Bank of India FD Interest Rates

Bank of India is a renowned name in the banking industry, holding its headquarters in Mumbai, Maharashtra. BOI offers a plethora of services and products for its customers. One of their major selling products is the BOI Fixed Deposit scheme, also known as term deposit, which provides competitive interest rates compared to other banks in the financial market, with tenure ranging from 7 days to 10 years. The bank offers myriad Fixed Deposit (FD) options for Individuals, Senior Citizens, and NRIs.

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FEATURES
bank-of-india-bank
sbi-bank
hdfc-life-insurance
maxlife
Returns (Max Tenure)
5.35%
6.25%
6.77%
Highest Return7.2%
Life Cover
No
No
No
Yes
Tax Saving
No
No
No
₹46,800*

Yearly

* Assuming investment of ₹ 1 Lakh per year & income tax slab of 30%

Bank Of India FD Rates 2023

Tenure REGULAR RATES
Current Rates
SENIOR CITIZEN
7 days to 14 days 2.85% 3.35%
15 days to 30 days 2.85% 3.35%
31 days to 45 days 2.85% 3.35%
46 days to 60 days 3.85% 4.35%
61 days to 90 days 3.85% 4.35%
91 days to 179 days 3.85% 4.35%
180 days to 269 days 4.35% 4.85%
270 days to less than 1 year 4.35% 4.85%
1 year to 443 days 5.30% 5.80%
444 days 5.5% 6.00%
445 days to less than 2 year 5.4% 5.90%
2 Year to less than 3 Years 5.40% 5.90%
3 Years to less than 5 Years 5.35% 5.85%
5 Years to less than 8 Years 5.35% 5.85%
8 years and upto 10 years 5.35% 5.85%

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
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Compare FD Interest Rates of Top Financial Institutions
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%
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About Bank of India FD Rates

Any bank's Fixed Deposit Interest Rate Scheme allows investors to invest a part of their salary in the FD scheme to achieve their goals and plan accordingly.

BOI offers various FD options, i.e., Short Term Deposits Scheme, Bank of India Monthly / Quarterly Deposit Scheme, and Star Sunidhi Tax Saving Deposit Scheme, which comes with online banking facilities. You can also make huge profits with a five-year tax-saving fixed deposit scheme.

Under the FD tax deduction benefit option, one can save up to Rs. 1,50,000 annually as per Section 80C of the Income Tax Act, 1961. It is convenient and easy to open an FD account online by logging in to the BOI internet banking account.

  • Types of BOI FD Schemes

    The types of Fixed Deposit Schemes offered by BOI are:

    • Fixed / Short Term Deposit Scheme
    • Bank of India Monthly / Quarterly Deposit Scheme
    • Star Sunidhi Tax Saving Deposit Scheme

    1. Fixed / Short Term Deposit Scheme

    The description of fixed / short deposits is as follows:

    • The interest is paid half-yearly under the non-cumulative fixed deposit option.
    • A fixed deposit scheme that earns high returns on your investment for a short tenure of 7 days is a short-term deposit scheme.
    • 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.
    • Offers nomination facility.
    • 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.

    2. Bank of India Monthly / Quarterly Deposit Scheme

    • A monthly Income Scheme is available for all Indian residents. You can open both single and joint accounts, and the payment is made monthly or quarterly as the depositor chooses.
    • The interest subjected to the TDS will be credited or paid to your current / savings / cumulative account at the end of every month or quarter.
    • 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. Star Sunidhi Tax Saving Deposit Scheme

    It 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. The features of this policy are:

    • You can invest as small as Rs. 10,000.
    • Up to Rs. 1,50,000 can be exempted annually under the tax saving FD as per Section 80C of the Income Tax Act.
    • A fixed return is guaranteed after the completion of 5 years.
    • Flexible payout options for interest are quarterly, monthly, and reinvestment in principal.
    • The interest that you earn is taxable.
    • The facility of auto-renewal and no premature withdrawal.
    • A nomination facility is available under the scheme.
  • Term-Wise BOI FD Interest Rates

    Fixed Deposits are considered one of the best ways to invest your surplus money. As per the tenure, the BOI Fixed Deposit interest rates are further categorized into long-term, medium-term, and short-term deposits.

    1. Long-Term Deposits

    The tenure of these fixed deposits ranges from 5 years to 10 years, and the BOI FD rates offered are 5.35%.

    2. Medium-Term Deposits

    The tenure of medium-term fixed deposits ranges from 1 year to less than 5 years. The Bank of India FD rate for such deposits is 5.35%.

    3. Short-Term Deposits

    BOI's short-term fixed deposits range from 7 days to 12 months. The bank's FD rates range from 2.85% per annum to 4.35% per annum. The reason for calling them short-term fixed deposits is their tenure of less than one year.

  • Bank of India Interest Rate Calculator

    BOI Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps quickly calculate the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

    • The amount that is invested
    • The Rate of Interest offered
    • The tenure of the Fixed Deposit Account
    • The compounding period, that is, yearly, half-yearly, quarterly, or monthly
    • The FD Amount

    Once entered the following details, an investor will come to know:

    • The maturity value of the FD
    • The total interest earned during the complete tenure
  • 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
  • Documents Required to Open BOI FD Account

    1. Address Proof

    • Bank Statements (with Cheque)
    • 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
  • How to invest in the BOI FD scheme

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

    1. Internet Banking

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

    • Login to the bank account
    • Click on the "Open Fixed Deposit" option under the "transaction" tab.
    • Fill in the needful details like the policy's tenure and the amount willing to be invested.
    • Provide nominee details.
    • Confirm all the details before proceeding further.
    • 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:

    • Download the bank's application on your mobile (it can be either ios or android).
    • After creating credentials, one can sign in to the application.
    • Head to the main menu and select the deposit option after signing in.
    • Under the "Deposits" option, choose the "Open Fixed Deposit" tab.
    • Fill in all the required details and upload the required documents.
    • 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, the investor needs to visit the nearest bank branch and fill out forms to open their respective FD account. All the relevant documents must be submitted to the branch manager along with the deposit amount. After successfully verifying all the provided documents, the branch manager provides a receipt that is the account opening proof for the investor.

  • Loan Against Bank of India Fixed Deposit

    BOI also offers loans against fixed deposits. You can easily get a loan of up to 90% of the amount of FD. It is essential to know that the bank does not offer you a loan against the FD of any other bank. The maximum tenure of the loan is restricted to the FD tenure.

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