Result
What is a Bank of India FD Calculator?
Bank of India Fixed Deposit Features
Plan Name | Features |
Double Benefit Term Deposit |
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BOI Regular Fixed Deposit |
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BOI Short Fixed Deposit |
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BOI Quarterly Fixed Deposit |
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BOI Monthly Fixed Deposit |
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BOI Star Flexi-Recurring Deposit |
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BOI Recurring Term Deposit |
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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
Here,
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
- 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
Bank of India FD Calculator FAQs :-
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.