Q1. What happens if I miss paying an RD instalment in Bank of India?

If an RD instalment is not paid on time, a penalty is levied under bank rules. The charge is â¹1.50 per â¹100 per month for tenures up to 5 years and â¹2.00 per â¹100 per month for tenures above 5 years. However, paying instalments regularly or in advance can help avoid such penalties.

Q2. What are the Bank of India senior citizen RD interest rates?

The Bank of India senior citizen RD interest rates range from 6.00% to 7.10% per annum, giving an extra benefit to eligible depositors. The bank offers an additional 0.50% interest for deposits below 3 years and 0.75% for tenures of 3 years and above, over the regular RD rates.

Q3. What is the minimum deposit required for a Bank of India RD?

To start the RD account, the least monthly deposit needed is â¹500 for regular RD and â¹1,000 for Bank of India flexi RD.

Q4. Can I link or operate RD through a Bank of India savings account?

With a Bank of India savings account, you can operate and manage a recurring deposit account very easily. The monthly RD instalments are usually debited directly from the savings account, making the process simple and convenient.

Bank of India RD Interest Rates

The Bank of India offers Recurring Deposit (RD) interest rates based on deposit tenure. At present, rates range from 5.50% to 6.60% per annum for the general public and 6% to 7.10% per annum for senior citizens. These rates vary with time period and are subject to change.

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What is a Bank of India Recurring Deposit

A Recurring Deposit (RD) from Bank of India is a savings option where you place a fixed sum each month for a selected period as agreed terms. It helps build savings in a planned way with regular contributions.

The minimum amount for regular RD is ₹500 (for flexi RD, it is ₹1,000), with a maximum limit of ₹10 lakh. The deposit duration can be selected as needed, and interest keeps adding up continually over time.

On completion, the full amount along with interest is paid. You can also use an RD calculator to estimate returns. The account can be opened via branch or digital banking services. Premature closure and loan against deposit may be allowed as per bank rules.

Bank of India RD Interest Rates

These tables show the latest RD interest rates, classified by deposit amount, tenure, and applicable senior citizen benefits for understanding.

For Deposits Below ₹3 Crores

Tenure	General (% p.a.)	Senior Citizen (% p.a.)	Super Senior Citizen (% p.a.)
180 to 210 days	5.50	6.00	6.15
211 to 269 days	5.50	6.00	6.15
270 days to less than 1 year	5.50	6.00	6.15
1 year	6.25	6.75	6.90
More than 1 year to less than 2 years	6.30	6.80	6.95
450 days	6.60	7.10	7.25
2 years to less than 3 years	6.30	6.80	6.95
3 years to less than 5 years	6.25	7.00	7.15
5 years to less than 8 years	6.00	6.75	6.90
8 years to 10 years	6.00	6.75	6.90

*Bank of India RD Interest Rates w.e.f. March 2, 2026

For Deposits ₹3 Crores to ₹10 Crores

Tenure	Regular (% p.a.)
180–210 days	5.75
211–269 days	5.75
270 days to less than 1 year	5.75
1 year	6.25
More than 1 year to less than 2 years	6.25
450 days	6.25
2 years to less than 3 years	6.00
3 years to less than 5 years	5.50
5 years to less than 8 years	5.50
8 years to 10 years	5.50

*Bank of India RD Interest Rates w.e.f. February 2, 2026

Types of Recurring Deposit (RD) in Bank of India

Bank of India offers two types of recurring deposit accounts to match different saving needs.

Regular Recurring Deposit (Standard RD)

The Regular Recurring Deposit (Standard RD) is a simple and fixed saving option where you deposit a set amount every month for a chosen period. The interest rate remains fixed at the time of opening, and the tenure generally ranges from 6 months to 10 years.

Star Flexi Recurring Deposit:

The Star Flexi Recurring Deposit offers greater flexibility in deposit amounts. The minimum core monthly installment is ₹500, in multiples, for Metro and Urban branches, and ₹100, in multiples, for Rural and Semi-Urban branches, while there is no upper limit on the maximum core installment.

You can place any sum in multiples of the chosen core instalment, and the maximum flexi instalment can be any number of times of this base amount. The tenure starts from a minimum of 12 months and goes up to 10 years, in multiples of 3 months. Interest is computed using the balance you maintain. If maintaining repeated deposits seems like a hassle, you can also check FD interest rates. Unlike RDs, fixed deposits let you earn guaranteed interest from a one-time investment.

Key Features of Bank of India RD

The Recurring Deposit from Bank of India provides simple and helpful features for regular savings over time:

Quarterly Compounding of Interest: Interest is calculated and added each quarter, increasing the maturity amount over time.
Premature Withdrawal Facility: This option allows closing your RD account before maturity, subject to rules and applicable charges. Deposits under ₹5 lakh incur no penalty when withdrawn after 12 months, but 0.50% penalty applies for withdrawals before 12 months. For deposits of ₹5 lakh and above, a 1.00% penalty is applicable on the Bank of India RD Premature Withdrawal.
Penalty for Delay: A fee is applied when monthly instalment is not paid within due time. The penalty is ₹1.50 per ₹100 per month for deposits up to 5 years and ₹2.00 per ₹100 per month for deposits above 5 years.
Advance Instalment Benefit: If instalments are paid in advance, the bank may waive the delay penalty, provided the same number of advance instalments are already kept.
Loan Against RD: You can avail a Bank of India Loan against RD by using your deposit as security, which helps meet short-term financial needs without closing the account.
Additional Interest Benefits: Bank of India provides extra interest over standard RD interest rates for eligible depositors:
General depositors: An extra 0.50% p.a. applies on deposits under ₹3 crore tenures from 6 months to 10 years.
3 years and above: The additional benefit increases to 0.75% p.a. for longer tenures.
Staff / Ex-staff (including eligible senior citizens): Up to 1.50% p.a. additional interest (combining staff and senior citizen benefits) on deposits below ₹3 crore.

How to Open a Bank of India RD

You can open a Recurring Deposit account at Bank of India via online and offline methods, depending on your preference and access to banking services.

Online Method

Opening an online account is simple through digital banking platforms.

Login to Net Banking: Log in using your registered user ID and password.
Select RD Option: Choose Recurring Deposit in deposit or investment section.
Enter Deposit Details: State monthly amount, tenure, and necessary personal details.
Verify Information: Double-check every detail entered before confirming the request.
Submit Application: Submit the form after ensuring all details are correct.
Confirmation of RD: Once your RD account is created, you get a confirmation message.

Offline Method

Opening offline requires visiting the nearest bank branch in person.

Visit Bank Branch: Attend the nearest Bank of India branch during working hours.
Request RD Form: Ask the staff for the Recurring Deposit application opening form.
Fill Application Form: Ensure all needed details are entered carefully in form.
Submit Documents: Provide identity and address proof as per KYC requirements.
Deposit Initial Amount: Pay the initial instalment as needed to activate the account.
Account Activation: The RD account is activated after verification by the bank officials.

Eligibility Criteria of Bank of India RD

Setting up a Recurring Deposit (RD) account with Bank of India requires you to meet basic eligibility conditions.

Individual (Single Account): A single applicant allowed to open a Recurring Deposit account in own name.
Joint Accounts: Joint Recurring Deposit can be opened by two or more holders.
Illiterate Persons: Applicants unable to read or write can open an RD account through bank procedures.
Minors: A minor may open an RD account, and a guardian generally operates and manages it.
Valid KYC Documents: Applicants need to provide identity and address proof as per bank rules.

Key Takeaways

Bank of India RD provides interest rates from 5.50% to 6.60% for general public and 6.00% to 7.10% for senior citizens in deposits. Starting with a ₹500 minimum deposit (for regular RD), it supports steady savings through monthly contributions each month. Quarterly compounding, flexible tenure up to 10 years, and steady growth make it a dependable choice for long-term financial planning.

FAQs

Q1. What happens if I miss paying an RD instalment in Bank of India?

If an RD instalment is not paid on time, a penalty is levied under bank rules. The charge is ₹1.50 per ₹100 per month for tenures up to 5 years and ₹2.00 per ₹100 per month for tenures above 5 years. However, paying instalments regularly or in advance can help avoid such penalties.
Q2. What are the Bank of India senior citizen RD interest rates?

The Bank of India senior citizen RD interest rates range from 6.00% to 7.10% per annum, giving an extra benefit to eligible depositors. The bank offers an additional 0.50% interest for deposits below 3 years and 0.75% for tenures of 3 years and above, over the regular RD rates.
Q3. What is the minimum deposit required for a Bank of India RD?

To start the RD account, the least monthly deposit needed is ₹500 for regular RD and ₹1,000 for Bank of India flexi RD.
Q4. Can I link or operate RD through a Bank of India savings account?

With a Bank of India savings account, you can operate and manage a recurring deposit account very easily. The monthly RD instalments are usually debited directly from the savings account, making the process simple and convenient.