|Tenure||Normal Citizen RD Rate||Senior Citizen RD Rate|
|3 Months to 6 Months||4.50%||4.50%|
|6 Months to 9 Months||5.00%||5.50%|
|9 Months to 1 Year||5.50%||6.00%|
|1 Year to 2 Years||6.00%||6.50%|
|2 Years to 3 Years||6.00%||6.50%|
|3 Years to 5 Years||6.50%||7.25%|
|5 Years to 10 Years||6.00%||6.75%|
Note: All interest rates shown above are as on 1st November 2023
6 Months - 10 Years
Public Interest Rates
4.50% to 6.50%
Senior Citizen Interest Rates
4.50% to 7.25%
Minimum Deposit Amount
Highest Rates for Public
Highest Rates for Senior Citizen
|Investment Amount||For 3 years with interest of 6.50%||For 5 years with interest of 6.00%|
|₹ 50,000||₹ 1,51,622||₹ 2,53,756|
|₹ 1 lakh||₹ 3,03,244||₹ 5,07,512|
|₹ 2 lakh||₹ 6,06,488||₹ 10,15,025|
|₹ 5 lakh||₹ 15,16,221||₹ 25,37,562|
|₹ 10 lakh||₹ 30,32,442||₹ 50,75,125|
|Maturity Amount||₹ 3,03,244||₹ 3,02,621|
|Total Investment Amount||₹ 3,00,000||₹ 3,00,000|
|Total Interest Gained||₹3,244||₹ 2,621|
|Bank Name||RD Interest Rates|
|Punjab National Bank||4.40% to 6.50%|
|City Union Bank||5.75% to 6.50%|
|Canara Bank||5.25% to 6.90%|
|Indian Bank||3.50% to 6.70%|
|BOB Bank||4.50% to 7.05%|
|Central Bank of India||4.50% to 6.75%|
|Karur Vysya Bank||6.00% to 7.00%|
|Union Bank of India||4.30% to 6.70%|
|Tamilnad Mercantile Bank||5.75% to 7.00%|
|Karnataka Bank||5.25% to 7.00%|
|Dhanlaxmi Bank||6.50% to 6.75%|
|South Indian Bank||4.50% to 6.50%|
|Federal Bank||5.00% to 7.30%|
|Bank of Maharashtra||4.50% to 6.00%|
|Indian Overseas Bank||4.50% to 6.80%|
|UCO Bank||4.50% to 6.50%|
|RBL Bank||4.75% to 7.50%|
|State Bank of India||4.50% to 7.00%|
|IDBI Bank||4.50% to 6.80%|
|Axis Bank||4.75% to 7.10%|
|HDFC Bank||4.50% to 7.10%|
|ICICI Bank||4.75% to 7.00%|
|Indusind Bank||4.75% to 7.50%|
|Kotak Mahindra Bank||4.00% to 7.10%|
|Yes Bank||5.00% to 7.75%|
|Bandhan Bank||4.50% to 7.25%|
|IDFC First Bank||5.00% to 7.50%|
|Equitas Small Finance Bank||7.25% to 8.20%|
|Capital Small Finance Bank||4.75% to 7.15%|
|Ujjivan Small Finance Bank||4.75% to 7.50%|
|Fincare Small Finance Bank||5.75% to 8.25%|
|ESAF Small Finance Bank||5.25% to 8.50%|
|North East Small Finance Bank||4.00% to 7.50%|
|Suryoday Small Finance Bank||5.00% to 8.50%|
|Utkarsh Small Finance Bank||6.50% to 8.00%|
|Jana Small Finance Bank||4.00% to 8.50%|
|DBS Bank||3.00% to 7.50%|
|Post Office||6.90% to 7.50%|
Frequently Asked Questions
What is the current interest rate of RD in BOI Bank?
How to open rd account in BOI Bank?
How to close rd in BOI Bank?
How to calculate maturity and interest in BOI Bank recurring deposit ?
What is BOI Bank RD interest rates for 1 year in 2023 ?
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.
Eligibility: Following are the eligibility criteria for opening a BOI RD account
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.
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.
BOI offers the following recurring deposit schemes:
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.
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.
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.
The minimum deposit amount for BOI RD schemes is INR 500 per month. And, there is no maximum amount of investment in BOI RD.
Yes, one can open a BOI RD account on behalf of a minor.
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.
Yes, it is possible to renew a BOI RD account. However, renewal is possible as per BOI norms and rules.