Interest for 3 years
Note: All interest rates shown below are as on 22nd Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 15 days||2.85%||2.85%|
|1 month 16 days - 5 months 26 days||3.85%||3.85%|
|5 months 27 days - 11 months 30 days||4.35%||4.85%|
|1 year - 1 year 11 months 30 days||5.1%||5.6%|
|2 years - 9 years 11 months 29 days||5.15%||5.65%|
Bank Of India has been in the forefront of introducing various innovative services and systems. The bank has been the first among the nationalized banks to establish a fully computerized branch and ATM facility. The bank is also a founder member of SWIFT in India. It pioneered the introduction of the Health Code System for evaluating/ rating its credit portfolio.Bank of India provides a wide range of products and services in deposits, loans, NRI banking, cards, and online services such as Internet banking Bank of India (BoI) was founded on September 07, 1906 by a group of eminent businessmen from Mumbai. The bank was under private ownership and control till July 1969 when it was nationalized along with 13 other banks The bank has a balance sheet size of Rs. 6.56 Lakh Crs as on 31st March 2020 The bank recorded a loss of Rs 2900 Crs in FY20
2.85% - 5.15%
2.85% - 5.65%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.15%||For 5 years with interest of 5.15%|
|₹ 1 lakh||₹129298||₹129298|
|₹ 2 lakh||₹258596||₹258596|
|₹ 5 lakh||₹646490||₹646490|
|₹ 10 lakh||₹1292979||₹1292979|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105221||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5221|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|IDBI Bank||5.3% - 5.8%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|IndusInd Bank||6% - 6.5%|
|Central Bank of India||5% - 5%|
|DCB Bank||6.5% - 7%|
|Bandhan Bank||5.25% - 6%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Indian Overseas Bank||5.2% - 5.7%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|ICICI Bank||5.15% - 5.65%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
|Union Bank of India||5.4% - 5.4%|
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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.
Following are the types of Bank of India FD schemes:
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 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.
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.
One can open a Bank of India FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open a Bank of India FD account through internet banking:
The following steps will guide in opening an FD account through the Bank of India Mobile App:
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.
Following are the documents required to open an FD account with the Bank of India:
Following are the eligibility criteria to open a Bank of India FD
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 is in the range of 6.25% to 6.7%, and for senior citizens, it is in the range of 6.75% to 7.2%.
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%.
To know in how many years Bank of India 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 FD will double. For example, for a tenure of 10 years, the FD interest rate is 5.3%. An investor can double the investment amount by investing for this tenure in Bank of India FD in 13.58 years (72/5.3).
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.
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.
Bank of India guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Bank of India deposits. Also, the scheme covers all Bank of India deposits up to INR 5,00,000. Hence Bank of India FDs are safe for investment.
Bank of India FD rates ranges between 3.25% and 5.3% for regular citizens and between 3.75% and 5.8% for senior citizens. Moreover, the Bank of India offers an additional 0.5% interest to senior citizens on their FDs. Also, the Bank of India pays interest on a half-yearly basis on October 1st and April 1st every year to the investor.
The highest FD rate in the Bank of India is 5.3% for regular citizens for a tenure of 2-10 years. The highest bank of India FD rate for senior citizens is 5.8% for a tenure of 2 to 10 years.
The minimum investment in Bank of India FD is INR 10,000. However, there is no limit on the maximum amount of investment in Bank of India deposits.
Yes, investors can open a Bank of India FD account online through their internet banking facility.
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