Bank of India Special FD Schemes

What are Bank of India Special FD Schemes 2025?

Bank of India special fixed deposit schemes work like regular FDs but with some variations. These variations may be in the tenure, specific features, or the interest rates linked to them. For this reason, depositors often check the latest Bank of India FD rates to understand how these special options compare with standard deposits. 

The special schemes offered by BOI include the 450 Days FD (Star Vaibhav) and the 777 Days FD (Star Utsav), along with a Non-Callable 777 Days FD variant that provides slightly higher returns. The standout scheme is the Green Deposit (Harit Jama Yojana) with a 999-day tenure, promoting sustainable investments. It requires a minimum deposit of ₹1,00,000 and accepts amounts of less than ₹10 crore.

Bank of India Special FD Schemes Rates

Bank of India offers special fixed deposit schemes with defined tenures to match different investment needs. The FD interest rates vary by customer category, with additional benefits available for senior and super senior citizens.

The following are the latest rates on BOI Special FDs, effective 04 August 2025, for deposits below ₹3 crore:

BOI 450 Days FD Interest Rates 2025 (Star Vaibhav)

BOI Star Utsav Callable FD Interest Rates 2025 (777 Days)

BOI Star Utsav Non-Callable FD Rates 2025 (777 Days)

BOI 999 Days FD Interest Rates 2025 (Green Deposit)

Key Features of Bank of India Special FD Schemes

The main features of Bank of India Special FD Schemes are included below, covering deposit limits, withdrawal rules, and additional facilities:

• Minimum Deposit Amount: The minimum deposit required ranges from ₹10,000 to ₹1,00,000. For special cases like earnest money, tenders, or court orders, a lower amount is allowed if supported by proper documents.
• Callable and Non-Callable Options: Among the special FD schemes of Bank of India, the Star Utsav FD (777 days) is available in both callable and non-callable forms, while other schemes are offered only in callable form.
• Loan Facility: Under the special FD schemes, customers can take a loan or overdraft of up to 90% of the FD value. This facility allows access to funds without closing the fixed deposit.
• Premature Withdrawal: Bank of India special FD schemes allow premature withdrawal with a penalty of 0.50% to 1%, while non-callable deposits cannot be closed before maturity.

Documents Required for BOI Special FD Schemes

To open a Bank of India Special FD Scheme, applicants must provide identity, address, and banking details as part of the KYC process. The required documents include:

• Proof of Identity: Aadhaar, PAN, Passport, Voter ID, or Driving Licence.
• Proof of Address: Aadhaar, utility bill, Passport, bank statement, or rent agreement.
• PAN Card: Mandatory for tax reporting and TDS compliance.
• Photograph: Recent passport-size photograph (for offline applications).
• Account Details: Active Bank of India savings or current account to link the deposit.
• Proof of Age: Birth certificate, Aadhaar, or school certificate (required for minors).
• Incorporation/Registration Documents: Trust deed, partnership deed, certificate of incorporation, or society registration certificate (for firms, companies, trusts, and societies).
• Board Resolution/Authorisation Letter: Required when the deposit is opened in the name of a company, society, or association.

Eligibility Criteria for Bank of India Special FD Schemes

The main eligibility criteria for opening Bank of India Special FD Schemes include:

• Resident individuals (single or joint)
• Senior citizens and super senior citizens
• Minors through parents or legal guardians
• Hindu Undivided Families (HUFs)
• Partnership firms & Limited Liability Partnerships (LLPs)
• Registered societies, associations, and trusts
• Private and public limited companies
• Central and state government departments

How to Calculate Returns on Bank of India Special FD Schemes?

The returns from Bank of India’s special FD schemes work like regular fixed deposits. The bank generally uses two approaches to calculate the maturity value:

• Simple Interest (SI): Interest is applied only on the original deposit amount.

Formula: SI = (P × R × T) / 100

• Compound Interest (CI): Interest is calculated on the principal and the interest earned regularly.

Formula: A = P (1 + r/n)^(n × t)

Where:

• A = Maturity Amount
• P = Deposit Amount
• R = Annual Interest Rate
• n = Number of compounding intervals in a year
• t = Deposit tenure in years

The impact of Simple Interest and Compound Interest differs with the deposit tenure:

• Short-term deposits: The difference between Simple Interest and Compound Interest is minimal.
• Medium- to long-term deposits: Compound Interest has a higher maturity value than Simple Interest.
• Special FD schemes: With fixed periods such as 450 days, 777 days, or 999 days, the advantage of compound interest becomes more noticeable.

Bank of India Special FD Schemes Interest Calculation Illustrations

To help you understand how these special deposits work in practice, here are illustrations for different Bank of India Special FD schemes with sample calculations:

1. BOI 450 Days FD (Star Vaibhav)

   The Star Vaibhav FD is a special fixed deposit scheme with a tenure of 450 days. It is designed as a limited-period plan and is available only for deposits below a specified limit. This scheme is an alternative to regular FDs, giving depositors a defined option with a fixed maturity period.

   Suppose a general citizen invests ₹2,00,000 in this scheme for 450 days at an interest rate of 6.45%.

   Simple Interest Calculation (6.45%):

   SI = (2,00,000 × 6.45 × 1.23) ÷ 100 = ₹15,868

   Maturity Amount = ₹2,00,000 + ₹15,868 = ₹2,15,868

   Compound Interest Calculation (Quarterly, 6.45%):

   A = 2,00,000 (1 + 0.0645 ÷ 4)^(4 × 1.23)

   A ≈ ₹2,15,940

   Compound Interest = ₹2,15,940 – ₹2,00,000 = ₹15,940

2. BOI 777 Days FD (Star Utsav – Callable)

   The Star Utsav FD is a special scheme from the Bank of India with a fixed tenure of 777 days. It is available as a callable deposit, meaning premature withdrawal is permitted (with applicable penalties). The scheme carries separate rates compared to regular deposits of similar duration.

   If a senior citizen invests ₹1,50,000 in this scheme for 777 days at an interest rate of 7.10%:

   Simple Interest Calculation (7.10%):

   SI = (1,50,000 × 7.10 × 2.13) ÷ 100 = ₹22,685

   Maturity Amount = ₹1,50,000 + ₹22,685 = ₹1,72,685

   Compound Interest Calculation (Quarterly, 7.10%):

   A = 1,50,000 (1 + 0.071 ÷ 4)^(4 × 2.13)

   A ≈ ₹1,72,890

   Compound Interest = ₹1,72,890 – ₹1,50,000 = ₹22,890

3. BOI 777 Days FD (Star Utsav – Non-Callable)

   The Star Utsav Non-Callable FD is a special deposit scheme with a fixed tenure of 777 days. It is non-callable and does not allow premature withdrawal but carries a slightly higher interest rate than the callable version.

   Similarly, if a senior citizen invests ₹2,50,000 in this scheme for 777 days at an interest rate of 7.25%:

   Simple Interest Calculation (7.25%):

   SI = (2,50,000 × 7.25 × 2.13) ÷ 100 = ₹38,607

   Maturity Amount = ₹2,50,000 + ₹38,607 = ₹2,88,607

   Compound Interest Calculation (Quarterly, 7.25%):

   A = 2,50,000 (1 + 0.0725 ÷ 4)^(4 × 2.13)

   A ≈ ₹2,88,960

   Compound Interest = ₹2,88,960 – ₹2,50,000 = ₹38,960

4. BOI Green Deposit (999 Days – Harit Jama Yojana)

   The Green Deposit, also known as Harit Jama Yojana, is a special fixed deposit scheme with a tenure of 999 days. It is linked to sustainable investment initiatives and is available in the cumulative option.

   For a super senior citizen placing ₹3,00,000 at 6.50%:

   Simple Interest (6.50%):

   SI = (3,00,000 × 6.50 × 2.74) ÷ 100 = ₹53,430

   Maturity Amount = ₹3,53,430

   Compound Interest (Quarterly, 6.50%):

   A = 3,00,000 (1 + 0.065 ÷ 4)^(4 × 2.74)

   A ≈ ₹3,54,990

   Compound Interest = ₹54,990

   Note: One can use the Bank of India FD interest calculator to understand better the potential maturity value and interest earned on these deposits.

Tax Implications of BOI Special FD Schemes Returns

Interest earned on Bank of India fixed deposits is taxable under “Income from Other Sources” and must be included in the depositor’s total income. From April 1, 2025 (FY 2025-26), the TDS (Tax Deducted at Source) exemption limit on FD interest is ₹50,000 per year for non-senior citizens and ₹1,00,000 per year for senior citizens. 

If the interest exceeds these limits, the bank deducts TDS at 10%, provided PAN is submitted; otherwise, the rate is 20%. To prevent TDS deduction, eligible individuals can submit Form 15G (for those below 60 years) or Form 15H (for senior citizens), as long as their total income remains below the taxable threshold.

Key Takeaways

The Bank of India Special FD Schemes are designed with specific tenures and interest structures that set them apart from regular deposits. The main options include the Star Vaibhav FD with a tenure of 450 days, the Star Utsav FD with a fixed period of 777 days offered in both callable and non-callable forms, and the Green Deposit or Harit Jama Yojana with a tenure of 999 days. For general citizens, the interest rates range between 6.45% and 6.75% per annum, while senior citizens receive an additional 0.50% and super senior citizens get 0.65% extra.