Interest for 3 years
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 14 days||3%||3.5%|
|1 month 15 days - 5 months 26 days||4.5%||5%|
|5 months 27 days - 8 months 24 days||5%||5.5%|
|8 months 25 days - 11 months 28 days||5.5%||6%|
|11 months 29 days - 1 year 4 months 11 days||6%||6.5%|
|1 year 4 months 12 days - 1 year 4 months 12 days||7.15%||7.65%|
|1 year 4 months 13 days - 1 year 11 months 28 days||6%||6.5%|
|1 year 11 months 29 days - 2 years 11 months 28 days||6.75%||7.25%|
|2 years 11 months 29 days - 4 years 11 months 27 days||6.5%||7.25%|
|4 years 11 months 28 days - 9 years 11 months 27 days||6%||6.75%|
Note: All interest rates shown above are as on 4th May 2023
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.
3% - 7.15%
3.5% - 7.65%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.5%||For 5 years with interest of 6%|
|₹ 50,000||₹ 60,734||₹ 67,443|
|₹ 1 lakh||₹ 1,21,467||₹ 1,34,885|
|₹ 2 lakh||₹ 2,42,934||₹ 2,69,770|
|₹ 5 lakh||₹ 6,07,336||₹ 6,74,425|
|₹ 10 lakh||₹ 12,14,672||₹ 13,48,850|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,06,168||₹ 1,07,763|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹6,168||₹ 7,763|
|Bank Name||FD Interest Rates|
|DBS Bank FD||7.5% - 8%|
|Jammu And Kashmir Grameen Bank FD||6.5% - 7%|
|Central Bank of India FD||6.25% - 6.75%|
|IDBI Bank FD||6.5% - 7%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Mizoram Rural Bank FD||6.5% - 6.5%|
|Axis Bank FD||7% - 7.75%|
|Bangiya Gramin Vikash Bank FD||6.25% - 6.75%|
|Bandhan Bank FD||7.25% - 7.75%|
|LIC Housing Finance FD||7.75% - 8%|
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.
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
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.
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%.
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.
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..
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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 61,678. The maturity value will be INR 10,61,678. 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?
How many FDs can be opened in Bank of India?