Bank of India FD Interest Rates

Bank of India Fixed Deposit

Carrying its tremendous reputation for being a one-stop financial solution for about a century, the Bank of India still stands as a leader in banking services.

Apart from being a mega power institution in the Indian economy, the Bank of India is a pioneer in providing financial solutions. Commercial banking, retail banking, private banking, asset management, mortgages, credit card services, and deposits are the collection of services provided by the Bank of India. 

Among the list, deposits, such as recurring and fixed deposits are favoured the most by the customers. The Bank of India has been leading an excellent example for other banks to be followed through their fixed deposit schemes.

About Bank of India Fixed Deposit Interest Rate Calculator

Bank of India Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of 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

Fixed Deposit Scheme by BOI

Their brand value has earned them a loyal customer base.

The Bank of India offers excellent benefits to minors, women, and senior citizens who invest in their fixed deposit schemes. Namely, senior citizens are given more interest as a part of the bank's initiative to support the elderly. The tenure of the fixed deposit is set by the customer as per his need. 

Starting from a tenure of just seven days, a customer can invest his amount for a maximum of ten years. The rate of interest for his deposit will vary accordingly. The higher the tenure, the better will be the rate of interest of the fixed deposit.

Bank of India Fixed Deposit Rates in India

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of the data provided below.

1. For Domestic Deposits - Below 2 cr (w.e.f. 01.08.2021)

   Maturity Buckets	Applicable Interest Rate
   7 days to 14 days	2.85*
   15 days to 30 days	2.85
   31 days to 45 days	2.85
   46 days to 90 days	3.85
   91 days to 179 days	3.85
   180 days to 269 days	4.35
   270 days to less than 1 year	4.35
   1 Year & above but less than 2 Yrs	5.00
   2 years & above to less than 3 years	5.05
   3 years & above to less than 5 years	5.05
   5 years & above to less than 8 years	5.05
   8 years & above to 10 years	5.05

2. For Domestic Deposits - 2 cr to less than 10 cr (w.e.f. 01.08.2021)

   Maturity Buckets	Applicable Interest Rate
   7 days to 14 days	2.85
   15 days to 30 days	2.85
   31 days to 45 days	2.85
   46 days to 90 days	3.20
   91 days to 179 days	3.25
   180 days to 269 days	3.25
   270 days to less than 1 year	3.25
   1 Year & above but less than 2 Yrs	3.50
   2 years & above to less than 3 years	3.50
   3 years & above to less than 5 years	3.50
   5 years & above to less than 8 years	3.50
   8 years & above to 10 years	3.50

   

3. For Domestic Deposits - Above 10 Cr (w.e.f. 30.08.2021)

   Maturity Buckets	Applicable Interest Rate
   7 days to 14 days	2.65
   15 days to 30 days	2.65
   31 days to 45 days	2.65
   46 days to 90 days	2.65
   91 days to 120 days	2.65
   121 days to 179 days	2.65
   180 days to 269 days	2.80
   270 days to less than 1 year	2.80
   1 Year	2.90
   1 Year & above but less than 2 Yrs	2.90
   2 years & above but less than 3 years	2.90
   3 years & to less than 5 years	2.90
   5 years & to less than 8 years	2.90
   8 years & above to 10 years	2.90

4. Tax Saver FD (Max Deposit – 1.5 LPA)

   MATURITY PERIOD	DEPOSIT AMOUNT	Interest Rate*
   Star Sunidhi Tax-Saving Deposit Scheme - 5 years to 10 Years	Up to Rs. 1.5 lakh	5.05%

*Rates similar to domestic deposits are applicable to Star Sunidhi Tax-saving Deposit scheme

Note: Non-Callable Rupee Term Deposit scheme has been suspended w.e.f. 10.07.2017

Tax* Implications

• The amount invested in Fixed Deposit with a tenure of 5 years with Allahabad Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.

• The applicable tax will be deducted at source, i.e. Bank of Baroda, in case the annual interest earned crosses Rs. 10,000.

*Tax benefit is subject to changes in tax laws

Rates for Senior Citizen Domestic Deposits

Domestic deposit rates applicable to senior citizens remain similar to the rates of general domestic deposits. However, the following conditions are applied in addition to the prevailing rates to offer extra benefits:

• The period of deposit should be for 6 months & above, for availing the benefit of the additional rate applicable to Senior Citizens / Staff/Ex-Staff Senior Citizen. 

• The Senior Citizen / Senior Citizen Staff/Ex-staff should be the first account holder and his/her age should be more than 60 Years at the time of placing the deposit.

• 0.50% p.a. additional rate of interest over and above card rates for General Public for minimum deposits of Rs. 5000/- (in case of Term Deposits) & Rs. 100/- (in case of Normal RD account & Rs. 1000/- for Flexi RD Accounts) up to Rs.2 Crore for term deposits of 6 Months & Above to 10 years.

• Similarly, 1.50% p.a. additional rate of interest over and above card rates (for Staff/Ex-Staff Senior Citizens, Spouse in case of deceased Staff/Ex-Staff) on their deposits below Rs. 2 Crore (i.e. 1% Staff Rate + 0.50% Senior Citizen Rate of Interest) for term deposits of 6 Months & Above to 10 years.

Rates for NRE Term Deposit

1. For NRE Rupee Term Deposits – Less than 2 Cr (w.e.f. 01.08.2021)

   Maturity Period	Applicable Interest Rate
   1 Year & above but less than 2 Years	5.00
   2 Years & above but less than 3 Years	5.05
   3 years to less than 5 years	5.05
   5 years and above up to 10 Years	5.05
   8 years& above to 10 Years	5.05

2. For NRE Rupee Term Deposits – 2 cr to less than 10 cr (w.e.f. 01.09.2020)

   Maturity	Applicable Interest Rate
   1 Year & above but less than 2 Years	3.50
   2 Years & above but less than 3 Years	3.50
   3 years to less than 5 years	3.50
   5 years and above up to 10 Years	3.50
   8 years& above to 10 Years	3.50

Note: For NRE deposits of more than 10 crores, contact your nearest branch or relationship manager.

Premature Withdrawal

1. No interest

   Payable for NRE term deposits remaining with the bank for less than 12 months 

2. No penalty

   For deposits remaining with the bank for 12 months and above

3. Penalty @ 1%

   Payable for deposits of Rs 5 lakhs and above for premature withdrawal after completing 12 months

Penalty Exemption:

• In case of the deposits which have been prematurely closed for renewing for a longer period than the remaining actual tenure, there shall be “No penalty” for the premature withdrawal irrespective of the amount of the deposit.

• No Penalty for the premature withdrawal of Term deposits due to death of depositor/s

• No penalty on premature withdrawals of Term Deposits by Staff, Ex-Staff, Staff/Ex-staff Senior Citizens and spouse of deceased staff as a first account holder

Note: Penalty on the Capital Gain Account Scheme remains unchanged. 

Disclaimer: TDS applies to Term deposits as per the Finance Act 2015.