• Recurring Deposit
  • BOI Bank RD Interest Rates
BOI Bank RD Interest Rates

BOI Bank RD Interest Rates

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BOI Bank RD Interest Rates July 2024

TenureNormal Citizen RD RateSenior Citizen RD Rate
3 Months to 6 Months4.50%4.50%
6 Months to 9 Months5.00%5.50%
9 Months to 1 Year5.50%6.00%
1 Year to 2 Years6.00%6.50%
2 Years to 3 Years6.00%6.50%
3 Years to 5 Years6.50%7.25%
5 Years to 10 Years6.00%6.75%

Note: All interest rates shown above are as on 1st November 2023

BOI Bank RD Scheme Details

Tenure
6 Months - 10 Years
Public Interest Rates
4.50% to 6.50%
Senior Citizen Interest Rates
4.50% to 7.25%
Minimum Deposit Amount
Rs. 100
Premature Withdrawal
2%
Highest Rates for Public
6.50%
Highest Rates for Senior Citizen
7.25%

BOI Bank Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.50%For 5 years with interest of 6.00%
₹ 50,0001,51,6222,53,756
₹ 1 lakh3,03,2445,07,512
₹ 2 lakh6,06,48810,15,025
₹ 5 lakh15,16,22125,37,562
₹ 10 lakh30,32,44250,75,125

Compare BOI Bank vs Punjab National Bank Recurring Deposit

vs
Punjab National Bank
BOI Bank
BOI Bank
Maturity Amount3,03,2443,02,621
Total Investment Amount3,00,0003,00,000
Total Interest Gained3,2442,621

Compare RD Interest Rates of Other Banks

Bank NameRD Interest Rates
Punjab National Bank
Punjab National Bank
4.40% to 6.50%
City Union Bank
City Union Bank
5.75% to 6.50%
Canara Bank
Canara Bank
5.25% to 6.90%
Indian Bank
Indian Bank
3.50% to 6.70%
BOB Bank
BOB Bank
4.50% to 7.05%
Central Bank of India
Central Bank of India
4.50% to 6.75%
Karur Vysya Bank
Karur Vysya Bank
6.00% to 7.00%
Union Bank of India
Union Bank of India
4.30% to 6.70%
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank
5.75% to 7.00%
Karnataka Bank
Karnataka Bank
5.25% to 7.00%
Dhanlaxmi Bank
Dhanlaxmi Bank
6.50% to 6.75%
South Indian Bank
South Indian Bank
4.50% to 6.50%
Federal Bank
Federal Bank
5.00% to 7.30%
Bank of Maharashtra
Bank of Maharashtra
4.50% to 6.00%
Indian Overseas Bank
Indian Overseas Bank
4.50% to 6.80%
UCO Bank
UCO Bank
4.50% to 6.50%
RBL Bank
RBL Bank
4.75% to 7.50%
State Bank of India
State Bank of India
4.50% to 7.00%
IDBI Bank
IDBI Bank
4.50% to 6.80%
Axis Bank
Axis Bank
4.75% to 7.10%
HDFC Bank
HDFC Bank
4.50% to 7.10%
ICICI Bank
ICICI Bank
4.75% to 7.00%
Indusind Bank
Indusind Bank
4.75% to 7.50%
Kotak Mahindra Bank
Kotak Mahindra Bank
4.00% to 7.10%
Yes Bank
Yes Bank
5.00% to 7.75%
Bandhan Bank
Bandhan Bank
4.50% to 7.25%
IDFC First Bank
IDFC First Bank
5.00% to 7.50%
Equitas Small Finance Bank
Equitas Small Finance Bank
7.25% to 8.20%
Capital Small Finance Bank
Capital Small Finance Bank
4.75% to 7.15%
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank
4.75% to 7.50%
Fincare Small Finance Bank
Fincare Small Finance Bank
5.75% to 8.25%
ESAF Small Finance Bank
ESAF Small Finance Bank
5.25% to 8.50%
North East Small Finance Bank
North East Small Finance Bank
4.00% to 7.50%
Suryoday Small Finance Bank
Suryoday Small Finance Bank
5.00% to 8.50%
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank
6.50% to 8.00%
Jana Small Finance Bank
Jana Small Finance Bank
4.00% to 8.50%
DBS Bank
DBS Bank
3.00% to 7.50%
Post Office
Post Office
6.90% to 7.50%

Frequently Asked Questions

What is the current interest rate of RD in BOI Bank?

The current highest BOI Bank RD rates for general citizen range from 4.50% to 6.50% and for senior citizen it ranges from 4.50% to 7.25% today 2024-07-24

How to open rd account in BOI Bank?

BOI Bank RD account can be opened with a minimum deposit of Rs. 100 with tenure ranging 6 Months - 10 Years. BOI Bank recurring deposit account can be opened online or by visiting BOI Bank branches with any ID proof like PAN card, Aadhar card, voter ID, or driving licence etc.

How to close rd in BOI Bank?

You can close your RD a/c online through "Close A/c" tab or by visiting the branch, this may cost you a penalty. The current premature closer penalty in BOI Bank RD is 2%.

How to calculate maturity and interest in BOI Bank recurring deposit ?

The maturity amount in BOI Bank recurring deposit account can be calculated by using A = P x(1 + R / N) ^ (NT) formula.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the BOI Bank for 5 years and planed to invest INR 50,000.The current BOI Bank RD interest rate for 5 year is 6.00%.So using the above formula the maturity amount will be - Rs. 35,03,178.

What is BOI Bank RD interest rates for 1 year in 2024 ?

The BOI Bank recurring deposit for 12 months or 1 year is 6.50% for senior citizen and 6.00% for others.

Calculate BOI Bank Returns

36
3.2 %

1,00,000

Total Investment

0

Wealth Gained

0

Maturity Amount

Invest in SIP to earn ₹37,83,253 moreExplore Best SIP Plans

About BOI Recurring Deposit

Bank of India (BOI) RDs are investments that allow investors to save small amounts regularly. The bank has a tenure of 6 months to 10 years, and the interest rates vary with the tenure.

BOI RD rates range between 5% to 6.75% p.a. for regular citizens. For senior citizens, the RD rates range between 5.4% to 7.25% p.a.. One can estimate the returns from their BOI RD investment using the BOI recurring deposit calculator. The RD rates of BOI are higher than their saving account rates. The BOI RD rate of interest differs based on the investor’s age, investment tenure, RBI policies and economic conditions in the country.

The interest income from RD investment is taxable as per investor’s income tax slab rates. Also, this interest income falls under the head ‘Income from Other Sources’ while filing their income tax returns. Moreover, the bank has to deduct a TDS of 10% if the interest income exceeds INR 40,000 while the threshold limit for senior citizens is INR 50,000. Furthermore, this rate is applicable if the investor gives their PAN card details. Else, 20% TDS rate is deducted by the bank. 

BOI Recurring Deposits Features

  • Tenure: The BOI recurring deposit tenure ranges between 6 months to 120 months, in multiples of 3 months
  • Minimum and Maximum Deposit Amount: The minimum amount of investment in BOI RD is INR 500, and in its multiples thereafter. However, there is no limit on maximum investment.
  • Tax and TDS: BOI RDs do not qualify for tax saving. The interest income that one earns from BOI RDs is taxable as per the individual’s respective income tax slab rates. Moreover, BOI deducts a TDS of 10% if the interest income per annum exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% TDS is applicable only when PAN details are submitted; else the bank deducts TDS at 20%.
    One can determine whether BOI RD interest income is above or below the TDS threshold limit using the BOI RD Calculator. Also, investors can calculate their income tax liability using Scripbox’s Income Tax Calculator.
  • Premature withdrawal: BOI allows investors to prematurely withdraw their recurring deposits. However, BOI charges a penalty depending on their banking norms.
  • Nomination Facility: Depositors can nominate beneficiaries for their BOI RDs.
  • Convenience: Opening and managing recurring deposit investments are easy and convenient through BOI’s online portal.

BOI RD Account Eligibility and Documents Required

Eligibility: Following are the eligibility criteria for opening a BOI RD account

  • Resident Individuals, including minors
  • HUFs

Deposit and account: One can open a BOI recurring deposit account with a minimum investment of INR 500 and in multiples thereafter. However, there is no limit on the maximum investment amount for BOI RD.

Documents Required:

  • PAN Card,
  • Aadhar Card,
  • Driving licence,
  • Government ID card,
  • Senior Citizen Card
  • Utility bills,
  • Passport,
  • Bank statement with cheque,
  • Certificate or ID card issued by the post office

Withdrawal: BOI allows investors to prematurely withdraw their RD investment, however, with a penalty. The bank charges a penalty on the interest rate which varies depending on the banking policies. 

Nomination: BOI RDs have a nomination facility where the account holder can nominate beneficiaries.

Types of BOI Recurring Deposit Schemes

BOI offers the following recurring deposit schemes:

Recurring Deposits

Recurring Deposit is a type of deposit account that enables investors to save a fixed amount every month over a tenure. The deposits in this type of account earn interest which is compounded on a quarterly basis. Also, if the tenures are longer the interest rates can be higher subject to the banking rules. 

  • Tenure: 6 months – 120 months (in multiples of 3 months)
  • Minimum Deposit Amount: INR 500, and in multiples thereafter.
  • Maximum Deposit Amount: No limit
  • Tax Deducted at Source: Applicable
  • Nomination Facility: Available
  • Premature closure: Available, however, with a penalty depending on banking norms. 
  • Penalty for late deposits: If the instalment is delayed beyond the calendar date, then banks charge a penalty of INR 1.50 for every INR 100 for deposits less than 5 years or more and INR 2 for every INR 100 for deposits more than 5 years.

Star Flexi Recurring Deposits

Star Flexi Recurring Deposit scheme is a unique RD which offers flexibility to the customer to choose core instalments and to also choose monthly Flexi instalments in multiples of the core instalment.

The core instalment has a fixed rate which is decided at the time of account opening. While the flexible instalments will have the applicable rate at the time of deposit. 

  • Tenure: 12 months – 120 months (in multiples of 3 months)
  • Minimum Core Instalment: INR 500, and in multiples thereafter.
  • Amount of Monthly Instalment: No Limit
  • Flexi Instalment: Any amount in multiples of core monthly instalments opted while account opening. Also, the maximum Flexi instalment can be any number of times the core monthly instalment.
  • Tax Deducted at Source: Applicable
  • Nomination Facility: Available
  • Premature closure: Available, however, with a penalty depending on banking norms. 
  • Penalty for late deposits:  If the instalment is delayed beyond the calendar date, then banks charge a penalty of INR 1.50 for every INR 100 for deposits less than 5 years or more and INR 2 for every INR 100 for deposits more than 5 years.

Conclusion

BOI RDs are considered a good investment for investors who can save small amounts of money regularly. Also, RD schemes are considered low-risk investments as they offer investors guaranteed returns. However, investors remember the tax consideration as they have to pay taxes on interest earned on BOI RD investments. Therefore, investors looking for fixed returns and understanding the taxes on interest income can consider investing in this scheme.

Frequently Asked Questions

What are the limits on the minimum and maximum deposits?

The minimum deposit amount for BOI RD schemes is INR 500 per month. And, there is no maximum amount of investment in BOI RD.

Can I open a recurring deposit account for a minor?

Yes, one can open a BOI RD account on behalf of a minor.

How to apply for BOI RD?

One can open a BOI RD account through offline and online modes. For online mode, one has to visit the Bank of India website. And for offline mode, one has to visit the nearest branch of the Bank of India.
To be able to invest in BOI RD, one needs to have all valid documents. They need to have a BOI RD application form, duly filled and signed and passport-size photographs. For ID, they need a PAN card, Aadhar card, voter ID, and driving licence and for residence proof, they need an Aadhar card, utility bills, and a driving licence. For age proof, they need a birth certificate, matriculation certificate, and PAN card.

Is it possible to renew an RD account?

Yes, it is possible to renew a BOI RD account. However, renewal is possible as per BOI norms and rules.

Resources

  1. BOI Mutual Funds
  2. BOI SIP Calculator
  3. BOI Fixed Deposit
  4. BOI FD Calculator
  5. BOI PPF Calculator