Bank of India Fixed Deposit Interest Rates
- About Bank of India
- Features of Bank of India FD Interest Rates
- Benefits of Bank of India FD
- Types of Bank of India FD Interest Rates
- Eligibility of Bank of India FD
- How to Calculate Bank of India FD Interest Rates
- Factors Affecting Bank of India FD Interest Rates
About Bank of India
Bank of India or BOI is an Indian nationalized bank. The bank falls under the ownership of the Ministry of Finance, Government of India. The headquarter of BOI is located in Bandra Kurla Complex, Mumbai.
Bank of India was founded in 1906 and this bank has been owned by the government since the nationalization in 1969. BOI is also a founding member of SWIFT (The Society for Worldwide InterBank Financial Telecommunications). SWIFT facilitates the provision of cost-effective financial processing and communication services.
As of March 2021, the total business for the Bank of India stands at INR 1,037,549 crore or US $150 billion. The bank also has 5,108 branches and 5,551 ATMs located all across the world, this includes 24 branches located overseas. Because of these reasons, the Bank of India FD interest rates are quite high.
Features of Bank of India FD Interest Rates
The tenure for fixed deposits offered by the Bank of India ranges from a minimum of 15 days and a maximum of 10 years. The Bank of India FD interest rates amount that was earned during the set tenure can be withdrawn on a monthly or quarterly basis. The facility of nomination is available on all FD schemes. And you can learn more about the Bank of India FD interest rates below.
|
Tenure |
BOI FD Interest Rates for Domestic and NRO Term Deposit Below INR 1 Crore |
|
7 days to 14 days |
4.80% |
| 15 days to 30 days |
4.80% |
|
31 days to 45 days |
4.80% |
| 46 days to 90 days |
4.80% |
|
91 days to 120 days |
4.90% |
| 121 days to 179 days |
4.90% |
|
180 days to 269 days |
5.00% |
| 270 days to less than 1 year |
5.00% |
|
1 year and above to less than 2 years |
6.50% |
| 2 years and above to less than 3 years |
6.50% |
|
3 years and above to less than 5 years |
5.25% |
| 5 years and above to less than 8 years |
5.25% |
|
8 years and above to 10 year |
5.25% |
Now let’s look at the BOI FD interest rates for NRE rupee term deposits.
| Maturity | For Deposits of Less than INR 1 Crore |
For Deposits of INR 1 Crore and Above but Less than INR 10 Crore |
|
1 year and above but less than 2 years |
6.65% | 6.5% |
| 2 years and above but less than 3 years | 6.7% |
6.6% |
|
3 years to less than 5 years |
6.5% | 5.25% |
| 5 years and above up to 10 years | 6.5% |
5.25% |
|
8 years and above to 10 years |
6.3% |
5.25% |
Benefits of Bank of India FD
There are many benefits of learning about the BOI FD interest rates and getting a Bank of India FD. Some of these benefits are:
- Fixed Returns: A fixed deposit offers guaranteed returns. The BOI FD interest rates offered to customers when they open an FD remains constant throughout the tenure. This means that even if the interest rates fall in the broader market, the FD won’t be affected.
- Hassle-Free Investment: In just a few clicks, you can open an FD account. It is also possible to open an FD account by visiting the nearest branch. Once you open the account, you wouldn’t have to worry about it till the FD matures.
- Magic of Compounding: If you choose an FD reinvestment option, then one can benefit from compound interest. This basically means that one will get an interest not just on the principal amount but also for the interest that one earns.
- Regular Income: One can get monthly and quarterly interest payouts to have a regular income from the FD account.
Types of Bank of India FD Interest Rates
The BOI FD interest rates are different from different fixed deposit schemes. These different fixed deposit schemes are:
- Rupee Term Deposit Scheme
- Bank of India NRI Term Deposit Scheme
- Double Benefit Term Deposit Scheme
- Star Sunidhi Tax Saving Deposit Scheme
Eligibility of Bank of India FD
Before learning about the BOI FD interest rates, it is also important for you to make sure that you are eligible to invest in a Bank of India fixed deposit scheme. The eligibility criteria for the same are given below.
- For individuals, a single account is eligible
- For two or more individuals, a joint account can be opened up
- Sole proprietary concerns
- Partnership firms
- Illiterate persons
- Blind people
- Minors
- Limited companies
- Associations, clubs, and societies
- Trusts
- Joint Hindu families
- Municipalities
- Government bodies
- Quasi-government bodies
- Panchayats
- Religious institutions
- Educational institutions, including universities
- Charitable institutions
How to Calculate Bank of India FD Interest Rates
You might think that calculating the BOI FD interest rates is a boring or complicated task. However, this is important if you want to make sure that you gain more from your investments.
Thankfully, we are here to simplify the concept of BOI FD interest rates for you. To calculate the BOI FD interest rates there are two methods that can be used, including simple interest and compound interest. Both of these might be used depending on the tenure and amount of the deposit.
In the case of simple interest, interest is earned only up to the principal amount. However, in the case of compound interest, the interest is earned on the principal amount along with the interest.
Factors Affecting Bank of India FD Interest Rates
If you wait to open an FD account, then the FD interest rate might decrease or increase. The factors that affect these rates are:
- Rate of inflation
- Current liquidity scenario in the country
- Demand and supply conditions
- Possible cut in lending rate
- The amount of liquidity available in the market
- Plummet in fund costs
- Times of muted credit demand that affect loan yields
FAQs:
What is the highest rate of FD interest offered by the Bank of India?
The highest rate of interest that is currently offered by the Bank of India is 6.7% per annum. It should be noted that the interest rates offered by the bank are subject to change without any prior notice from the bank.
What are the minimum and maximum tenure range for the Bank of India?
For the Bank of India, the minimum tenure is 7 days and the maximum tenure is 10 years.
Can I open an FD account online in the Bank of India (BOI)?
If you are a BOI savings account and have an active internet banking ID and password, then you can open the BOI FD account in just a few simple steps.
Are extra benefits provided for senior citizens by the Bank of India (BOI)?
Yes, extra benefits are provided for senior citizens by the Bank of India (BOI). All senior citizens are eligible for higher interest rates for BOI FDs. These additional rates are only applicable to the investment tenure of 6 months or more.
