BOI NRE FD Rates

Bank of India has a strong presence in the Indian banking industry, with a legacy going back 114 years to 1906. It is a public sector bank operating out of its Mumbai headquarters with a network of over 5000 domestic branches and a pan-India presence. The bank boasts an overseas presence in 18 countries spread across five continents, serving a sizable NRI clientele.  They operate in key international financial centres in Tokyo, Singapore, Hong Kong, London, Paris, and New York, complemented by foreign 52 offices.

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With such a robust background, the Bank of India offers a plethora of financial products and services to cater to NRIs exclusive needs. A Fixed Deposit, in short, FD, is a prime product designed to satisfy the varied NRI preferences for higher yields on investment. Accordingly, it is essential to learn about Bank of India NRI FD Rates, which determines guaranteed returns laced with other related benefits and features.

Who Benefits from Bank of India NRI FD Rates?

Before this, one should know who an NRI is and the expected benefits he gets through Bank of India NRE Fixed Deposit Rates.

A Non-Resident Indian or an NRI is an Indian citizen living in a foreign country for professional, educational, and employment needs for more than 182 days in a year. He or she is entitled to open accounts in the Bank of India to meet specific needs. It is also essential to understand who a Returning Indian is, as the Bank of India offers tailor-made accounts to suit them. A Returning Indian has been an NRI but has returned to the country for permanent residence. The bank offers a product where the Returning Indian can park the earned foreign currency while working abroad.  

Types of Accounts where Bank of India NRI FD Rates is Applied

The NRI’s focus is on Fixed Deposit which guarantees higher returns than a plain Savings Bank account. The reason is that a Fixed Deposit account locks up the invested funds for a mutually agreed period. The Bank of India NRE Fixed Deposit Rates applies for that particular tenure, ranging from 7 days to 120 months. That is why they are called Term Deposits in banking jargon. However, these are generalized terms that need further elaboration. NRI bank accounts are primarily of two types – Savings and Term Deposits. Further, these accounts serve a specific purpose to hold balances in either INR or a designated and approved foreign currency. Thus, the Bank of India opens the following NRI accounts.

  • NRE Term Deposit
  • NRO Term Deposit
  • FCNR Deposit
  • RFC Deposit

Account Characteristics where Bank of India NRI FD Rates is Beneficial

Bank of India offers four types of Fixed Deposit accounts for the NRI customer, which has already been enunciated earlier.  The NRI needs to essentially understand what they mean and how Bank of India NRI FD Rates shall impact their investment goals, obligations, and plans to address their residency status. The accounts are broadly classified by the nature of the fund – whether in INR or the currency of the resident country. Based on these parameters, the various NRI accounts are:

NRE Term Deposit

The BOI Non-Resident External FD account sources funds in the resident country where it is earned. But the account balance is held in INR. Thus the foreign currency investment is converted to INR at the applicable conversion rate to add to the account’s balance.

NRO Term Deposit

The BOI Non-Resident Ordinary FD account sources its fund within India, by way of earnings through rent, dividends, etc. Needless to say, the account balance is held in INR.

FCNR Term Deposit

This account is a BOI Foreign Currency Non-Resident FD account, held in the account holder’s earned currency in the resident country. It must, however, comply with the RBI approved currency bucket. Currency conversion is not involved, other than those not matching RBI approval. In such circumstances, the earned currency is converted into the approved one.

RFC Term Deposit

This account is exclusively meant for the Returning Indians to park their earned money but in the resident foreign currency. The RBI stipulates the eligible currencies. Other currencies are converted to the stipulated currency if required.

Bank of India NRI FD Rates applied in different accounts:

Now that there is enough clarity on the types of accounts where the NRI is eligible to invest, it is essential to learn about the actual Bank of India NRE FD Rates.

Bank of India NRE FD Rates in INR

Maturity Tenure

Deposits < Rs 2 Crore

WEF: 01/10/2020 in % PA

Deposits > Rs 2 Crore and < Rs 10 Crore

WEF: 01/09/2020 in % PA

1 year to  less than 2 years

5.25

3.50

2 years to  less than 3 years

5.30

3.50

3 years to  less than 5 years

5.30

3.50

5 years up to  10 years

5.30

3.50

8 years up to  10 years

5.30

3.50

Other Features

Rs. 10 Crore and above

Contact the nearest Branch

Premature Withdrawal

No interest is paid for less than 12 months

Penalty

Deposit < Rs. 5 Lakh < 12 months

Nil

Deposit > Rs. 5 Lakh > 12 months

1%

 

Bank of India Interest Rates in FCNR  Deposit   % PA w.e.f. 01/05/2021

Maturity Tenure

USD

GBP

EUR

JPY

CAD

AUD

1 year to  less than 2 years

0.98

0.74

0.00

0.47

1.12

0.62

2 years to  less than 3 years

1.05

0.82

0.03

0.49

1.16

0.71

3 years to  less than 5 years

1.25

0.98

0.09

0.49

1.46

0.84

5 years maximum

1.49

1.12

0.16

0.50

1.71

1.12

Other Features

Premature Withdrawal

Interest

No interest is paid for less than 12 months

Penalty

Tenure < 12 months

Nil

Tenure > 12 months

1%

 

Bank of India Interest Rates for RFC Deposit in % PA w.e.f. 01/05/2021

Maturity Tenure

USD

GBP

1 year to  less than 2 years

0.98

0.74

2 years to  less than 3 years

1.05

0.82

3 years maximum

1.25

0.98

Annualized Yield in Bank of India NRI FD Rates

RBI guidelines mandate banks to compulsorily display effective annualized yield on deposits of their entire maturity matrix. The following grid describes the indicative rate of return upon application of Bank of India NRI FD Rates under cumulative deposit scheme’s reinvestment plan, compounded quarterly.  

Bank of India NRO FD Interest Rates in INR

Maturity Tenure

Deposits < Rs 2 Crore

Deposits > Rs 2 Crore and < Rs 10 Crore

 

Rate % pa

Annualized

% pa

Rate % pa

Annualized

% pa

1 year to  less than 2 years

5.25

5.35

3.50

3.55

2 years to  less than 3 years

5.30

5.55

3.50

3.61

3 years to  less than 5 years

5.30

5.70

3.50

3.67

5 years up to  10 years

5.30

6.02

3.50

3.81

8 years up to  10 years

5.30

6.55

3.50

4.02

Other Features

Rs 10 Crore and above

Contact the nearest Branch

 Summarized account features where Bank of India NRI FD Rates is applied:

Parameter

NRE FD

NRO FD

FCNR FD

RFC FD

Tenure

12 months to 120 months

7 days to 120 months

12 months to 60 months

12 months to 36 months

Joint account

Y

Y

Y

Y

Nomination

Y

Y

Y

Y

Currency denominated

INR

INR

USD, GBP, EUR, JPY, AUD ,CAD

USD, GBP

Repatriation

Freely

Up to USD 1 million

Freely

Freely

Taxation (IT)

Exempt

TDS

Exempt

Exempt until resident

Opening Bank of India NRI FD Rates Account

Bank of India offers the convenient option to the NRI customer to conveniently use the digital platform to open a suitable account to fulfil their investment objectives. The procedure to be followed is described below briefly:

Application Form

Visit the insurer website and download the form. The NRI can fill it up online also.  Print the filled-out form and affix your signature at the appropriate place.

Documents Required

Passport Copy with all the essential pages showing name, date of birth, date of issue, date of expiry, and signature duly authenticated by a Notary Public or Indian Embassy Officials in the resident country.

  • Two recent photographs of the account holders with respective signatures affixed on the reverse.
  • The banker or the Indian Embassy officials must verify the account holder’s signature.
  • The application must be complete in all respects supported by the requisite documents for the applicants and nominee.
  • The address provided must be comprehensive, containing the foreign and local address, including email and phone numbers.
  • The account holder must remit the initial deposit in foreign currency from abroad, using any of the under mentioned facilities:
    • Demand Draft
    • SWIFT
    • Star Insta-Remit
    • Speed Remittance
  • All the requisite documents must be attested by the known bankers or the Indian embassy in the resident country.

Application Submission

The NRI applicant must apply with the attached documents to the nearest Bank of India Branch. The NRI is free to seek assistance from an NRI branch, which is seamlessly located using the branch locator module on the insurer website.

The Final Verdict!

Bank of India is a premier public sector undertaking where the NRI customer always feels at home. With the support of a robust global presence, the Bank of India has designed tailor-made products for the NRI clientele. Return on investments is guaranteed through competitive Bank of India NRI FD Rates, subject to periodic revisions.  The bank pays ample attention to the NRI clients providing exclusive service through six dedicated specialized NRI Branches in important centres. As a measure of its commitment to the NRI clients, the Bank of India has set up NRI Centres in critical cities to render specialized services, with the ultimate goal of global expansion.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

Written By: PolicyBazaar - Updated: 20 July 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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