Bank of India FD Calculator

Owned by the Central Government of India since 1969, the Bank of India is a trusted identity within the Indian banking sector. At present, all BOI customers can secure up to 7% interest p.a. against their fixed deposit accounts.

Besides bagging substantial returns, you may also benefit from the flexibility in the bank’s fixed deposit schemes. To simplify these goal-based investments, consider using the Bank of India FD calculator to estimate your assured corpus at the end of the term. Continue reading to know its usage procedure.


What is a Bank of India FD Calculator?

You should consider the Bank of India fixed deposit rates calculator as a virtual tool that helps evaluate FD returns.

If you have invested in any of the active fixed deposit programs of the Bank of India, then you may select the appropriate option before proceeding to fill in the mandatory fields. All these features have been offered in this online tool along with a ‘Check Results’ button.

As you request to see the results, the calculator presents the precise maturity amount, total interest credited to the FD, etc. Also, a graphical representation gets displayed on your device screen showing the month-on-month/ quarterly/ semi-annually/ annually credited interests.

This Bank of India fixed deposit interest calculator eliminates the chances of error, commonly occurring when you try to calculate your returns manually. Also, it produces instant results for multiple conditions as you keep on adjusting the different sliders.

Bank of India Fixed Deposit Features

Plan Name


Double Benefit Term Deposit

  • The FD term should be a minimum of 12 months
  • Maximum term: 10 years
  • Interested candidates must initiate the account with at least Rs. 10,000 (for metro-cities)/ Rs. 5,000 for (tier-2 and tier-3 locations)
  • Minimum FD amount for senior citizens: Rs. 5,000
  • Compounding of interest takes place each quarter
  • The accrued interests as well as the principal are awarded only when the tenure gets over
  • Generally suitable for meeting mid-term goals

BOI Regular Fixed Deposit

  • Interest calculations and payouts occur monthly
  • Minimum amount to be deposited: Rs. 10 lakhs for Short Deposit Receipts (less than 180 days) while Rs. 10,000 for tenures exceeding this period
  • Senior citizens may apply with a minimum deposit of Rs. 5,000

BOI Short Fixed Deposit

  • Half-yearly interest payouts are guaranteed
  • SDR accounts require a minimum deposit of Rs. 10 lakhs whereas FDR participants may initiate an FD scheme with Rs. 10,000 only
  • Senior citizens may apply with a minimum deposit of Rs. 5,000

BOI Quarterly Fixed Deposit

  • Until the end of your FD tenure, the deposited money stays intact while the bank keeps you paying interest as per the agreed-upon interest rate after the completion of each quarter.
  • Maximum FD term: 10 years
  • For prospective FD holders, the minimum investment amount is Rs. 10,000 in metro cities while Rs. 5,000 for semi-urban zones
  • Senior citizens can open the quarterly FD with Rs. 5,000
  • TDS deduction takes place

BOI Monthly Fixed Deposit

  • You receive monthly interest payouts in your mentioned savings account whereas the principal stays invested till the FD settlement date
  • Urban branches would demand at least Rs. 10,000 for opening the account; contrarily the semi-urban people will need to pay Rs. 5,000
  • TDS deduction takes place

BOI Star Flexi-Recurring Deposit

  • This specialised recurring deposit scheme enables you to decide monthly flexible instalments as multiples of the core instalment
  • Urban applicants must consider Rs. 500 multiples over their core instalment or principal
  • For semi-urban FD holders, Rs. 100 is sufficient to initiate the account followed by its multiples.
  • Tenure ranges between 12 months and 120 months
  • There’s no upper limit for the deposit sum

BOI Recurring Term Deposit

  • You can deposit regular monthly instalments over the initial deposit to receive compounded benefits over the tenure
  • While considering the instalments, all urban dwellers should take Rs. 500 multiples over their initial deposit
  • For semi-urban FD holders, Rs. 100 is sufficient to initiate the account followed by its multiples.
  • This scheme allows you to save Rs. 1.5 for every Rs. 100 worth of monthly deposits for up to 5 years

How to Use a Bank of India FD Calculator?

Knowing the exact steps of utilising a Bank of India fixed deposit rates calculator is crucial as it allows you to better plan the future. To help you in this regard, the following guide has been created:

Step 1: Visit the official website of the Bank of India

Step 2: Click on the ‘Fixed Deposit’ tab and navigate to the ‘FD Calculator’ option

Step 3: Provide the inputs related to the scheme’s tenure, principal, interest, etc., in the online Bank of India fixed deposit calculator

Step 4: Select the FD type

As soon as you complete all the above-mentioned steps, the FD interest calculator of the Bank of India provides you with accurate results. You get to know the maturity amount the bank will owe you when the scheme eventually ends.

How is Bank of India FD Interest Calculated?

To manually calculate the maturity amount of a BOI fixed deposit, you should use this formula:

A = P(1+r/n)^n x t


A refers to the final amount that the bank has agreed to pay you

P signifies the initial FD principal

r denotes the promised interest rate divided by 100

n stands for the frequency of annual interest payouts 

Finally, t denotes the investment term 

Let us manually calculate a fixed deposit yield which could otherwise be evaluated using the FD calculator on the Bank of India website. 

Suppose Mrs. Gupta opts for an FD account with an initial deposit of Rs. 20 lakhs, and the tenure is set to 7 years. She selects the annual interest payout option. Then, considering the bank gives her an interest of 6.90% p.a., you can proceed with the following calculation:

A = P(1+r/n)^n x t = 20,00,000(1+0.069/1)^1 x 5 = Rs. 2,81,568

Thus, you can see that Mrs. Gupta is entitled to receive Rs. (2,81,568 – 2,00,000) = Rs. 81,568 returns at the end of the FD tenure. 

Benefits of Using a Bank of India FD Calculator

Here are some topmost benefits of using an online Bank of India FD rates calculator:

  • Calculation of both the maturity amount and accrued interests gets completed in the blink of an eye.
  • You get to adjust each of the parameters freely, which pushes your mind towards a more refined goal-based investment planning. 
  • Errors in a manual calculation can be easily avoided.

Key Takeaway

As the user interface of a Bank of India fixed deposit interest rate calculator is highly interactive, it helps new investors to focus on their agenda better. Moreover, these tools are easy to use and can be accessed freely. Therefore, it is highly suggested to use it for all of the FD types to ensure grabbing the most out of these schemes.

Bank of India FD Calculator FAQs :- 

How long can an individual invest in Bank of India FD?

The tenure offered by the bank to its customers for BOI FD ranges from 7 days to a maximum of 10 years.

What is the highest Bank of India FD interest rates?

The highest BOI FD interest rate offered by the bank is 3% to 7% p.a. for regular citizens, 3% to 7.25% for senior citizens and 3% to 7.90% for super senior citizens.

What is the maximum number of FD I can open with Bank of India?

There are no restrictions on the maximum number of FDs one can open with Bank of India.