BOI, one of the oldest and most respected banks in India, offers a wide range of fixed deposit (FD) products with competitive Bank of India FD rates. The bank operates an extensive network of 5100+ branches across all states and union territories in India, including specialised branches.
In this article, we will cover Bank of India FD rates for different customers, including general citizens and senior citizens.
What are the Bank of India FD Rates?
Bank of India offers FDs with interest rates ranging from 3.00% to 7.00% p.a. for different tenures. There are a variety of FD products available from Bank of India, including regular FDs, tax saving FDs, and NRI FDs.
Bank of India latest FD rates ranges from:
- 3 – 7.00% p.a. for regular citizens.
- 3 – 7.25% p.a. for senior citizens (60-80 years).
- 3 – 7.90% p.a. for super senior citizens (80 years and above).
Bank of India FD Rates for Domestic/NRO (Less than ₹2 crores)
Tenure | Bank of India FD Rates (% p.a.) | ||
General Citizens | Senior Citizens | Super Senior Citizens | |
7 < 15 < 31 < 45 days | 3* | 3 | 3 |
46 < 91 < 179 days | 4.5 | 4.5 | 4.5 |
180 days to 269 days | 5 | 5.5 | 5.65 |
270 days to less than 1 year | 5.5 | 6 | 6.15 |
1 year | 6 | 6.5 | 6.65 |
Above 1 to less than 2 years | 6 | 6.5 | 6.65 |
2 to less than 3 years | 6.75 | 7.25 | 7.4 |
3 to less than 5 years | 6.5 | 7.25 | 7.4 |
5 < 8 < 10 years | 6 | 6.75 | 6.9 |
Note: The Bank of India FD interest rates 2023 mentioned above are effective as of 26th May 2023.
- *Minimum deposit requirement: ₹1 lakh
- Bank of India FD interest rates for senior citizens include an additional 0.50% on FD rates for tenures of 6 months and above, and 0.75% for tenures of 3 years and above.
- Bank of India FD interest rates for super senior citizens include an additional 0.60% on FD rates for tenures of 6 months and above, and 0.90% for tenures of 3 years and above.
Bank of India FD Rates for Domestic/NRO (₹2 crores to less than ₹10 crores)
Tenure | Bank of India FD rates for General Citizens (%) p.a. |
7 days to 14 days | 4.5 |
15 days to 30 days | 4.5 |
31 days to 45 days | 4.5 |
46 days to 90 days | 4.75 |
91 days to 179 days | 5.25 |
180 days to 269 days | 5.4 |
270 days to less than 1 year | 5.4 |
1 year | 7 |
Above 1 to less than 2 years | 7 |
2 < 3 <5 < 8 < 10 years | 4.5 |
Note: The Bank of India FD interest rates 2023 mentioned above are effective as of 28th July 2023.
Bank of India FD Rates for Star Sunidhi Tax-Saving FD
Bank of India’s Tax Saving FD is designed to provide tax-saving advantages and assured returns. You can start with a minimum investment of Rs. 10,000 and avail tax deductions of up to Rs. 1,50,000 under Section 80C of the Income Tax Act.
Tenure | Bank of India FD Rates (% p.a.) | |
General Citizens | Senior Citizens | |
5 < 8 < 10 years | 6 | 6.75 |
What are the Bank of India FD Rates For NRIs?
For NRIs (Non-Resident Indians) seeking to invest in FDs, BOI offers specialised FD products tailored to their specific needs. These include NRO (Non-Residential Ordinary), NRE (Non-Residential External), RFC (Resident Foreign Currency), and FCNR (Foreign Currency Non-Residential) fixed deposits.
NRIs with NRO accounts earn the same interest rates as regular Indian citizens on their FDs.
Bank of India FD Rates for NRE
Tenure | Bank of India FD Rates (% p.a.) | |
Less than ₹2 crores | ₹2 crores to less than ₹10 crores | |
1 year | 6 | 7 |
Above 1 year to less than 2 years | 6 | 7 |
2 to less than 3 years | 6.75 | 4.5 |
3 to less than 5 years | 6.5 | 4.5 |
5 < 8 < 10 years | 6 | 4.5 |
Note: The Bank of India FD interest rates 2023 mentioned above are effective as of May 26, 2023, for deposits of less than ₹2 crores. For deposits of ₹2 < ₹10 crores, the rates are effective as of August 20, 2022.
Bank of India FD Rates for FCNR (B)
Tenure | Bank of India FD Rates (% p.a.) | |||||
USD | GBP | EUR | JPY | CAD | AUD | |
1 to less than 2 years | 5.35 | 4.75 | 2.50 | 0.55 | 0.99 | 3.6 |
2 to less than 3 years | 4 | 2.5 | 0.21 | 0.55 | 2.05 | 1.42 |
3 to less than 4 years | 3.35 | 2.55 | 0.36 | 0.54 | 2.27 | 1.78 |
4 to less than 5 years | 3.25 | 2.6 | 0.46 | 0.55 | 2.33 | 2.05 |
5 years | 3.15 | 2.6 | 0.52 | 0.56 | 2.34 | 2.17 |
Note: The Bank of India FD interest rates 2023 mentioned above are effective as of 1st May 2023.
Bank of India FD Rates for RFC
Tenure | Bank of India FD Rates (% p.a.) | |
USD | GBP | |
1 to less than 2 years | 5.35 | 4.75 |
2 to less than 3 years | 4 | 2.5 |
3 years | 3.35 | 2.55 |
Note: The Bank of India FD interest rates 2023 mentioned above are effective as of 1st May 2023.
How Does the Bank of India FD Calculator Work?
Bank of India FD calculator is an online tool that makes it easy to calculate your FD returns and interest earned over the investment period. Just enter the investment amount, preferred tenure, and interest rate to get the results.
You can access the Bank of India FD calculator on the official BOI website and other reputed financial websites.
Bank of India FD calculator is a user-friendly tool to help you make informed investment decisions for a secure financial future.
Conclusion
The FD options offered by BOI have a variety of features, such as flexible tenures, easy withdrawal options, tax-saving options, and competitive Bank of India FD rates. Bank of India FDs can be a safe and secure investment for your future. Now that you have a detailed understanding of Bank of India FD rates, you can choose the option that best suits your needs and goals.
The interest rates are subject to change, so check the BOI’s official website before making any decision.
You can start a fixed deposit with Bank of India with just Rs. 10,000 as the minimum amount.
Yes, there is a penalty for early withdrawal of BOI domestic FDs. For deposits below ₹5 lakhs, withdrawing after 12 months incurs no penalty, but withdrawing prematurely before 12 months attracts a penalty of 0.50%. For deposits of ₹5 lakhs and above, premature withdrawal incurs a penalty of 1%.
As of today, Bank of India offers the highest FD rates of 7% p.a. for general citizens and 7.5% p.a. for senior citizens.
The minimum duration for a fixed deposit in the Bank of India BOI is 7 days.