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.
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.
Double Benefit Term Deposit
BOI Regular Fixed Deposit
BOI Short Fixed Deposit
BOI Quarterly Fixed Deposit
BOI Monthly Fixed Deposit
BOI Star Flexi-Recurring Deposit
BOI Recurring Term Deposit
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.
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.
Here are some topmost benefits of using an online Bank of India FD rates calculator:
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.
The tenure offered by the bank to its customers for BOI FD ranges from 7 days to a maximum of 10 years.
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.
There are no restrictions on the maximum number of FDs one can open with Bank of India.