5 min read
Updated on Mar 22, 2023
With its headquarters in Mumbai, BOI is a reliable name in the banking sector that works under the ownership of the Indian Government. The Fixed Deposit or FD schemes of BOI are among the best-selling products offered at competitive rates of interest. Let’s take a look at the Bank of India FD rates list 2023.
|Tenure||Regular Rates||Senior Citizen|
|7 days to 14 days||2.85%||3.35%|
|15 days to 30 days||2.85%||3.35%|
|31 days to 45 days||2.85%||3.35%|
|46 days to 60 days||3. 85%||4.35%|
|61 days to 90 days||3. 85%||4.35%|
|91 days to 179 days||3. 85%||4.35%|
|180 days to 269 days||4.35%||4.85%|
|270 days to less than 1 year||4.35%||4.85%|
|1 year to 443 days||5.30%||5.80%|
|445 days to less than 2 Years||5.4%||5.90%|
|2 Year to less than 3 Years||5.40%||5.90%|
|3 Years to less than 5 Years||5.35%||5.85%|
|5 Years to less than 8 Years||5.35%||5.85%|
|8 years and up to 10 years||5.35%||5.85%|
There are varied FD options offered by Bank Of India including Short Term Deposit Scheme, Monthly/Quarterly Deposit Scheme, as well as Star Sunidhi Tax Saving Deposit Scheme. The bank of India plans come with online banking facilities and allow good benefits.
Below are the different types of Fixed Deposit Schemes available under BOI:
FD is regarded as the best and the safest investment options to ensure guaranteed returns. The BOI FD rates depend on the tenure of the policy. They are further divided into long, medium and short-term deposits.
To calculate the BOI interest rates for FD, you can use a Bank of India FD calculator, which is a hassle-free and easy-to-use tool available freely online. All you need to do is to enter your basic details to evaluate the FD amount.
Here are the steps to follow for using a BOI FD Calculator:
Once you enter the above details, you will find the maturity value of your FD and the entire interest amount to be earned through the FD tenure.
The people and groups that are eligible to open FD accounts in BOI include; Individual/Joint Account holders, minors, trusts, Joint Hindu families, limited companies, municipalities, partnership firms, educational institutions, societies, associations etc.
To invest in Bank of India FD scheme, you can opt for one of the following methods:
Here are the steps to follow for internet banking:
Here are the steps to follow for opening BOI FD account with the help of bank’s mobile application:
Along with the online methods, there are several offline ways of opening a BOI FD Account. For that you can visit the nearest branch of BOI and submit the form. Submit all the necessary documents together with the deposit amount. Once the details are verified successfully, you will receive a receipt from the bank as proof of an FD account.
The investor who invests in a BOI FD account also allows the individual to avail loan of up 90% against the FD amount. The maximum tenure of loan that can be availed depends on the tenure of the FD.
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FD Rates are subject to change as per the discretion of a bank. The FD rates of Bank of India ranges between 3.00 - 7.05% p.a. for regular citizens and between 3.00 - 7.55% p.a. to senior citizens depending on tenure of the FD.
Among the various benefits offered by Bank of India FD include competitive interest rates, loan/overdraft facility, nomination facility, etc.
As per the new FD rule, if a term deposit matures and proceeds are unpaid, the unclaimed amount will earn a lesser interest rate.
If you break FD before maturity in BOI, you may be levied with closure penalties and lower interest rates
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