• Fixed Deposit
  • Bank of India
  • Bank of India Fixed Deposit
Bank of India Fixed Deposit

Bank of India Fixed Deposit

Public SectorAA+ 
Shield CheckDICGC

6.5%

Interest for 3 years

Bank of India FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 15 days3%3.5%
1 month 16 days - 5 months 26 days4.5%5%
5 months 27 days - 8 months 24 days5.5%6%
8 months 25 days - 11 months 30 days5.75%6.25%
1 year - 1 year 11 months 30 days6.8%7.3%
2 years - 2 years7.25%7.75%
2 years 1 day - 2 years 11 months 30 days6.75%7.25%
3 years - 4 years 11 months 30 days6.5%7%
5 years - 9 years 11 months 29 days6%6.5%

Note: All interest rates shown above are as on 7th May 2024

About Bank of India FD

Bank of India was founded in 1906. The Bank was privately held and controlled till July 1969. The bank has a strong urban and rural presence across the country. Furthermore, it has a strong presence in the corporate segment as well. The bulk of BOI’s business and earnings come from large corporate clients. The bank has its headquarters in Mumbai. As of March 2022, the Bank of India has 5,105 branch offices across India, a presence in 18 foreign countries, and 7,949 ATMs. The total deposits as of March 2022 stood at INR 6,29,98,075 lakhs. Bank of India’s Fixed Deposits has an AA+ Credit Rating.

Bank of India FD

3% - 7.25%

FD Rate

3.5% - 7.75%

FD Rate for Seniors

₹ 5000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

AA+

CRISIL Rating

Bank of India FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.5%For 5 years with interest of 6.5%
₹ 50,000 ₹ 60,734₹ 69,141
₹ 1 lakh ₹ 1,21,467₹ 1,38,282
₹ 2 lakh ₹ 2,42,934₹ 2,76,563
₹ 5 lakh ₹ 6,07,336₹ 6,91,409
₹ 10 lakh ₹ 12,14,672₹ 13,82,817

Compare Bank of India Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Uttarbanga Kshetriya Gramin Bank FD
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Bank of India FD
Bank of India FD
Maturity Amount 1,07,016 1,05,326
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained7,016 5,326

Compare Bank of India Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Uttarbanga Kshetriya Gramin Bank FD
5.2% - 5.2%
Kotak Mahindra Bank FD
7% - 7.6%
Paschim Banga Gramin Bank FD
5.3% - 5.8%
Indian Overseas Bank FD
6.5% - 7%
HDFC Ltd FD
7.35% - 7.6%
Jharkhand Rajya Gramin Bank FD
6.5% - 6.75%
Andhra Pragathi Grameena Bank FD
7% - 7.6%
Rajasthan Marudhara Gramin Bank FD
7.1% - 7.6%
Arunachal Pradesh Rural Bank FD
6.25% - 6.75%
State Bank of India FD
6.75% - 7.25%

Calculate Bank of India FD Returns

1,00,000

Total Investment

7,016

Wealth Gained

1,07,016

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

Bank of India offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Bank of India FDs is higher in their savings account. One can invest in Bank of India FDs through both online and offline modes with a minimum investment of INR 10,000. This article covers Bank of India FD, its features and interest rates in detail.

Bank of India Fixed deposit schemes

Following are the types of Bank of India FD schemes:

  • Double Benefit Term Deposit
  • Fixed/Short Term Deposit Scheme
  • Bank of India Monthly/Quarterly Deposit Scheme
  • BOI Star Sunidhi Deposit Scheme
  • BOI Current Deposits Plus Scheme

Bank of India Double Benefit Term Deposit

A double benefit deposit scheme provides a higher yield on the principal at the end of the period. Also, the interest in this scheme is compounded quarterly.

  • The principal and the accrued interest are paid only at the end of the period. In other words, no monthly or half-yearly payments are made.
  • The scheme accepts deposits for a period ranging between six months to 120 months. Moreover, the doubt benefit deposit scheme is useful for short term and medium-term investing, where the duration ranges from 12 months to 120 months.
  • The minimum deposit amount is INR 10,000 (in Urban and Metro branches) and INR 5,000 (in rural and semi-urban branches).

Bank of India Fixed/Short Term Deposit Scheme

The Bank of India fixed or short term deposit scheme is a non-cumulative deposit option. Also, the scheme pays interest half-yearly. This scheme is also suitable for those who do not have a regular income or for the ones who want to add to their existing income.

  • The scheme has offers deposits for the following tenures:
    • Short term tenure: Seven days
    • Fixed-term tenure: 1 year to 10 years
  • The minimum deposit amount for a short term deposit is INR 1,000 and for the fixed-term deposit is INR 10,000.
  • The scheme also allows premature withdrawals without any penalty if withdrawn after 12 months. For withdrawals before 12 months, 1% and 0.5% on deposits above INR 5 lakh and below INR 5 lakh, respectively.

Bank of India Monthly/Quarterly Deposit Scheme

Money invested in Quarterly or Monthly Income certificate deposits provides a fixed monthly income. Also, the depositor gets interest only for a specified period keeping the deposit amount intact.

  • The monthly or quarterly interest is credited to the current or savings account. Moreover, the depositor can opt for crediting the interest amount into the recurring deposit account.
  • The scheme also allows premature withdrawal after completing 12 months. If withdrawn before, 1% penalty on deposits of/above INR 5 lakh and 0.5% penalty on deposits less than INR 5 lakh is imposed.
  • Interest earned is subject to Tax Deducted at Source.

BOI Star Sunidhi Deposit Scheme

  • This is a tax savings deposit scheme. Thus the scheme has a 5 year lock in period. Investments in the scheme qualify for tax exemption under Section 80C of the Income Tax Act, 1961.
  • The minimum deposit amount is INR 10,000, and the maximum amount is INR 1,50,000.
  • The scheme doesn’t allow premature withdrawals.

Key Features of Bank of India Fixed Deposit Schemes

  • Premature withdrawal: All Bank of India FDs can be withdrawn prematurely, however with a penalty.
  • Nomination facility: Bank of India FD investors can nominate beneficiaries for their FDs.
  • Auto-renewal: Investors can opt for auto-renewal of their Bank of India FDs.
  • Safety: The Deposit Insurance Scheme of RBI covers all Bank of India deposits. The scheme covers all Bank of India deposits up to INR 5,00,000.

How to open a Bank of India FD deposit account?

One can open a Bank of India FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open a Bank of India FD account through internet banking:

  • Login to the Bank of India NetBanking account.
  • Under the ‘Fixed Deposit’ tab, select the ‘Open FD’ option and choose the type of deposit account.
  • Provide all the necessary details, nominee details, payment and maturity instructions.
  • Verify the details and click on ‘Confirm’. The account opening confirmation message shall be displayed on the screen on successfully completing the transaction.

Through Mobile App

Bank of India App

The following steps will guide in opening an FD account through the Bank of India Mobile App:

  • Download the Bank of India App and log in.
  • Select the ‘Open FD’ option and choose the type of deposit account.
  • Provide all the necessary details, nominee details, payment and maturity instructions.
  • Verify the details and click on ‘Confirm’. The account opening confirmation message shall be displayed on the screen on successfully completing the transaction.

Offline Bank of India FD Opening

To open a Bank of India FD account offline, one has to visit the nearest Bank of India branch. Fill the Bank of India FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, the Bank of India will provide an FD receipt.

Documents required to open a Bank of India FD

Following are the documents required to open an FD account with the Bank of India:

  • Fixed Deposit application form
  • 2 Photographs
  • Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
  • Address proof as per KYC norms. (Aadhar card, Telephone bill, Electricity bill, Bank Statement with cheque)
  • Identity Proof as per KYC norms. (Aadhar Card, PAN Card, Passport, Voter ID Card, Driving License)
  • Senior Citizen ID Card (for senior citizens)
  • Any other documents as applicable for proprietorship, company, HUF, partnership, association, trust or institution etc.

Eligibility to Open a Bank of India FD

Following are the eligibility criteria to open a Bank of India FD

  • Individual – Single and Joint Accounts
  • Sole Proprietary Concerns
  • Partnership Firms
  • Illiterate and blind persons
  • Minors
  • Limited Companies
  • Trusts, Associations, Clubs, Societies, Charitable Institutions etc.
  • Hindu Joint families (accounts of non-trading nature only)
  • Municipalities and Panchayats
  • Government and Quasi-Government Bodies
  • Religious Institutions
  • Educational Institutions (including Universities)

Who is eligible for opening an FD account in BOI?

Individuals can open single and joint FD accounts with BOI. Moreover, sole proprietary concerns, partnership firms and limited companies can open an FD account with the Bank of India. Also, trusts, associations, clubs, societies, charitable institutions and HUF can open an FD account with BOI. Furthermore, municipalities and panchayats, government and quasi-government bodies, religious institutions and educational institutions can invest in BOI FD. Illiterate, blind people and minors can also invest in BOI FD.

Is BOI FD interest taxable?

Investment in Bank of India FDs does not qualify for tax saving under Section 80C of the Income Tax Act. The interest income from the Bank of India FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from the Bank of India FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Bank of India, then the TDS rate will be 20%.

Does Bank of India allow Premature withdrawals?

All Bank of India FDs can be withdrawn prematurely. The bank charges a penalty of 0.5% for withdrawal of deposits below INR 5 lakhs before the completion of 12 months. However, suppose the deposits below INR 5 lakhs are withdrawn after a tenure of 12 months. In that case, the Bank of India will not charge any penalty. Also, for all deposits above INR 5 lakhs, the bank charges a penalty of 0.5% for premature withdrawals before or after 12 months.

Does the Bank of India offer Recurring Deposits?

Bank of India offers recurring deposits to its depositors. Bank of India recurring deposits have a minimum tenure of six months. The maximum tenure of Bank of India RDs is ten years. Depositors can open an RD account either by going to the Bank of India branch or online using internet banking. The interest rate for regular citizens on Bank of India RDs rates are up to 6.10% p.a..

Explore Fixed Deposits By Banks

Frequently Asked Questions

What is the highest Bank of India FD rate today?

The highest Bank of India FD rates for general citizens is 7.25% p.a. and 7.75% p.a. for senior citizens.

What is the highest interest rate on Bank of India 1 year FD scheme?

The highest interest rate on Bank of India 1 year FD scheme is 6.8% p.a.

What is Bank of India FD scheme interest rate for 5 years?

6.5% p.a is the interest rate for 5 years on Bank of India FD scheme.

How many years FD will double in Bank of India?

To know in how many years Bank of India Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Bank of India Bank FD will double. The current highest Bank of India FD interest rate is 7.25% so investors will double the investment in 9.93 years. Similarly, senior citizen depositors will double their FD investment in 9.29 years, where the highest FD rate for senior citizens is 7.75%.

What is Bank of India FD minimum deposit amount?

The minimum investment in Bank of India FD is INR 5,000. However, there is no limit on the maximum amount of investment in Bank of India FD.

What is senior citizen fixed deposit interest rates in Bank of India?

The senior citizen fixed deposit interest rates in Bank of India range between 3.5% to 7.75% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in Bank of India?

Bank of India FD tenure ranges from 7 days to 9 years 11 months 29 days

What is Bank of India FD ROI for 10 lakh deposit for 1 year?

The interest from the Bank of India FD calculator for 10 lakh deposit for 1 year will be INR 70,160. The maturity value will be INR 10,70,160. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in Bank of India?

You can check Bank of India FD balance either online or offline mode. For online mode, log in to the Bank of India internet banking portal. Alternatively, you can visit the nearest Bank of India bank to update your passbook for FD balance enquiry.

How many FDs can be opened in Bank of India?

There is no restriction on the number of FDs you can open with Bank of India.