For opening a fixed deposit with ease, and at attractive interest rates, Bank of India Fixed Deposit is a good move.
Bank of India FD Interest Rates for different Investment Periods
|Investment Period||FD rates for Regular deposits||FD rates for Senior Citizen|
|7 days to 14 days||4.00%||4.00%|
|15 days to 30 days||4.25%||4.25%|
|31 days to 45 days||4.25%||4.25%|
|46 days to 90 days||5.75%||5.75%|
|91 days to 120 days||6.00%||6.50%|
|121 days to 179 days||6.00%||6.50%|
|180 days to 364 days||6.25%||6.75%|
|1 year to 1 year 364 days||6.60%||7.10%|
|2 years to 2 years 364 days||6.50%||7.00%|
|3 years to 4 years 364 days||6.30%||6.80%|
|5 years to 10 years||6.25%||6.75%|
The above rates are applicable for deposits of below Rs. 1 crore.
Bank of India FD Interest Rates
Bank of India offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Bank of India have a higher interest rate compared to their saving deposits. Benefits of opening an FD account in Bank of India are:
- Interest on the deposit will be calculated for the completed months
- Nomination facility is available
- Loan or overdraft of upto 90 per cent deposit is available
Bank of India – Premature Withdrawal
Premature closure of Term Deposit with Bank of India is along with the lower interest rate of 0.50% for deposits less than Rs. 5 lakh and 1% for deposits above Rs. 5 lakh than the contracted rate. The penal provisions for premature closure on Bank of India FD are subject to change from time to time and may also vary with deposit schemes.
Loan against Fixed Deposit Bank of India
Bank of India offers a loan up to 90% against its own deposit. Note that Bank of India will not give you the loan against FD of any other bank. Bank of India offers Loan against FD at the rate of 5% to 7.7%
Maximum loan tenure is restricted up to the maximum tenure of the FD.
Illustration – Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in Bank of India. The borrower later decided to take the loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws Rs. 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.
Documents required to open Fixed Deposit Account in Bank of India
- Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
- Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque