Bank of India Fixed Deposit (FD) Rates
Bank of India (BOI) offers fixed deposit schemes that help you put that lump sum amount you have saved over a period. Also, you can earn interest on the amount deposited. There are multiple FD schemes for you to choose from based on your goals and requirements. Usually, the higher the tenure, the higher the interest rate.
Find out all the relevant details on Bank of India FD schemes here.
Latest Update
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
Fixed Deposit Interest Rates 2024 of Bank of India
The interest rates provided in the table below are applicable to deposits below Rs.3 crore and is effective from 1 September 2024:
| Deposit Tenure | Interest Rates for General Customers (% p.a.)* | Interest Rates 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 210 days | 6.00 | 6.50 |
| 211 days to 269 days | 6.00 | 6.50 |
| 270 days to less than 1 year | 6.00 | 6.50 |
| 333 days (Star Dhan Vriddhi) | 7.25 | 7.75 |
| 1 year | 6.80 | 7.30 |
| Above 1 year to less than 2 years | 6.80 | 7.30 |
| 2 years | 6.80 | 7.30 |
| Above 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.50 | 7.25 |
| 5 years to less than 8 years | 6.00 | 6.75 |
| 8 years to 10 years | 6.00 | 6.75 |
*Interest rates are subject to change from time to time.
Different Types of Bank of India FD Schemes
Double Benefit Term Deposit
This scheme best suits the short and medium-term investment plans ranging from 12 months up to 120 months. The scheme provides a higher return than other FD schemes as the interest is compounded quarterly. The principal and the accrued interest are only paid at the end of the tenure, i.e. on maturity.
Fixed Deposit/Short Term Deposit
The scheme requires you to open a savings account and link it to the FD account. The interest earned on the FD account will be disbursed to the linked savings account upon completing 6 months. Linking the two accounts will facilitate instant disbursement of interest and reduce the inconvenience of following up about the interest payout. Further, the disbursed interest will earn interest in the savings account.
Short deposit scheme comes with a deposit tenure of fewer than six months. Since the deposits are repayable within six months, the interest will be calculated based on the actual number of days the deposit stayed in the account based on 365 days in a year.
Quarterly/Monthly Deposit
Get fixed monthly interest income on the amount you have invested in this account. The deposit in the account remains intact through the deposit tenure. You can choose to get a Quarterly/Monthly Income Certificate. The quarterly/monthly interest will be credited to your savings/current account. You can also choose to credit the monthly interest into a recurring deposit account by setting instructions. The minimum deposit amount allowed is Rs.10,000 in metro and urban branches and Rs.5,000 at rural and semi-urban branches. It is Rs.5,000 for senior citizens.
Super Special Deposit Account
This is a unique scheme for High Net Worth Individuals (HNI), Trusts, HUF, companies and all other investors looking to get a high return on their investments with full safety and liquidity. This is a limited period scheme. The minimum amount is Rs.2 crore, and the maximum is less than Rs.50 crore. The tenure of this scheme is 175 days. It provides easy liquidity and can be used for collateral.
Current Deposits Plus Scheme
This is a deposit account effective from 1 December 2021. This account combines current and short deposit accounts with a ‘sweep-in’ and ‘sweep-out’ facility for withdrawals, if any. A minimum average quarterly balance of Rs.5,00,000 in the current deposit account and Rs.1,00,000 in the short deposit account is to be maintained initially. Any amount in excess of Rs.5,00,000 will be transferred to the short deposit account in multiples of Rs.1,00,000 for a minimum period of 7 days and a maximum period of 90 days.
Funds in multiples of Rs.1,00,000 can be swept in from the short deposit portion on the Last-in-First-out (LIFO) basis, subject to the availability of funds to meet any urgent fund requirements in the current deposit account portion. Interest will be payable on the short deposit portion only as per the maturity period. Sweep out from current to short deposits can only be on 1 and 16 of every month.
Non-Callable Deposits
Non-callable deposits offer premium interest rates with no option for premature closure. They are best-suited term deposit products for customers looking for comparatively higher interest rates on deposits for a fixed period. The tenure of these deposits ranges from 1 year to 3 years, and they have a lock-in feature. The minimum deposit amount is Rs.1 crore.
Motor Accident Claimant Annuity Deposit (MACAD)
Based on the directions of the Honourable High Court of Delhi and IBA, MACAD and MACT SB accounts are formulated. The product facilitates the disbursement of compensation to the victims of road accidents. The victim will receive monthly instalments of the claims received that comprise a principal and interest part. The instalments will be disbursed to the MACT SB account for the victim to access the funds.
Bank of India FD Special Features and Benefits
- The minimum tenure for FD is 7 days, and the maximum tenure is 10 years.
- Choose the FD scheme based on your requirements.
- Open tax-saving deposits to save on income tax.
- Interest can be paid out monthly, quarterly, half-yearly, or at the end of the tenure.
- Premature withdrawal is allowed subject to certain conditions.
- Nomination facility is available.
- Advance facilities may not be available on all schemes.
Basic Eligibility Criteria for Bank of India FD
- Individual — Single Accounts
- Two or more individuals — Joint Accounts
- Sole Proprietary Concerns
- Partnership Firms
- Illiterate Persons
- Blind Persons
- Minors
- Limited Companies
- Associations, Clubs, Societies, etc.
- Trusts
- Joint Hindu Families (accounts of non-trading nature only)
- Municipalities
- Government and Quasi-Government Bodies
- Panchayats
- Religious Institutions
- Educational Institutions (including Universities)
- Charitable Institutions
Documents Required
- Recent photograph
- Proof of Address
- Passport
- Aadhaar card
- Bank statement with a cheque
- Proof of Identification
- Passport
- PAN card
- Voter ID
- Driver’s license
- Aadhaar card
Tax Benefits on Bank of India Fixed Deposit
Capital Gain Tax Saving Scheme
The scheme is launched under the Capital Gains Accounts Scheme, 1988, where taxpayers can claim exemption u/s 54 for capital gains. The scheme is available in non-rural branches. Thus, this account can be opened only in all semi-urban, urban, and metro branches. You must have a savings account with the bank and a cumulative or non-cumulative term deposit account.
Star Sunidhi Deposit Scheme
The account serves as a long-term savings platform and provides income tax benefits under section 80C of the Income Tax Act, 1961. Individuals and HUFs having PAN can open an account under the scheme. The minimum deposit amount is Rs.10,000, and the maximum is Rs.1.5 lakh p.a.
The lock-in period for the account is 5 years, and it can go up to 10 years. The interest rates applicable to regular-term deposits apply to this scheme as well. Premature withdrawal is not allowed. The scheme is available at all the bank branches in India and offers a nomination facility.
FD Interest Rate Calculator
Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.
Frequently Asked Questions
Quick Summary
Bank of India provides various fixed deposit schemes with different tenures and interest rates. New RBI rule impacts unclaimed, matured FD accounts. Eligibility criteria and documents needed for opening an FD with BOI are outlined, along with details on tax-saving FDs. These schemes offer tax benefits and help with capital gains. Users can check FD interest rates and calculate potential returns using an online calculator.
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