Bank of India provides a wide range of fixed deposit schemes that aid in money multiplication at competitive FD interest rates. These schemes provide facilities like premature withdrawal, loan against FD, overdraft, etc. Read on to know the prevailing Bank of India fixed deposit rates.
Table of Contents
| Bank of India FD Fixed Deposit Rates (in % p.a.) | ||
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 14 days | 4.25%* | 4.25% |
| 15 days to 30 days | 4.25% | 4.25% |
| 31 days to 45 days | 4.25% | 4.25% |
| 46 days to 90 days | 5.50% | 5.50% |
| 91 to 179 days | 5.50% | 5.50% |
| 180 days to 269 days | 6.00% | 6.50% |
| 270 days to less than 1 year | 6.00% | 6.50% |
| 1 Year & above to less than 2 years | 6.30% | 6.80% |
| 2 years & above to less than 3 years | 6.25% | 6.75% |
| 3 years & above to less than 5 years | 6.25% | 6.75% |
| 5 years & above to less than 8 years | 6.25% | 6.75% |
| 8 years & above to 10 years | 6.25% | 6.75% |
*Minimum Deposit = Rs.1 lakh
Note: Bank of India FD rates are applicable with effect from 10th February 2020 on deposits below Rs. 2 crore.
| Bank of India FD Rates (in % p.a.) | |
| Tenure | For Regular Individuals |
| 7 days to 14 days | 4.25% |
| 15 days to 30 days | 4.25% |
| 31 days to 45 days | 4.25% |
| 46 days to 90 days | 4.85% |
| 91 to 179 days | 4.90% |
| 180 days to 269 days | 5.30% |
| 270 days to less than 1 year | 5.30% |
| 1 Year & above to less than 2 years | 5.50% |
| 2 years & above to less than 3 years | 5.60% |
| 3 years & above to less than 5 years | 5.50% |
| 5 years & above to less than 8 years | 5.50% |
| 8 years & above to 10 years | 5.50% |
Note: Bank of India FD rates are applicable with effect from 10th February 2020 on deposits below Rs. 2 crore.
| Tenure | For Regular Citizens | For Senior Citizens |
| 5 years & above to less than 8 years | 6.25% | 6.75% |
For Non-Resident Indians (NRIs), the Bank of India provides 4 different types of fixed deposit schemes providing guaranteed returns. These are:
Below are the current Bank of India FD interest Rates for NRIs:
NRE or Non-Resident External Fixed Deposit is for Non-Resident Indians who wish to park their foreign savings in the bank. Interest earned is not taxable in India and is fully repatriable. Deposits are converted to INR at the prevailing exchange rates.
| Maturity | For deposits of less than Rs.2 crore | For deposits of Rs.2 crore & above but less than Rs.10 crore |
| 1 year & above but less than 2 years | 6.30% | 5.50% |
| 2 years & above but less than 3 years | 6.25% | 5.60% |
| 3 years to less than 5 years | 6.25% | 5.50% |
| 5 years and above to less than 8 years | 6.25% | 5.50% |
| 8 years & above to 10 years | 6.25% | 5.50% |
Note: Bank of India NRI FD rates are applicable with effect from 10th February 2020.
NRO or Non-Resident Ordinary Fixed Deposit is designed to provide NRIs with FD option where they can keep their Indian earnings/savings and earn assured returns on the same. Interest earned on such FD is taxable in India. Account is maintained in INR (converted from foreign currency of deposit to INR). (Principal can be repatriated for up to USD 1 Million as per the updated FEMA 2000 guidelines). Withdrawals can only be made in INR.
| Tenure | FD Rates for deposits less than Rs. 2 crore |
| 7 days to 14 days | 4.25% |
| 15 days to 30 days | 4.25% |
| 30 days to 45 days | 4.25% |
| 46 days to 90 days | 5.50% |
| 91 to 179 days | 5.50% |
| 180 days to 269 days | 6.00% |
| 270 days to less than 1 year | 6.00% |
| 1 Year & above to less than 2 years | 6.30% |
| 2 years & above to less than 3 years | 6.25% |
| 3 years & above to less than 5 years | 6.25% |
| 5 years & above to less than 8 years | 6.25% |
| 8 years & above to 10 years | 6.25% |
Note: Bank of India NRI FD rates are applicable with effect from 10th February 2020.
FCNR or Foreign Currency Non-Resident Fixed Deposit Account is for NRIs to keep their foreign savings safe while earning assured returns on it. Also, unlike NRE deposits, FCNR deposits are maintained in foreign currency and thus are not exposed to forex risks. Interest earned is not taxable in India and is fully & freely repatriable.
| Maturity | USD | GBP | EUR | JPY | CAD | AUD |
| 1 year to less than 2 years | 2.59 | 1.28 | 0.15 | 0.51 | 2.53 | 1.21 |
| 2 years to less than 3 years | 2.20 | 1.19 | 0.14 | 0.48 | 2.25 | 1.15 |
| 3 years to less than 4 years | 2.40 | 1.18 | 0.16 | 0.49 | 2.22 | 1.15 |
| 4 years to less than 5 years | 2.11 | 1.18 | 0.19 | 0.46 | 2.20 | 1.27 |
| 5 years (Maximum) | 2.12 | 1.18 | 0.23 | 0.46 | 2.18 | 1.32 |
Note: Rates applicable w.e.f. 4th February 2020.
RFC of Resident Foreign Currency FD Scheme is for residents or Returning Indians who have foreign savings and do not wish to get it converted. They can keep the money if RFC FD without conversion while earning guaranteed interest. This keeps the money safe from forex related risks. Interest earned is taxable in India.
| Tenure | Rates for USD deposits | Rates for GBP deposits |
| 1 year to less than 2 years | 2.59% | 1.28% |
| 2 years to less than 3 years | 2.20% | 1.19% |
| 3 years | 2.40% | 1.18% |
Note: Above rates are applicable from 4th February 2020.
Read more about Bank of India NRI FD schemes
Features:
Benefits:
The bank offers the following types of fixed deposit schemes for its domestic customer base:
Know more about Bank of India FD Schemes
For those of you looking for exponential returns on fixed deposits, Bank of India’ Double Benefit Term Deposit will not disappoint. You will earn compound interest which will be paid to you along with the initial deposit on maturity. This will help you reach your goal without having to bear any market related risks. For higher returns, it is advised not to withdraw funds prematurely, unless really required. (Min. deposit of Rs. 10,000; Rs. 5,000 for senior citizens)
For senior citizens, housemakers and anyone who is looking for monthly or quarterly income from their savings, you should check the Bank of India Monthly/Quarterly Deposit Scheme. You will get regular interest directly in your linked account which you can use as your daily spends.
Bank of India FD calculator is designed to help investors in making better decisions regarding how much to invest in FD as well as for how long. The calculator is available at Paisabazaar free of cost. The FD calculator gives an estimate of the maturity amount one shall get on investing their money in the bank’s fixed deposit at a said tenure and the prevailing Bank of India FD interest rates.
Suggested Read : How to Use BOI FD Calculator
The bank provides the facility of premature withdrawal to FD customers at nominal or no penal charges. The following important aspects must be considered while exercising the facility:
The Bank of India, like all other banks, exercises TDS or Tax Deducted at Source before crediting the accrued interest. The following points throw more light on how the tax is deducted at source, as per the rules set under the Income Tax Act, 1961:
Eligibility Criteria
Documents Required to Apply
Applicants need to submit the following listed documents to successfully apply:
Note: This is an indicative list.
Q. What is the highest Bank of India FD rate?
A. Bank of India FD Rate varies as per the tenure. Account holders can earn up to 6.30% (for regular individuals) by investing in a fixed deposit scheme offered by the Bank of India.
Q. What is the minimum/maximum tenure of the BOI Double Benefit Term Deposit Scheme?
A. The minimum tenure of BOI Double Benefit Term Deposit scheme is 6 months/10 years.
Q. Is premature withdrawal facility available for BOI fixed deposit?
A. Yes, premature withdrawal facility is available for BOI fixed deposit scheme.
Q. Do NRI have to pay tax on fixed deposits?
A. On interest earned on NRO term deposits, TDS is charged at a rate of 30%.
Q. How to save tax on FDs?
A. Investors can claim deductions of up to Rs. 1.5 lakh/financial year by investing in fixed deposits for a minimum period of 5 years. In such FDs, premature withdrawal is not allowed and neither is the facility of loan against deposit available.
| Bank of India reduces interest rates for FD |
| 16th September, 2019 Second revision in a span of 10 days, Kotak Mahindra Bank has reduced interest rates on fixed deposits (FD) of less than Rs. 2 crore, effective September 10th, 2019. For FDs maturing in the span of 91 – 179 days, rates have been brought down by 25 bps and thus the bank shall be providing interest income at 5.50%. As far as deposits maturing between 2 years to less than 8 years, rates have been slashed by 25 bps leading to 6.25% rate of interest. For tenure of 8 years to 10 years, FD rates have been reduced to 6.25%, i.e. less by 10 basis points. Note: For senior citizens, there is an additional increment of 0.50% on what is offered to regular customers on FDs of up to Rs. 2 crore. |
| Bank of India revises its FD interest rates |
| 06th September, 2019 Bank of India has once again revised its fixed deposit interest rates for the deposits below Rs. 2 crore across various maturities with effect from 1st September 2019. The bank is offering an interest rate of 4.25% instead of 5.00% for fixed deposits maturing between 7 days to 45 days. However, the bank continues to provide 0.50% additional interest rates to the senior citizens. |
| Bank of India revises its FD interest rates |
| 08th August, 2019 Bank of India has revised its fixed deposit interest rates with effect from 1st August 2019. The bank is offering an interest rate of 5.00% p.a. for a period of 7 days to 45 days and 6% p.a. for a period of 46 days to less than a year. Moreover, for FDs maturing in 1 to less than 5 years and 5 years to less than 8 years, the bank is offering an interest rate of 6.50% and 6.35 % for term deposits 8 years and above to 10 years. |
