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The Bank of India has introduced the “Harit Jama Yojana,” a Green Deposit Scheme that allows customers to invest in projects that focus on green energy, reduce carbon emissions, sustainable projects, contribute to environmental preservation and support global sustainability.
| Bank of India FD Interest Rates (p.a.) Highlights |
|
| Highest slab rate | 7.05% (for 1 year) |
| For 1 year | 7.05% |
| For 2 years | 6.75% |
| For 3 years | 6.50% |
| For 4 years | 6.50% |
| For 5 years | 6.00% |
| Tax-Saving FD | 6.00% |
Note: Interest rates as of 16 April 2025
Bank of India FD Interest Rates
Bank of India FD Interest rates of Domestic/NRO Deposits of less than Rs 3 crore w.e.f. 15 April 2025
| Tenure | Interest Rates (% p.a.) | ||
| Regular Citizens | Senior Citizens | Super Senior Citizens | |
| 7 days to 14 days | 3.00 | 3.00 | 3.00 |
| 15 days to 30 days | 3.00 | 3.00 | 3.00 |
| 31 days to 45 days | 3.00 | 3.00 | 3.00 |
| 46 days to 90 days | 4.50 | 4.50 | 4.50 |
| 91 days to 179 days | 4.25 | 4.25 | 4.25 |
| 180 days to 210 days | 5.75 | 6.25 | 6.40 |
| 211 days to 269 days | 5.75 | 6.25 | 6.40 |
| 270 days to less than 1 year | 5.75 | 6.25 | 6.40 |
| 1 year | 7.05 | 7.55 | 7.70 |
| Above 1 year to less than 2 years | 6.75 | 7.25 | 7.40 |
| 2 years | 6.75 | 7.25 | 7.40 |
| Above 2 years to less than 3 years | 6.75 | 7.25 | 7.40 |
| 3 years to less than 5 years | 6.50 | 7.25 | 7.40 |
| 5 years to less than 8 years | 6.00 | 6.75 | 6.90 |
| 8 years to 10 years | 6.00 | 6.75 | 6.90 |
Notes: 1. *Minimum deposit Rs 1 lakh
2. Additional 50 bps is offered to senior citizens and 65 bps is offered to super senior citizens on tenors 6 months and above
3. Senior citizens are offered additional premium of 25 bps, over and above the existing 50 bps on deposits (less than Rs 2 crore) for all the tenors of 3 years and above i.e. 75 bps.
4. Super senior citizens are offered an additional premium of 25 bps, over and above the existing 65 bps on deposits (less than Rs 2 crore) for all the tenors of 3 years and above i.e. 90 bps.
Also know: Which bank and tenure can give you the highest returns on your deposits using our FD calculator
BOI Green Deposit Interest Rates of Deposits less than Rs 10 crore w.e.f. 25 February 2025
| Tenure | Interest Rates (% p.a.) | ||
| Regular Citizens | Senior Citizens | Super Senior Citizens | |
| 999 days | 7.00 | 7.50* | 7.65* |
Note: *For deposits less than Rs 3 crore.
Bank of India FD Interest Rates for Tax Saver Deposit (Star Sunidhi Tax-Saving Deposit Scheme)
| Tenure | Interest Rates (% p.a.) |
||
| Regular Citizens | Senior Citizens | Super Senior Citizens | |
| 5 years to less than 8 years | 6.00 | 6.75 | 6.90 |
| 8 years to 10 years | 6.00 | 6.75 | 6.90 |
Bank of India FD Interest rates for Domestic/NRO Deposits of Rs 3 crore to less than Rs 10 crore w.e.f. 15 April 2025
| Tenure | Interest rates for Regular Citizens (%) p.a. |
| 7 days to 14 days | 4.50 |
| 15 days to 30 days | 4.50 |
| 31 days to 45 days | 4.50 |
| 46 days to 90 days | 5.25 |
| 91 days to 179 days | 5.75 |
| 180 days to 210 days | 6.25 |
| 211 days to 269 days | 6.50 |
| 270 days to less than 1 year | 6.50 |
| 1 year | 7.05 |
| Above 1 year to less than 2 years | 6.70 |
| 2 years | 6.50 |
| 2 years to less than 3 years | 6.50 |
| 3 years to less than 5 years | 6.00 |
| 5 years to less than 8 years | 6.00 |
| 8 years to 10 years | 6.00 |
Bank of India NRI FD Rates
Bank of India NRE (Non-Resident External) Fixed Deposit Interest Rates w.e.f. 15 April 2025
| Maturity | Interest Rates (% p.a.) | |
| For deposits of less than Rs 3 crore | For deposits of Rs 3 crore & above but less than Rs 10 crore | |
| 1 year | 7.05 | 7.05 |
| Above 1 year to less than 2 years | 6.75 | 6.70 |
| 2 years | 6.75 | 6.50 |
| Above 2 years to less than 3 years | 6.75 | 6.50 |
| 3 years to less than 5 years | 6.50 | 6.00 |
| 5 years to less than 8 years | 6.00 | 6.00 |
| 8 years & above to 10 years | 6.00 | 6.00 |
FCNR (B) Fixed Deposit Interest Rates w.e.f. 1 January 2025
| Tenure | Interest Rates (% p.a.) | |||||
| USD | GBP | EUR | JPY | CAD | AUD | |
| 1 year to less than 2 years | 5.35 | 4.85 | 2.75 | 0.20 | 3.00 | 4.25 |
| 2 years to less than 3 years | 4.00 | 2.50 | 1.50 | 0.20 | 2.50 | 4.00 |
| 3 years to less than 4 years | 3.35 | 2.50 | 1.00 | 0.20 | 2.27 | 4.00 |
| 4 years to less than 5 years | 3.25 | 2.50 | 0.75 | 0.20 | 2.27 | 4.00 |
| 5 years | 3.15 | 2.50 | 0.50 | 0.20 | 2.27 | 4.00 |
RFC Fixed Deposit Interest Rates w.e.f. 1 January 2025
| Tenure | Interest Rates (% p.a.) | |
| USD | GBP | |
| 1 year to less than 2 years | 5.35 | 4.85 |
| 2 years to less than 3 years | 4.00 | 2.50 |
| 3 years | 3.35 | 2.55 |
Bank of India FD Schemes
Regular Fixed Deposit
- Minimum Deposit Amount: The minimum deposit amount for this scheme is as follows:
- Rs 10,000 in metro and urban areas
- Rs 5,000 in rural and semi urban areas
- Rs 5,000 for senior citizens
There is no minimum amount criteria for subsidy under earnest money, govt. sponsored schemes, margin money and court ordered/attached deposits.
- Interest Payout: The interest is paid on a half yearly basis on 1st October and on 1st April (if any of these dates fall on a holiday then the amount will be paid on the next working day).
- Premature Closure: In case of premature closure, the following penalties are applicable on the withdrawn amount:
- No penalty for deposits less than Rs 5 lakh withdrawn on or after 12 months
- 0.50% penalty for deposits less than Rs 5 lakh prematurely withdrawn before 12 months
- 1% penalty for deposits more than Rs 5 lakh prematurely withdrawn.
Star Sunidhi Tax-Saving Deposit Scheme
- The deposit amount of the Star Sunidhi Tax-Saving Deposit can be used to claim income tax deduction under Section 80C of the Income Tax Act, 1961. In case of a joint account, only the first named depositor is eligible for the taxation benefit.
- Tenor: 5-10 years
- Minimum Deposit Amount: Rs 10,000
- Maximum Deposit Amount: Rs 1.5 lakh per financial year
- Advance/Loan Facility: Advance facility is not available on the deposit for 5 years from the date of deposit.
- Premature Withdrawal: Premature Withdrawal is not permitted before 5 years. But in case of death of the depositor before the fixed deposit attains maturity, the nominee or legal heir will get the premature payment.
Short Term Deposit
- Minimum Deposit Amount: The minimum deposit amount for this scheme is Rs 1 lakh in metro and urban areas per single deposit (for 7-14 days). There is no minimum amount criteria for subsidy under earnest money, govt. sponsored schemes, margin money and court ordered/attached deposits.
- Tenor: Within 6 months
- Interest Payout: The interest is paid on a half yearly basis on 1st October and on 1st April (if any of these dates fall on a holiday then the amount will be paid on the next working day).
- Premature Closure: In case of premature closure, the following penalties are applicable on the withdrawn amount:
- No penalty for deposits less than Rs 5 lakh withdrawn on or after 12 months
- 0.50% penalty for deposits less than Rs 5 lakh prematurely withdrawn before 12 months
- 1% penalty for deposits more than Rs 5 lakh prematurely withdrawn.
Double Benefit Term Deposit
- Interest Rate: The interest amount on this scheme is compounded on a quarterly basis.
- Interest Payout: The interest, along with the principal amount, is payable on maturity of the deposit.
- Tenor: 6 months to 10 years.
- Minimum Deposit Amount: The minimum deposit amount for this scheme is as follows:
- Rs 10,000 in metro and urban areas
- Rs 5,000 in rural and semi urban areas
- Rs 5,000 for senior citizens
There is no minimum amount criteria for subsidy under earnest money, govt. sponsored schemes, margin money and court ordered/attached deposits.
- Premature Closure: In case of premature closure, the following penalties are applicable on the withdrawn amount:
- No penalty for deposits less than Rs 5 lakh withdrawn on or after 12 months
- 0.50% penalty for deposits less than Rs 5 lakh prematurely withdrawn before 12 months
- 1% penalty for deposits more than Rs 5 lakh prematurely withdrawn.
Quarterly/Monthly Term Deposit
- This scheme provides the benefit of fixed monthly/quarterly income for the depositors on their investment while leaving the deposit amount intact.
- Tenor: 10 years
- Minimum Deposit Amount: The minimum deposit amount for this scheme is as follows:
- Rs 10,000 in metro and urban areas
- Rs 5,000 in rural and semi urban areas
- Rs 5,000 for senior citizens
There is no minimum amount criteria for subsidy under earnest money, govt. sponsored schemes, margin money and court ordered/attached deposits.
- Interest Payout: The interest is payable every month/quarter. Monthly interest is paid out at a discounted value.
- Premature Closure: In case of premature closure, the following penalties are applicable on the withdrawn amount:
- No penalty for deposits less than Rs 5 lakhs withdrawn on or after 12 months
- 0.50% penalty for deposits less than Rs 5 lakh prematurely withdrawn before 12 months
- 1% penalty for deposits more than Rs 5 lakh prematurely withdrawn.
Green Deposit Scheme
-
- Tenor: 999 days
- Minimum Deposit Amount: Rs 1 lakh
- Maximum Deposit Amount: Less than Rs 10 crore
- Additional 0.50% p.a. and 0.65% p.a. interest rates are offered to senior citizens and super senior citizens respectively, on green deposits less than Rs 3 crore.
- Depositors are allowed to prematurely withdraw their green deposits, subject to penalties
- Nomination and loan/overdraft facility is available.
Motor Accidental Claims Term Deposit
- This scheme facilitates claims related to motor accidents where a one-time amount (as decided by the courts or tribunals) is deposited in the account and equated monthly installments (EMI) are also received from this account.
- Tenor: 3-10 years. If the tenor is lower than 3 years, a normal fixed deposit account will be opened. The Motor Accidental Claims Term Deposit account can also be opened for more than 10 years based on the directions of the court.
- Minimum Deposit Amount: Calculated on the basis of minimum monthly annuity of Rs 1,000
- Maximum Deposit Amount: No limit
- Advance/Loan Facility: No advance or loan facility is available on this scheme.
- Premature Withdrawal: Premature closure or part payment of the deposit during the life of the claimant can be made with the court’s permission. However, the annuity part will be reissued (if permitted) for the balance amount and tenure with the necessary changes in the annuity amount. The premature closure penalty will not be charged. In case of the claimant’s death, the payment will be given to the nominee who has the option to either seek pre-closure or continue with the annuity.
NRE Term Deposit
- This scheme enables the NRI individuals or entities to open an account for depositing their earnings made from outside the country.
- Tenor: 1-10 years.
- Currency Denomination: INR
- Taxation: The deposits under the NRE Term Deposit Scheme are exempt from income tax
- Repatriability: The deposits under this scheme are free repatriable.
- Premature Closure: In case of premature closure, the following penalties are applicable on the withdrawn amount:
- No interest is payable on NRE Term Deposits held with the bank for less than 12 months and hence there is no penalty
- No penalty for deposits less than Rs 5 lakh held with the bank for more than 12 months
- 1% penalty for deposits more than Rs 5 lakh prematurely withdrawn after 12 months
- Eligibility: Non Resident Indians (individuals or entities belonging to Pakistani or Bangladeshi nationality require prior approval of the RBI).
NRO Term Deposit
- This scheme enables the NRI individuals and entities to open an account for depositing their income from within the country.
- Tenor: 7 days to 10 years.
- Currency Denomination: INR
- Taxation: The income tax is deductible at source (according to the double taxation avoidance agreement) on the deposits under this scheme.
- Repatriability: The deposits under this scheme up to USD 1 Million (principal amount) are repatriable (subject to change from time to time under the Foreign Exchange Management Act guidelines).
- Premature Closure: In case of premature closure, the following penalties are applicable on the withdrawn amount:
- No penalty for deposits less than Rs 5 lakh withdrawn on or after 12 months
- 0.50% penalty for deposits less than Rs 5 lakh prematurely withdrawn before 12 months
- 1% penalty for deposits more than Rs 5 lakh prematurely withdrawn.
- Eligibility: Any person resident outside India (other than Nepal and Bhutan) (individuals or entities belonging to Pakistani/Bangladeshi nationality or erstwhile overseas corporate bodies require a prior approval of the RBI).
FCNR Deposit
- This scheme enables the Foreign Currency Non Resident (FCNR) Account holders to open an account for depositing their income from outside India in foreign currency.
- Tenor: 1-5 years.
- Currency Denomination: USD, AUD, GBP, EUR, CAD and JPY
- Taxation: The deposits under the FCNR Term Deposit Scheme are exempt from income tax
- Repatriability: The deposits under this scheme are free repatriable.
- Eligibility: Non Resident Indians (other than Nepal and Bhutan) (individuals or entities belonging to Pakistani/Bangladeshi nationality require a prior approval of the RBI).
RFC Deposit
- The Resident Foreign Currency (RFC) Deposit scheme allows NRI to deposit the funds they hold in foreign currency.
- Tenor: 1-3 years.
- Currency Denomination: USD and GBP
- Taxation: The deposits under the RFC Term Deposit Scheme are exempt from taxation till the individual is a ‘Resident but not ordinarily resident’. Post that a TDS of 10% plus surcharge is deductible.
- Repatriability: The deposits under this scheme are free repatriable.
- Eligibility: Non Resident Indians (other than Nepal and Bhutan).
Capital Gain Tax Saving Scheme
- The Capital Gain Accounts Scheme, 1988 is applicable for taxpayers who wish to claim an exemption for capital gains under Section 54 of the Income Tax Act, 1961.
- Types of Accounts: There are two types of accounts under this scheme:
- Account ‘A’ (Savings Bank)
- Account ‘B’ (Term Deposit cumulative/ non-cumulative)
Any account under this scheme can only be opened by Metro, Urban and Semi Urban branches.
- Interest Exemption: Any interest in this scheme not exempted under the Income Tax Act and the TDS will be deducted at the applicable rates for term deposits.
- Security: The deposit in this account cannot be offered or placed as security (for guarantee or loan)
- Premature Withdrawal: Premature Withdrawal is permitted by converting the term deposit into a savings account.
- Account Closure: The account can be closed by submitting an application in Form ‘G’ to the assessing officer (who has the jurisdiction over a depositor). In case of death of the depositor before the fixed deposit maturity, the nominee or legal heir will get the premature payment (they will have to provide an Application in Form ‘H’ with the assessing officer’s approval).
Bank of India FD Calculator
Investors can check the maturity amount of their FDs by using Bank of India FD Calculator. The investors need to enter the amount they wish to deposit, preferred tenure of investment, and the rate of interest to know how much their investment will be worth at maturity. Alternatively, customers can check the interest and maturity amount for reinvestment schemes using Paisabazaar’s compound interest calculator.
Frequently Asked Questions (FAQs)
Q. What is the minimum/maximum tenure of the BOI Double Benefit Term Deposit Scheme?
A. The minimum tenure of the BOI Double Benefit Term Deposit scheme is 6 months/10 years.
Q. Is a premature withdrawal facility available for BOI fixed deposit?
A. Yes, a 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. What is the highest Bank of India FD interest rate?
A. The highest fixed deposit rate for the Bank of India is 7.30% for general citizens and 7.80% p.a. for senior citizens for a tenure of 444 days.
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.