With 5,105 branch offices across India and a presence in 18 foreign countries, the Bank of India is known for its financial stability and credibility. It offers competitive interest rates on its Fixed Deposits. These FDs are highly regarded, carrying an AA+ Credit Rating. Investing in Bank of India FD provides a reliable way to secure funds and earn competitive returns.
Bank of India FD Rates for Deposits Up to Rs. 2 Crore w.e.f 26th May 2023
Tenure | The interest rate for the general public (p.a.) | The interest rate for senior citizens (p.a.) |
7 days to 14 days | 3.00% | 3.00% |
15 days to 30 days | 3.00% | 3.00% |
31 days to 45 days | 3.00% | 3.00% |
46 days to 90 days | 4.50% | 4.50% |
91 days to 179 days | 4.50% | 4.50% |
180 days to 269 days | 5.00% | 5.50% |
270 days to less than 1 year | 5.50% | 6.00% |
1 Year | 7.00% | 7.50% |
Above 1 Year to less than 2 Years | 6.00% | 6.65% |
2 years to less than 3 Years | 6.75% | 7.40% |
3 years to less than 5 Years | 6.50% | 7.40% |
5 years to less than 8 Years | 6.00% | 6.90% |
8 years & above to 10 Years | 6.00% | 6.90% |
Bulk Term Deposit Interest Rates Offered by Bank of India w.e.f 20th August 2022
Tenure | Amount | Interest Rate |
7 days to 14 days | Rs. 2 crores to < Rs. 10 crores | 4.50% |
15 days to 30 days | Rs. 2 crores to < Rs. 10 crores | 4.50% |
31 days to 45 days | Rs. 2 crores to < Rs. 10 crores | 4.50% |
45 days to 90 days | Rs. 2 crores to < Rs. 10 crores | 4.75% |
91 days to 179 days | Rs. 2 crores to < Rs. 10 crores | 5.25% |
180 days to 269 days | Rs. 2 crores to < Rs. 10 crores | 5.40% |
270 days to < 1 year | Rs. 2 crores to < Rs. 10 crores | 5.40% |
1 year | Rs. 2 crores to < Rs. 10 crores | 6.25% |
> 1 year to < 2 years | Rs. 2 crores to < Rs. 10 crores | 6.25% |
2 years to < 3 years | Rs. 2 crores to < Rs. 10 crores | 4.50% |
3 years to < 5 years | Rs. 2 crores to < Rs. 10 crores | 4.50% |
5 years to < 8 years | Rs. 2 crores to < Rs. 10 crores | 4.50% |
8 years and up to 10 years | Rs. 2 crores to < Rs. 10 crores | 4.50% |
NRO Deposit Interest Rates for Deposits Below Rs.2 Crore w.e.f. 26th April 2023
Tenure | The interest rate for the general public (p.a.) |
7 days to 14 days | 3.00% |
15 days to 30 days | 3.00% |
31 days to 45 days | 3.00% |
46 days to 90 days | 4.50% |
91 days to 179 days | 4.50% |
180 days to 269 days | 5.00% |
270 days to less than 1 year | 5.50% |
1 Year | 7.00% |
Above 1 Year to less than 2 Years | 6.00% |
2 years to less than 3 Years | 6.75% |
3 years to less than 5 Years | 6.50% |
5 years and above to less than 8 years | 6.00% |
8 years and above to 10 years | 6.00% |
FCNR (B) Deposit Interest Rates at Bank of India w.e.f. 1st April 2023
Tenure | 1 year to less than 2 years | 2 years to less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | 5 years |
USD | 5.00 | 4.00 | 3.35 | 3.25 | 3.15 |
GBP | 4.25 | 2.50 | 2.55 | 2.60 | 2.60 |
EUR | 0.02 | 0.21 | 0.36 | 0.46 | 0.52 |
JPY | 0.55 | 0.55 | 0.54 | 0.55 | 0.56 |
CAD | 0.99 | 2.05 | 2.27 | 2.33 | 2.34 |
AUD | 2.60 | 1.42 | 1.78 | 2.05 | 2.17 |
A Comparison of Bank of India FD Schemes
Scheme Name | Description | Tenure | Minimum Deposit Amount | Premature Withdrawal Penalty |
Fixed/Short-Term Deposit Scheme | Non-cumulative fixed deposit option with half-yearly interest payment | Short term: 7 days Fixed term: 1-10 years | Rs. 1,000 (short-term) Rs. 10,000 (fixed term) | 0.5% (after 12 months), 0.5% (below Rs. 5 lakh), 1% (Rs. 5 lakh and above) |
Bank of India Monthly/Quarterly Deposit | Cumulative fixed deposit scheme with monthly/quarterly interest payment | Minimum 12 months | 0.5% (before 12 months), 0.5% (below Rs. 5 lakh), 1% (Rs. 5 lakh and above) | |
Star Sunidhi Tax-Saving Deposit Scheme | Tax-saving fixed deposit scheme offering income tax benefits under Section 80C of the Income Tax Act | 5 years to 10 years | Rs. 10,000 | |
Capital Gain Tax Saving Scheme (Term Dep) | Scheme to save capital gains tax for those selling capital assets, available as a savings account or term deposit account | Flexible | 0.5% (below Rs. 5 lakh), 1% (Rs. 5 lakh and above) |
Bank of India Fixed Deposit Calculator
The Bank of India FD Calculator is an online tool that helps estimate the returns and maturity amount of investments in Bank of India fixed deposit schemes. The calculator estimates the wealth gained by inputting the investment amount, tenure, interest rate, and compounding frequency. While the calculator approximates the returns, the exact maturity amount can only be determined upon actual investment. The Bank of India FD calculator is a free and user-friendly tool that can be used multiple times for estimating returns on Bank of India FD investments.
Tax Implications of Bank of India FD Interest
Bank of India FD do not offer tax benefits under Section 80C of the Income Tax Act, 1961. The interest earned from Bank of India FDs is taxable based on the individual’s applicable income tax slab rates. Additionally, if the interest income from Bank of India FDs exceeds INR 40,000 per year (INR 50,000 per year for senior citizens), a Tax Deducted at Source (TDS) of 10% is applicable.
Conclusion
The Bank of India offers a wide range of fixed deposit schemes with competitive interest rates and flexible tenures, making it a reliable and secure option for investors. The bank caters to the specific needs of general customers, senior citizens, bulk depositors, and NRO depositors with attractive interest rates.
To open a fixed deposit account with the Bank of India, you need a minimum deposit of Rs. 10,000 in metro and urban areas, Rs.5,000 in rural and semi-urban areas and Rs.5,000 for senior citizens.
Bank of India provides a maximum interest rate of 7.00% on fixed deposits. The specific interest rates can vary depending on the duration of the deposit.
No, the BOI Star Sunidhi Tax-Saving Deposit Scheme certificate cannot be used as collateral to secure a loan or advance. This option is unavailable until the account completes the lock-in period, and the bank does not offer this facility.
Only the first account holder can avail of income tax benefits under Section 80C of the Income Tax Act, 1961.
Bank of India FD rates for senior citizens range from 3.5% to 7.5% per annum. These rates are based on the investment duration, with specific minimum and maximum limits.