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.

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FEATURES
bank-of-india-bank
sbi-bank
hdfc-life-insurance
maxlife
Returns (BEFORE TAX)
6.50%
6.50%
7.0%
Highest Return7.5%
Returns (AFTER TAX)*
4.55%
4.55%
4.9%
LIFE COVER
No
No
No
₹10 Lakh**

Bank Of India FD Rates Feb 2024

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 (except 175 days) 4.50% 4.50%
175 days 4.50% 4.50%
180 days to 210 days 5.50% 6.00%
211 days to 269 days 5.50% 6.00%
270 days to less than 1 year 5.75% 6.25%
1 year 6.50% 7.00%
Above 1 year to less than 2 years 6.50% 7.00%
2 years 7.25% 7.75%
Above 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.

1 Yrs FD rate - Historical trend
Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
VIEW PLANS
*For annual premium upto ₹5 Lacs
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FD Calculator

Total Investment

₹500 ₹30L
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Rate of Interest (Yearly)

1% 15%
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Time Period

1 Year 15 Years
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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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Bank of India FD Interest Rates for Tax Saver FDs / Star Sunidhi Tax-Saving Deposit Scheme

The Bank of India FD interest rates for Domestic and NRO deposits of up to Rs. 2 crores are listed below:

Tenure BOI FD Interest Rates (in % p.a.)
For Regular Citizens For Senior Citizens
5 years to < 8 years 6.00% 6.75%
8 – 10 years 6.00% 6.75%

Bank of India Interest Rates for NRE (Non-Resident External) Deposits 

The BOI FD interest rates for NRE deposits of up to Rs. 2 crores are mentioned in the table below:

Tenure BOI FD Interest Rates (in % p.a.)
1 year 7.00%
> 1 year to < 2 years 6.00%
2 years to < 3 years 6.75%
3 years to < 5 years 6.50%
5 years to < 8 years 6.00%
8 – 10 years 6.00%

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

Bank of India FD Rates for RFC Deposits 

The following table shows the Bank of India interest rates on RFC deposits made by NRIs:

Tenure BOI FD Interest Rates (in % p.a.)
US$ GB£
1 year to < 2 years 5.00 4.25
2 years to < 3 years 4.00 2.50
3 years 3.35 2.55

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
  • 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)
  • 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
  • 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
  • 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.

  • 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.

Frequently Asked Questions
What are FD rates in Bank of India?
What is the FD rate of Bank of India 2023?
What is the FD rates of BOI in 777 days?
Which Bank gives highest interest on FD?

* Tax adjustment considering income tax slab of 30%
** Life cover for a plan with an annualized premium of Rs 1L
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Get Guaranteed returns upto 7.5%*

Fully Tax-Free unlike FD, and Life Cover Included

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