Bank of India FD Interest Rates

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.

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.

• 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

• Trusts
• Joint Hindu families
• Limited companies
• Municipalities
• Partnership firms
• Educational institutions
• Associations
• Societies

2. Identity Proof

• Voter ID card
• Passport
• Driving license
• PAN card
• Photo ration card
• Government ID / Senior citizen ID card

• 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.