| TENURE | REGULAR 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 210 days | 6.00% | 6.50% |
| 211 days to 269 days | 6.00% | 6.50% |
| 270 days to less than 1 year (except 333 days) | 6.00% | 6.50% |
| 1 year | 6.80% | 7.30% |
| Above 1 year to less than 2 years | 6.80% | 7.30% |
| 400 days | 7.30% | 7.80% |
| 2 years | 6.80% | 7.30% |
| 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% |
Bank Of India Fixed/Short-Term Deposit
Bank of India's Fixed/Short-Term Deposit allows you to invest your money for a fixed period and earn interest. It caters to both short-term needs with options ranging from 7 days to 6 months. These deposits are ideal for parking your money briefly, while fixed deposits are suitable for longer-term financial goals.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
- Home
- FD Interest Rates
- BOI FD Interest Rates
- Bank Of India Fixed/Short-Term Deposit
BOI FD Interest Rates 2024
FD Interest Rates for Deposits of Rs.10 Cr & Above W.E.F 14-05-2024
| Maturity Buckets | 10 Crore And Above But Less Than 50 Crore (%) | 50 Crore And Above (%) |
| 7 days to 14 days | 6.25 | 6.25 |
| 15 days to 30 days | 6.25 | 6.25 |
| 31 days to 45 days | 6.35 | 6.35 |
| 46 days to 90 days | 6.50 | 6.50 |
| 91 days to 120 days | 6.75 | 6.75 |
| 121 days to 174 days | 7.40 | 7.40 |
| 175 days | 7.40 | 7.40 |
| 176 days to 179 days | 7.40 | 7.40 |
| 180 days to 269 days | 7.40 | 7.40 |
| 270 days to less than 1 Year | 7.40 | 7.40 |
| 1 Year | 7.50 | 7.50 |
| Above 1 Year but less than 2 Years | 7.15 | 7.15 |
| 2 Years and above but less than 3 Years | 4.50 | 4.50 |
| 3 Years and above to less than 5 Years | 4.50 | 4.50 |
| 5 Years and above to less than 8 Years | 4.50 | 4.50 |
| 8 Years and above to 10 Years | 4.50 | 4.50 |
Comparison Between
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
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
*For annual premium upto ₹5 Lacs
Annualized Rates
Below are the annualised rates for:
-
For deposits less than Rs.2 Cr
-
For deposits of Rs.2 Cr & above but less than Rs.10 Cr
| Maturity | Rate Of Interest % (P.A.) For Deposits Less Than Rs.2 Cr |
Annualized Rate Of Return At Minimum Of The Maturity Bucket % For Deposits Less Than Rs.2 Cr |
Rate Of Interest % (P.A.) For Deposits Of Rs.2 Cr & Above But Less Than Rs.10 Cr |
Annualized Rate Of Return At Minimum Of The Maturity Bucket % For Deposits Of Rs.2 Cr & Above But Less Than Rs.10 Cr |
| 180 days to 210 days | 5.50 | 5.54 | 6.25 | 6.30 |
| 211 days to 269 days | 5.50 | 5.54 | 6.50 | 6.61 |
| 270 days to less than 1 Year | 5.75 | 5.83 | 6.50 | 6.61 |
| 1 Year | 6.80 | 6.98 | 7.25 | 7.45 |
| Above 1 Year to less than 2 Years | 6.80 | 6.98 | 6.75 | 6.92 |
| 2 Years | 7.25 | 7.73 | 6.50 | 6.88 |
| Above 2 Years to less than 3 Years | 6.75 | 7.16 | 6.50 | 6.88 |
| 3 Years to less than 5 Years | 6.50 | 7.11 | 6.00 | 6.52 |
| 5 Years to less than 8 Years | 6.00 | 6.94 | 6.00 | 6.94 |
| 8 Years & above to 10 Years | 6.00 | 7.63 | 6.00 | 7.63 |
People also read: BOI FD Interest Rates
Rate For Senior Citizen Deposits Less Than Rs. 2 Cr. W.E.F 01.04.2024
| Maturity | For Deposits Of Less Than Rs. 2 Cr. For Senior Citizens (%) | For Deposits Of Less Than Rs. 2 Cr. For Super Senior Citizens (%) |
| 07 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 210 days | 6.00 | 6.15 |
| 211 days to 269 days | 6.00 | 6.15 |
| 270 days to less than 1 Year | 6.25 | 6.40 |
| 1 Year | 7.30 | 7.45 |
| Above 1 Year to less than 2 Years | 7.30 | 7.45 |
| 2 Years | 7.75 | 7.90 |
| Above 2 Years to less than 3 Years | 7.25 | 7.40 |
| 3 Years to less than 5 Years | 7.25 | 7.40 |
| 5 Years to less than 8 Years | 6.75 | 6.90 |
| 8 Years & above to 10 Years | 6.75 | 6.90 |
Annualised Rate For Senior Citizen Deposits for Less Than Rs. 2 Cr. W.E.F 01.04.2024
| Maturity | Rate Of Interest % (P.A.) For Senior Citizens | Annualized Rate Of Return At Minimum Of The Maturity Bucket % * For Senior Citizens | Rate Of Interest % (P.A.) For Super Senior Citizens | Annualized Rate Of Return At Minimum Of The Maturity Bucket % * For Super Senior Citizens |
| 180 days to 210 days | 6.00 | 6.04 | 6.15 | 6.20 |
| 211 days to 269 days | 6.00 | 6.04 | 6.15 | 6.20 |
| 270 days to less than 1 Year | 6.25 | 6.35 | 6.40 | 6.50 |
| 1 Year | 7.30 | 7.43 | 7.45 | 7.59 |
| Above 1 Year to less than 2 Years | 7.30 | 7.50 | 7.45 | 7.66 |
| 2 Years | 7.75 | 8.30 | 7.90 | 8.47 |
| Above 2 Years to less than 3 Years | 7.25 | 7.73 | 7.40 | 7.90 |
| 3 Years to less than 5 Years | 7.25 | 8.02 | 7.40 | 8.20 |
| 5 Years to less than 8 Years | 6.75 | 7.95 | 6.90 | 8.16 |
| 8 Years & above to 10 Years | 6.75 | 8.85 | 6.90 | 9.11 |
What is Bank Of India Fixed/Short-Term Deposit?
Bank of India offers Fixed and Short-Term Deposit accounts, allowing you to invest your money for a fixed period and earn interest. Here are the key points:
Deposit Types:
-
Short-Term Deposits: Ideal for shorter investment horizons, with maturities ranging from 7 days to 6 months. Interest is calculated based on the actual number of days on a 365-day-year basis.
-
Fixed Deposits: Suited for longer-term investments, with maturities exceeding 6 months. Interest is calculated for complete months, and for incomplete terminal months, based on actual days (365-day year basis).
Account Requirements:
-
Know Your Customer (KYC) documents are mandatory, including proof of residence, identification, and a recent photograph.
-
It's recommended to maintain a Savings Bank Account with Bank of India to facilitate easy crediting of interest earned on your deposit.
FD interest rates India have fallen consistently over the last 12 years.
Who Can Open an Account?
A wide range of individuals and entities can open Fixed/Short-Term Deposit accounts:
-
Individuals (single or joint accounts)
-
Businesses (sole proprietorships, partnership firms)
-
Individuals with special needs (illiterate, blind)
-
Minors (with a guardian)
-
Companies (limited)
-
Various institutions (associations, clubs, societies, trusts, religious institutions, educational institutions, municipalities, government bodies, panchayats, charitable institutions)
People also read: FD Calculator
Minimum Investment Amount for Bank Of India Fixed/Short-Term Deposit
-
Minimum deposit amount varies by location:
-
Rs. 1 lakh for Short-Term Deposits and Rs. 10,000 for Fixed Deposits in metro and urban branches.
-
Rs. 5,000 for Fixed Deposits in rural and semi-urban branches.
-
Minimum of Rs. 5,000 for senior citizens across all locations.
-
A minimum of Rs. 1 lakh applies for deposits with a term of 7 to 14 days.
-
People also read: FD Interest Rates
Withdrawal and Maturity Criteria Under Bank Of India Fixed/Short-Term Deposit
-
The minimum amount criteria don't apply to deposits linked to government schemes, margin money, earnest money, or court-ordered deposits.
-
Interest is generally paid half-yearly on April 1st and October 1st (or the next working day if these dates fall on holidays).
-
Premature withdrawals are subject to Reserve Bank of India guidelines and may incur penalties.
Rates for Senior Citizen Deposits
BOI offers additional benefits for senior citizens (over 60 years old) who are the first account holders:
-
Additional Interest Rate:
-
0.50% p.a. extra on deposits between Rs. 5,000/- and Rs. 2 crore for terms of 6 months to 10 years.
-
0.75% p.a. extra on deposits for 3 years or more.
-
-
Staff/Ex-Staff Senior Citizens: An additional 1.50% p.a. on top of the regular staff rate and senior citizen rate for deposits below Rs. 2 crores (applicable to term deposits of 6 months to 10 years).
People also read: Which Bank is Best for Fixed Deposit
Rupee Term Deposit Rate - Additional Rate
| Type Of Accounts | Additional Staff Rate Applicable To Staff/Ex-Staff | Additional Senior Citizen Rate Applicable To Senior Citizen/Ex-Staff Senior Citizen |
| HUF | Not Applicable | Not Applicable |
| Capital Gain Scheme | Not Applicable | Not Applicable |
| NRE/NRO Deposits | Not Applicable | Not Applicable |
Rupee Term Deposit Rate - Penalty Details
| Category Of The Deposits | Penalty On Premature Withdrawal Of The Deposit |
| Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months | NIL |
| Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months | 0.50% |
| Deposits of Rs. 5 Lacs & above withdrawn prematurely | 1.00% |
Early Closure:
-
No penalty if the deposit is prematurely closed for renewal for a longer term than the remaining original term.
-
No penalty for withdrawal due to the depositor's death.
-
No penalty for withdrawal by bank staff, ex-staff, senior staff/ex-staff, or spouse of deceased staff (if first account holder).
-
Penalty applies for premature closure of Capital Gain Account Scheme deposits.
TDS on Term Deposits:
-
TDS applies to the interest earned on the total deposits across all branches.
-
This includes recurring deposits (RDs) as well.
Bank FD Interest Rates
Bank FD Calculator
NRI-NRE FD Rates
Allahabad Bank FD Interest Rates
Andhra Bank FD Interest Rates
Assam Gramin Vikash Bank FD Interest Rates
AU Small Finance Bank FD Interest Rates
Axis Bank FD Rates
Bajaj Finance FD Interest Rates
Bandhan Bank FD Interest Rates
Bangiya Gramin Vikash Bank FD Interest Rates
Bank of Baroda FD Interest Rates
Bank of Ceylon FD Interest Rates
Bank of India FD Interest Rates
Bank of Maharashtra FD Interest Rates
Expand
Allahabad Bank FD Calculator
Andhra Bank FD Calculator
AU Bank FD Calculator
Axis Bank FD Calculator
Bajaj Finance FD Calculator
Bandhan Bank FD Calculator
Bank of Baroda FD Calculator
Bank of India FD Calculator
Bank of Maharashtra FD Calculator
Canara Bank FD Calculator
Central Bank FD Calculator
Corporation Bank FD Calculator
Expand
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ 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
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
FD Calculator
Interest Earned
Maturity AmountFD Rates articles
Recent Articles
Popular Articles
11 Sep 2024
The PNB NRO Sugam Term Deposit Scheme offered by Punjab National
11 Sep 2024
The PNB NRE Rupee Sugam Term Deposit Scheme is a specialized
11 Sep 2024
The PNB Bulk Fixed Deposit Scheme offers competitive FD interest
11 Sep 2024
The PNB Growth Fixed Deposit Scheme is a fixed-term investment
11 Sep 2024
The PNB Floating Rate Fixed Deposit Scheme offers interest rates
