Bank of India offers Fixed Deposit (FD) schemes that provide safety and assured returns, allowing individuals to invest a lump sum for a fixed tenure, after which the bank pays interest at a pre-decided rate. The interest rates range from 3.00% to 6.80% p.a., with a minimum deposit starting at Rs. 10,000 and the tenure ran from 7 days to 10 years. Keep reading this blog to know more about Bank of India Fixed Deposit and its interest rates.

Highlights for 2025 Fixed Deposit Scheme for Bank of India

Fixed Deposit Interest Rates 2025 of Bank of India

The interest rates provided in the table below are effective from 25th February, 2025:

*Interest rates are subject to change from time to time.

Different Types of Bank of India FD Schemes

Double Benefit Term Deposit
Ideal for short to medium-term investments (12–120 months), this scheme offers higher returns with quarterly compounded interest. Both principal and accrued interest are paid at maturity.

Fixed Deposit/Short Term Deposit
Requires a linked savings account. Interest is paid after 6 months and credited to the savings account, earning additional interest. Short-term deposits are for tenures under 6 months, with interest calculated based on the actual number of days.

Quarterly/Monthly Deposit
Earn fixed monthly interest on your investment. Choose quarterly or monthly payouts credited to a savings/current account or recurring deposit. Minimum deposit: Rs.10,000 (metro/urban), Rs.5,000 (rural/semi-urban), or Rs.5,000 for senior citizens.

Super Special Deposit Account
For High Net-Worth Individuals (HNI), Trusts, HUFs, and companies, this scheme offers high returns with safety and liquidity. Minimum deposit: Rs.2 crore, maximum: Rs.50 crore. Tenure: 175 days.

Current Deposits Plus Scheme
Combines current and short-term deposits with a 'sweep-in' and 'sweep-out' facility. Requires a minimum quarterly balance of Rs.5,00,000 in the current account and Rs.1,00,000 in the short deposit. Sweep transactions occur on 1st and 16th of the month.

Non-Callable Deposits
Offers higher interest rates with no premature closure. Tenure: 1 to 3 years. Minimum deposit: Rs.1 crore. These deposits have a lock-in feature.

Motor Accident Claimant Annuity Deposit (MACAD)
Facilitates compensation disbursement to road accident victims, who receive monthly instalments (principal + interest) in the MACT SB account for easy access to funds.

Term-wise Bank of India FD Rates

How to Invest in Bank of India FD?

Internet Banking

Step 1: Sign in to your Bank of India Net Banking account.

Step 2: In the ‘Fixed Deposit’ tab, select the ‘Open FD’ option and choose the type of deposit account.

Step 3: Fill in your detail like nominee information, payment, and maturity instructions.

Step 4: Verify all the details and click ‘Confirm’. Once the transaction is completed, you will see an account opening confirmation message on the screen.

 Bank of India App

Step 1: Download and sign in to the Bank of India App.

Step 2: Tap on the ‘Open FD’ option and select the type of deposit account.

Step 3: Enter all required details, such as nominee information, payment, and maturity instructions.

Step 4: Verify all the details and click ‘Confirm’. After a successful transaction, you’ll see a confirmation message on the screen.

Visiting the Branch

Step 1: Visit your nearest Bank of India branch.

Step 2: Fill out the Bank of India FD application form and submit the necessary documents along with the deposit amount.

Step 3: After processing, the bank will provide you with an FD receipt.

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 for Bank of India FD

• 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
Launched under the Capital Gains Accounts Scheme, 1988, this scheme allows taxpayers to claim exemption under Section 54 for capital gains. Available at non-rural branches, it can be opened in semi-urban, urban, and metro branches with a savings and term deposit account.

Star Sunidhi Deposit Scheme
This long-term savings scheme offers income tax benefits under Section 80C of the Income Tax Act, 1961. Individuals and HUFs with a PAN can open an account. The minimum deposit is Rs. 10,000, with a maximum of Rs. 1.5 lakh per year. The lock-in period is 5 years, extendable to 10 years, with interest rates similar to regular-term deposits. Premature withdrawal is not permitted, and nomination facilities are available at all bank branches in India.

Bank of India vs Other Banks' FD Rates

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.

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