility	Adult Individuals Minors (through a guardian)
Mode of Account Holding	Single
Limit on Savings Account Balance	No Limit
Facilities NOT Provided under MACAD Savings Account	Cheque Book Debit Card Welcome Kit Internet Banking Mobile Banking Facility Transfer of Account
Mode of Withdrawals	Through withdrawal forms, or Through Bio-metric authentication
Account Open	By visiting your nearest BOI bank branch
Nomination Facility	Not Available
Rate of Interest	As per regular BOI Savings Bank Account
Bank Account Statement	Available online

7. Current Deposits Plus Scheme

Bank of India offers the Current Deposit Plus Scheme that combines a current account and a short-term deposit account.

Features of BOI Current Deposits Plus Scheme:

Minimum Average Quarterly Balance in Current Deposit Account: Rs. 5 lakhs
Minimum Average Quarterly Balance in Short Deposit Account: Rs.1 lakh
Excess amount over Rs. 5,00,000/- will be transferred to the Short Deposit portion in multiples of Rs. 1,00,000/- for 7 to 90 days.
Urgent fund requirements can be met by sweeping-in funds from Short Deposit portion in multiples of Rs. 1,00,000/- (LIFO basis, subject to availability).
Interest Payment: Interest is paid on Short Deposit portion based on maturity period.
Penalty-free early withdrawals are allowed to meet shortfalls as per the fund availability.
Penalty of Rs. 1,000/- per quarter if Current deposit account's average quarterly balance falls below Rs. 5 lakhs.
The interest payable is subjected to TDS as per IT Act, 1961.
The scheme also offers automatic renewal and is applicable for tierisation with associated benefits.
Eligibility:
- Corporates
- Proprietorship
- Partnerships
- Individuals
- Schools/ Colleges/ Other institutions (other than banks)

8. NRO Account Term Deposit Scheme

Eligibility: Non-Resident Indians (NRIs)
- Exception- Indian residents in Bhutan and Nepal
Facilities:
- Joint Account
- Nomination Facility
Repatriation: Principal amount up to US$ 1 million is freely repatriable.
Repatriation is subjected to Foreign Exchange Management Act (FEMA, 2000) guidelines from time to time.
Currency for Deposits: Indian Rupees (INR)
Tenure: 7 days – 10 years
Interest Rate: 6.00% - 7.00% p.a. (for deposits below Rs. 2 crores)
Taxation: TDS is deducted as per DTAA rules between India and the nation of residence

9. NRE Account Term Deposit Scheme

The amount deposited in an NRE Term Deposit Account can be freely repatriated to the home country of the NRI.
Eligibility: Non Resident Indians (NRIs)

Facilities:

Joint Account
Nomination Facility

Currency for Deposits: Indian Rupees (INR)
Tenure: 1 – 10 years
Interest Rate: 6.00% - 7.00% p.a. (for deposits below Rs. 2 crores)
Taxation: Exempt from income tax

10. FCNR (B) Term Deposit Scheme

The deposited amount in the FCNR (B) account is freely repatriable.
Currency of Deposit: US$/ GB£/ EU€/ JP¥/ AU$/ CA$
Tenure: 1 – 5 years
Eligibility: Non-Resident Indians (NRIs)
- Exception- Indian residents in Bhutan and Nepal
Facilities:
- Joint Account
- Nomination Facility
Taxation: The interest earned is exempted from income tax

11. RFC Term Deposit Account

The deposits made in RFC account is freely repatriable.
Currency of Deposit: US$/ GB£
Tenure: 1 – 3 years
Eligibility: Non-Resident Indians (NRIs)
- Exception- Indian residents in Bhutan and Nepal
Facilities:
- Joint Account
- Nomination Facility
Taxation: Interest income is exempt from tax as long as the individual is a resident but not ordinarily resident in India.
- If the individual becomes ordinarily resident in India, then TDS will be deducted at the rate of 10% plus surcharge as applicable.

Bank of India Interest Rate Calculator
BOI FD Interest Rates calculator is an easy-to-use, hassle-free tool that helps you to quickly calculate the following values:
- Maturity amount
- Total Investment
- Interest earned
To use the FD Calculator, you need to enter the following information:
- Deposits Amount
- Rate of Interest
- Tenure of the Fixed Deposit Account
- Compounding Period (yearly, half-yearly, quarterly, or monthly)
Read More
What are the Eligibility Criteria for BOI FD Rates?
The following individuals and groups are eligible to open a BOI fixed deposit account-
- Partnership firms
- Individual/ Joint Account
- Minors
- Trusts
- Joint Hindu families
- Limited companies
- Municipalities
- Partnership firms
- Educational institutions
- Associations
- Societies
Read More
What are the Documents Required to Open BOI FD Account?
The list of documents essential to apply for the BOI Fixed Deposit Account are as follows:

1. Address Proof
- Passport
- Telephone/ Electricity Bill
- A post-office-issued ID card or certificate
2. Identity Proof
- Voter ID card
- Passport
- Driving license
- PAN card
- Photo ration card
- Government ID / Senior citizen ID card
Read More
How to Apply for the BOI FD scheme

An investor can opt for either of the following methods to invest in BOI FD Interest Rates Scheme:

1. Internet Banking

The following steps need to be followed to invest via internet banking:

Step 1: Login to the bank account

Step 2: Click on the "Open Fixed Deposit" option under the "transaction" tab.

Step 3: Fill in the needful details like the policy's tenure and the amount willing to be invested.

Step 4: Provide nominee details.

Step 5: Confirm all the details before proceeding further.

Step 6: A receipt will be generated that can be downloaded instantly.

2. BOI Mobile Application

The following steps need to be followed to open an FD account via the mobile application of the bank:

Step 1: Download the bank's application on your mobile (it can be either ios or android).

Step 2: After creating credentials, one can sign in to the application.

Step 3: Head to the main menu and select the deposit option after signing in.

Step 4: Under the "Deposits" option, choose the "Open Fixed Deposit" tab.

Step 5: Fill in all the required details and upload the required documents.

Step 6: A receipt will be generated after successfully providing all the details, which can be downloaded immediately.

3. BOI FD Account Offline

In the offline method of opening a Bank of India Fixed Deposit Account, you need to visit the nearest bank branch and fill out forms to open their respective FD account. Submit all the relevant documents along with the deposit amount to the branch manager and complete the lump sum deposits payment. After successfully verifying all the provided documents, the branch manager provides a receipt that is the account opening proof for the investor.

Read More
In Conclusion

The Bank of India offers competitive interest rates and various tenure options across a range of term deposit schemes. The BOI FD interest rates schemes provide you with reliable and secure investment options. By using the Bank of India FD Rates Calculator, you can make informed decisions to grow their savings with the bank.

BANKS	GENERAL CITIZENS	SENIOR CITIZEN
Bank of India FD Rates	2.85% - 5.35%	3.00% - 6.50%
SBI bank FD Rates	5.30% - 5.40%	5.80% - 6.20%
HDFC Bank FD Rates	2.50% - 5.60%	3.00% - 6.35%
ICICI Bank FD Rates	2.75% - 5.70%	3.25% - 6.20%
Axis Bank FD Rates	2.50% - 5.75%	2.50% - 6.50%
Yes Bank FD Rates	3.25% - 6.25%	3.75% - 7.25%
Kotak Mahindra FD Rates	2.50% - 5.75%	3.00% - 6.25%
Canara Bank FD Rates	2.93% - 6.40%	2.93% - 6.40%
Union Bank of India FD Rates	3.00% - 5.50%	3.75% - 5.75%
Indusind Bank FD Rates	2.75% - 6.00%	3.25% - 6.50%
PNB FD Rates	3.00% - 5.75%	3.50% - 6.25%
Bank of Baroda FD Rates	3.00% - 5.10%	3.50% - 5.60%
IDFC Bank FD Rates	3.50% - 6.00%	4.00% - 6.50%
Indian Bank FD Rates	2.90% - 5.15%	3.40% - 5.65%
DBS Bank FD Rates	2.50% - 5.50%	2.50% - 5.50%
UCO Bank FD Rates	2.55% - 5.05%	3.80% - 6.30%
Bandhan Bank FD Rates	3.00% - 5.00%	3.75% - 5.75%
IDBI Bank FD Rates	2.90% - 5.30%	3.40% - 5.90%
Central Bank of India FD Rates	2.75% - 5.15%	3.25% - 5.65%

Tenure for NRE Deposits: 1 – 10 years
Name of Bank	Highest FD Bank Interest Rates (in % p.a.)	1-Year Fixed Deposit Rates (in % p.a.)	3-Year Fixed Deposit Rates (in % p.a.)	5-Year Fixed Deposit Rates (in % p.a.)
Suryoday Small Finance Bank	9.10%	6.85%	8.60%	9.10%
Unity Small Finance Bank	9.00%	7.35%	7.65%	8.25%
Equitas Small Finance Bank	8.50%	8.20%	8.00%	7.25%
Jana Small Finance Bank	8.50%	7.25%	7.35%	6.00%
ESAF Small Finance Bank	8.50%	6.00%	6.75%	6.25%
Utkarsh Small Finance Bank	8.25%	7.75%	8.25%	7.50%
Ujjivan Small Finance Bank	8.25%	8.25%	7.20%	7.20%
DCB Bank	8.00%	7.25%	8.00%	7.75%
Bandhan Bank	7.85%	7.25%	7.25%	5.85%
RBL Bank	7.80%	7.00%	7.10%	7.10%
SBM Bank	7.75%	7.05%	7.30%	7.75%
YES Bank	7.75%	7.50%	7.25%	7.00%
Induslnd Bank	7.75%	7.75%	7.50%	7.25%
IDFC First Bank	7.50%	6.50%	7.25%	7.00%
Punjab & Sind Bank	7.35%	6.40%	6.25%	6.25%
Punjab National Bank	7.25%	6.75%	7.00%	6.50%
State Bank of India	7.10%	6.80%	6.50%	6.50%
Canara Bank	7.25%	7.00%	6.85%	6.70%
ICICI Bank	7.10%	6.70%	7.00%	7.25%
HDFC Bank	7.25%	6.60%	7.00%	7.00%

Bank of India FD Rates