Bank Of India Fixed Deposit Interest Rates (as on 2024)

Bank of India FD Interest Rates (Below Rs.2 Crore) w.e.f. 01.11.2023

TenorsInterest Rate p.a. (%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days to 14 days3.003.50
15 days to 30 days3.003.50
31 days to 45 days3.003.50
46 days to 90 days4.505.00
91 days to 179 days4.505.00
180 days to 269 days5.506.00
270 days to less than 1 Year5.756.25
1 Year6.507.00
Above 1 Year to less than 2 Years6.507.00
2 Years7.257.75
Above 2 years to less than 3 years6.757.25
3 years to less than 5 years6.507.25
5 yearsto less than 8 years6.006.75
8 years to 10 years6.006.75

Bank of India FD Interest Rates (from Rs.2 Crore to below Rs.10 Crore) w.e.f. 01.12.2023

TenorsInterest Rate p.a.(%)
7 days to 14 days4.50
15 days to 30 days4.50
31 days to 45 days4.50
46 days to 90 days5.25
91 days to 120 days6.00
121 days to 179 days6.00
180 days to 210 days6.25
211 days to 269 days6.50
270 days to less than 1 year6.50
1 Year7.25
Above 1 year to less than 2 years6.75
2 Years6.50
Above 2 years to less than 3 years6.50
3 years to less than 5 years6.00
5 years to less than 8 years6.00
8 years to 10 years6.00

Bank of India FD Interest Rates (Above Rs.10 Crore) w.e.f. 30.08.2021

TenorsInterest Rate p.a.(%)
7 days to 14 days2.65
15 days to 30 days2.65
31 days to 45 days2.65
46 days to 90 days2.65
91 days to 179 days2.65
180 days to 269 days2.80
270 days to 364 days2.80
1 year2.90
Above 1 years to less than 2 years2.90
2 years to less than 3 years2.90
3 Years to less than 5 years2.90
5 years to less than 8 years2.90
8 years to 10 years2.90

Bank of India Tax Savings FD Interest Rates w.e.f. 01.11.2023

TenorsInterest Rate p.a. (%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
5 years to 10 years6.006.75

Bank of India (BOI) FD Calculator

Fixed Deposit Calculator

 
 
                       
 
 
Maturity Value (₹)

0
Interest Earned (₹)

0

Bank of India (BOI) Fixed Deposit

Bank of India (BOI) has a range of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits. Bank of India (BOI) offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open a Bank of India (BOI) FD either online through its website or by visiting its nearby branch.

Features & Benefits: Bank of India (BOI) Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest BOI branch.
  • Minimum Amount of FD: Rs 100 and then in multiples of Rs 1 thereafter.
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.
  • NRE, NRO and FCNR deposit facility is available.

Eligibility for Bank of India (BOI) Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for Bank of India (BOI) Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Types of Bank of India (BOI) Fixed Deposit

  1. BOI Double Benefit Term Deposit: It provides a higher yield on the principal at the end of the stipulated period as the interest is compounded on quarterly basis; but, the principal and the accrued interest is paid only at the end of the period for which the deposit is placed with the Bank and not monthly or half-yearly as in the case of other types of deposits. FD period ranges from six months upto a maximum period of 120 months.

  2. BOI Fixed/ Short Term Deposit: This FD can be held for a period less than 12 months. In this scheme, the interest will be calculated for the number of months the deposit is held. If FD remains for incomplete months, the number of days for which the deposit is held will be considered for calculating interest on FD.

  3. BOI Quarterly/ Monthly Term Deposit: Amount invested in this scheme (Quarterly/Monthly Income Certificate) provides fixed monthly income by way of interest to the depositor for a specified period leaving the deposit amount intact. The Quarterly/ monthly interest will be credited to the depositors' savings or current account.

  4. BOI Recurring Term Deposit: Recurring Deposit is a special type of deposit account which enables a depositor particularly in fixed income group to save by paying into the account an agreed fixed sum of money monthly over a stipulated period. The deposits in this type of account earn compound interest on quarterly basis. Longer the period for which monthly deposits are agreed to be made higher is the rate of interest.

  5. BOI STAR FLEXI-RECURRING DEPOSIT SCHEME: It is a unique Recurring Deposit scheme which offers flexibility to the customer to choose core instalment and to also choose monthly flexi instalments in multiples of the core instalment. Min. FD investment is Rs.500 and in its multiples for Metro and Urban branches and Rs.100 and in its multiples for Rural and Semi-Urban branches.

  6. BOI STAR SUNIDHI TAX-SAVING DEPOSIT SCHEME: FD scheme in which amount deposited is eligible for tax benefits under Section 80C of the Income Tax Act. Minimum period of investment is 5 years and maximum period is 10 years. Minimum amount of FD is Rs. 10,000 and maximum amount of FD is Rs. 1,50,000 in each financial year.

  7. BOI CAPITAL GAIN ACCOUNTS SCHEME 1988 : Capital Gain Accounts Scheme 1988 is applicable to eligible taxpayers who wish to claim exemption u/s 54 for capital gain.

PENALTY DETAILS

Category of DepositsPenalty on premature withdrawal of the deposit
Deposits less than Rs. 5 Lakhs withdrawn on or after completion of 12 monthsNIL
Deposits less than Rs. 5 Lakhs withdrawn prematurely before completion of 12 months0.50%
Deposits of Rs. 5 Lakhs & above withdrawn prematurely1.00%

NRI Fixed Deposit accounts offered by Bank of India

Bank of India offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by Bank of India:

NRI Account TypeDetails
NRE Account (Non Resident External Account) Account is maintained in Indian currency
NRO Account (Non Resident Ordinary Account)This either be funded by conventional payment or through traveller's cheques
FCNR Account (Foreign Currency Non Resident Account)It is maintained in foreign currency
RFC Account (Resident Foreign Currency Account)In this, customer to maintain the account in foreign currency even after returning to India permanently

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Bank of India (BOI) Fixed Deposit FAQ

  1. What is the minimum amount required to open a fixed deposit with BOI?

    The minimum amount for a fixed deposit is Rs.100

  2. In which scheme do I need to deposit to get Income Tax rebate under Sec 80C?

    You can make investment under BOI STAR SUNIDHI TAX-SAVING DEPOSIT SCHEME to get Income Tax rebate under Sec 80C of Income Tax Act

  3. Is TDS deducted for FD accounts?

    Yes, TDS is applicable as per rules and the customer will get TDS Certificate at the end of each financial year. A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

  4. Can I deposit additional amount in my FD account?

    No, you cannot deposit any additional amount in your existing FD account.

  5. What is the tenure range for BOI Fixed Deposit?

    It is from 7 days to 10 years.

  6. What is the benefit to senior citizen in BOI FD?

    Senior citizens get a 0.50% higher rate on their deposits compared to normal FD rates for all tenures for investment amount less than Rs 1 crore.

  7. Can I change the tenure of my existing FD?

    No, you are not allowed to change the tenure of FD.

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Bank of India FD News Mar 2024

  • December 01, 2023: Bank of India raises fixed deposit rates across tenors

  • May 26, 2023: Bank of India has revised its interest rates on fixed deposits of less than Rs. 2 Crore

  • October 1, 2022: Bank of India hiked interest rates on fixed deposits of less than Rs 2 Crore

  • May 1, 2021: Bank of India to convene extraordinary general meeting (EGM) of shareholders to seek approval for issuance of equity shares to government for capital infusion of Rs 3,000 crore

  • August 1, 2020: Bank of India has revised its FD rates with effect from 01.08.2020

  • March 12, 2020: Bank of India has revised its FD rates with effect from 12.03.2020

  • January 28, 2020: Bank of India plans to raise Rs. 1,000 crore by selling shares to institutional investors in February 2020

  • January 20, 2020: The Appointments Committee of the Cabinet (ACC) appointed Atanu Kumar Das as MD & CEO of Bank of India

  • September 10, 2019: Bank of India has revised its FD rates with effect from September 10, 2019
Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites